79% of people that quit their job said it was due to “lack of appreciation”?!

If you’re a business owner or HR professional that cares about your staff and employee retention, this is something you don’t want to miss. The need for good company culture and employee retention are at an all-time high for businesses operating smoothly. You may not see anything wrong with your culture or the perks you provide for employees from your perspective, but be sure you stand in their shoes when thinking about what you can offer them to make their lives easier.

Often times, companies provide perks such as office snacks in the kitchen or a gym membership. Let’s say someone is dieting and they only have time for at-home workout programs that they can do in the morning before the kids wake up. Those so-called “perks†mean nothing to them. Yes, it’s the thought that counts but it’s ineffective. There are tons of other examples of perks that can be offered but it’s merely impossible to personalize them to every individual based on their needs. Unless… drumroll, please… You let them create their own perk. Tada!
What if you gave your employees the freedom and ability to choose how they’d like to receive benefits? Maybe Susan has been wanting to take her grandkids to Disney World but can’t afford the tickets. What if Jared hasn’t been able to visit his family in Oregon in three years because flights are so expensive? And about that gym membership idea… it’s brilliant to encourage health and wellness but for Maria that can’t make it to the local gym during the day, she can get an online workout program or a Peloton to exercise at home once she picks the kids up from school. There are so many options that can be tailored to each person to be a true benefit to them and make their life easier. Here are more examples:

• Student loan payment
• Personal or professional development
• Childcare/babysitting
• Dry cleaning
• Vacation
• Cell phone bill
• Financial Advisor/wellness
• Charitable giving
• Pet insurance/care
• Technology

There’s a company called Compt that saw the need for this and provided a solution. It’s essentially a lifestyle spending account or an employee “allowanceâ€, if you will. You decide how much you can afford to give each employee per year as well as what categories or spending they can do. Then they spend the money, submit their receipts & get reimbursed. Easy as pie! (Except pie is actually kind of hard to make… this really is easy, promise.)
The idea is genius and the execution is simple. And the end result is that you get to keep your good employees around long-term and prove to them how valued they are. According to the Employee Engagement Report of 2019, employees who don’t feel valued at work are 34% more likely to leave their companies. And 79% of people that did quit their job said it was due to “lack of appreciationâ€. Don’t be part of that statistic. Now go show some love!

Disability Questions Every Doctor Should be Asking

Attention medical professionals! When was the last time you discussed disability insurance? Have you thought about the financial repercussions that could very easily become a reality for your family in the event that you are hurt or unable to work?

Here are a few questions every physician or professional in the medical field should be asking regarding disability insurance:

•    What if I can’t perform the typical duties of my occupation, but could do something different and still earn a lower income? Great question! There is something called “True Own-Occupation†for this situation, in which you could collect both the disability benefit as well as the new income.

•    What if I’m able to work just part-time or at a reduced income but not my usual full-time schedule? Glad you asked! There is “Partial Disability†which actually makes up the majority of claims industry-wide. This is when there is a partial or residual claim where the insured is working, but less than usual.  This rider makes sure it is not an “all or nothing†claim.

•    What if I want to change my coverage as my income increases over time? We like where you’re going with this! There is a “Future Increase Option†that gives you the ability to increase your monthly benefit typically every 3 years without future medical underwriting.

•    What about inflation between when I get my policy and claim time where I actually need the benefit? Another good one! You’re in luck. The “Indexing/Cost of Living Adjustment†rider is an option that keeps the monthly benefit current with inflation at claim time to avoid any gaps.

•    Are there exclusions for Mental/Nervous/Substance Abuse claims? Asking for a friend? Many carriers will limit these types of claims to 24 months but others will treat them like normal claims and pay out to the regular benefit period such as age 65, 70, etc.

•    Shouldn’t I get a discount for being a member of organizations like the Florida Medical Association? You deserve it! Some carriers offer up to a 10% discount to Florida Medical Association members.  Most carriers also offer a multi-life discount as well… typically when you have 3 or more people in the same practice, they will discount the rates from the unisex rates. This is usually about a 10-30% discount (higher discount for females since their premiums are already higher).

Your options with disability insurance are endless and vary on an individual basis. It may not be the most fun topic of conversation or you may think it won’t happen to you. But especially being in the medical field, it’s crucial to at least ask the questions. And it’s most important that you understand the value in this coverage and how serious protecting your family is.