NJ Disability Insurance: Retain Employees Without a Raise
In competitive industries like the tech sector and telecommunications companies, employee retention and engagement drives an organization’s success.
But what keeps employees motivated and engaged – especially in a time when the world seems to be in turmoil from every direction? One study from MetLife indicates that 1/3 of employees have experienced stress and/or burnout during the pandemic, leading to:
- Decreased productivity
- Reduced engagement and less loyalty
- Increased absenteeism
The study additionally shows that the leading drivers for productivity, engagement, and loyalty include:
- Employee recognition
- Competitive compensation
- Comprehensive benefits
The study also indicated that permitting employees flexible working arrangements and time to address their personal needs can also mitigate employee stress, burnout and depression.
Of these elements, only one (salary) has to cost you extra money out of pocket.
And, in fact, by the end of this blog post, we will show you how to provide a more comprehensive benefits package with privatized NJ disability insurance. You can actually save money on your insurance premiums by privatizing your NJ disability insurance.
Let’s look at ways to implement these key drivers to employee engagement and retention without spending extra money.
Make Work/Life Balance a Habit with Flex-time and Remote Work Arrangements
Employees today face many challenges as a result of the Covid-19 pandemic, including children who are home due to distance learning arrangements or school pick-up hours that have changed dramatically from past school years.
Providing flexibility to the parents in your organization can help those struggling during the pandemic to find a better work/life balance.
You can also help other employees forge a better work/life balance by permitting time off for volunteer pursuits.
With remote work on the rise, and the technology to permit many key players in an organization to work from home, it’s easier than ever to grant employees flexible hours. This gives employees more time by reducing their commuting time. It may also create a safer office environment by permitting more space between employees in the office, above and beyond the mandated six feet of distance.
Extend Paid Vacation Time or Mental Health Days
It’s a fact that top telecomm and tech companies in New Jersey compete with New York firms for top talent from across the tri-state area. NJ disability insurance is head-and-shoulders above New York State’s mandatory DBL (Disability benefits Law) insurance.
But New York recently introduced a Sick Leave Act (NYSSL) that grants employer-funded paid time off for preventative care, mental health, to care for family members, and a host of other reasons. These are not insurance benefits requiring a claims process or proof of disability. They are paid sick days up to 56 hours.
To help encourage a work/life balance and reduce stress on their workforce, New Jersey business owners may consider adopting a similar PTO policy. You can also grant additional vacation time – and encourage employees to take that time off.
In 2018, Americans wasted 768 million vacation days, not taking the paid time off they deserved. With fewer people traveling due to the pandemic, employees may be even less likely to take time off.
Encourage employees to use their vacation time on day trips, to pursue hobbies, or just to spend time with family.
You may wish to use extra vacation time as a reward well done. You can grant extra days to top performers in different departments, or award someone with PTO for completing an important project.
This way, you’ll also check off the box of “employee recognition,” another important tenet of an engaged and motivated work force.
Recognize Employees Who Go Above and Beyond
Too often in today’s work force, the reward for a job well done is … more work.
Employees today expect, and deserve, better.
First, set solid goals employees can work toward, so they know how you are defining success. Then, reward good work and goal achievement with low-cost or no-cost perks.
These could include Paid Time Off, as mentioned above, a gift card to a local restaurant, a snack basket or Edible Arrangement, or a gift card to a favorite website.
The latter may take some research, but a committed HR team shouldn’t mind putting in the legwork to make top performing employees feel appreciated.
Privatize Your NJ Disability Insurance To Offer Better Benefits at a Lower Price
Employees want financial peace-of-mind and a good benefits package can help provide that.
The state of New Jersey already offers a generous package that offers partial salary replacement for employers and employees who are unable to work due to an off-the-job illness or injury. But the price of these benefits recently skyrocketed.
You may be able to secure lower rates with private disability insurance in NJ.
By privatizing NJ disability insurance, you’ll also receive:
- Payouts in as little as one week from filing the claim
- Choice of payment options and benefit schedule
- White-glove customer service
- A choice of top-rated insurance carriers
Plus, privatizing NJ disability insurance could even save your company money. By law, any private plan must provide benefits that are equal to or better than the state plan, with equal or lower premium rates.
Bundle Ancillary Benefits with NJ Disability Insurance for a Comprehensive Package
As the costs of healthcare insurance continue to rise, dental, vision, and Group Life/AD&D coverage remain some of the most affordable benefits you can purchase.
Plus, you can offer these benefits as a voluntary, employee-funded option for your workers. It may take some time to educate your workforce on the affordability and practicality of having access to these benefits. That’s where EZTDB is able to help.
If you’re considering extending your employee benefits to improve retention and engagement, we are happy to help you. Contact us for a free quote for your private NJ disability insurance policy, and we will show you how much you can save on a comprehensive benefits package.