A company with 25 eligible employees had relatively high turnover with their employees. The employer has lower-wage employees and was not offering any employee benefits.
Employee benefits can be expensive, and the employer didn’t have a lot to spend. Due to the nature of their business, the employer needed to find a way to create stability in their workforce and reduce turnover.
How EBA Addressed the Problem
EBA sat down with the client and discussed various options under a defined contribution plan designed for small employers. There are many different programs so we analyzed the market to find the best fit based on the demographics of this business.
The company decided to implement a defined contribution plan which cost the employer $15 per employee per month. The employees were able to gain access to six benefits including dental, vision, voluntary life, short-term disability, accident and a critical illness policy. The employer has a fixed budget and the employees are able to choose from a suite of benefits.
Since implementing this benefit four years ago, the company has seen that over 50% of their staff has worked there for over one year. The benefits plan is having a significant impact on their retention, which was their biggest goal.
Why Choose Us
EBA is a consultative and strategic independent benefits agency located in Lexington, KY and proudly serving the Central Kentucky region. We are one of 30 charter benefit advisors that has adopted the Health Rosetta Principals.
Strategic Benefit Planning
Communication & Education
HR Support & Vendor Management
Total Health Management
Employee Benefit Associates, Inc.
1029 Monarch St., Suite 130
Lexington, KY 40513