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Retaining employees seems to be a struggle in our current culture. Workers are even leaving jobs they thought they would be at until they retired for different or better opportunities. There are many contributing factors and by acknowledging them, we can figure out what employee benefits are worth investing in to make a difference as an employer with retention efforts.
The right short-term disability policy can benefit both employer AND employee. For example, if an employee has an injury that has made them unable to work and they are out of leave time, they qualify for a short-term disability benefit of $1,000/week. If they are paid this benefit for three weeks, that is $3,000 that the policy pays the employee. This only puts the employer out around $30 to cover the premium amount. For the cost of the monthly premium, an employer can still pay an employee most of their weekly benefits, so they can be set up for success while they heal and prepare to go back to work.
Employees can purchase individual policies on their own, but they often have a higher premium and can be age-based, making them very costly. Many employees do not feel like it’s worth it to purchase the individual policy. However, in many situations, employers can purchase short-term disability policies that are paid 100% by the employer and cause premiums to be more affordable due to group rates.
Employers looking to hire and retain their employees may see value in paying for a short-term disability policy to financially benefit their own company as well as their employees.