Employee Benefit Season is Here

It’s time to schedule a conversation with an employee benefits broker/advisor.

Because of legislation passed over the last decade, the 4^th quarter has become “Employee Benefits Season.”  For employers confronting record inflation, high turnover, and one of the most competitive employment environments in a generation, this year’s benefits season will be uniquely important. R.K. Tongue is here to help you get it right. 

What you need to know:

1. According to the polling firm Gallup, the #1 priority for job seekers is “A significant increase in income or benefits.”
2. The cost to replace an employee is 150% or more of that employee’s base compensation according to recruiting industry news organization ERE. That cost far exceeds the cost of benefits.
3. Short-term and long-term disability benefits are critical: 10 states, including Maryland, have passed mandatory paid leave programs for employees.  Employers that offer insurance and employment policies that satisfy the requirements of the Maryland law are exempt.

What you need to do:

1. Allow adequate time to evaluate options and implement choices/changes – employee benefits plans are complex and subject to significant regulation.  Proper evaluation and implementation take several weeks to complete.
2. Act now by contacting an R.K. Tongue Co., Inc. broker/advisor if you don’t have an existing relationship, or if you aren’t totally satisfied with your current advisor relationship.

Start the conversation today by contacting Marilyn Vensel and Cynthia Eckhardt.