The New Face of Employee Benefits
By Jacqueline D. Moore

Over the years, one of the most important factors candidates cited in searching for employment was benefits. Considering the high cost of healthcare and prescriptions, benefits have played a vital role in the way people look for jobs. Unfortunately, in recent years, we have seen a decline in the benefits being offered. Companies are finding it difficult to keep pace with the rising costs of insurance and other employee benefits, forcing them to either reduce or eliminate their offering.

As the cost of providing employee benefits increased, some employers have either eliminated many employee benefits offerings and/or shifted some of the cost to the employees, leading to higher prices and more workers declining offerings. A recent study conducted by the University of Michigan shows that for each 1 percent increase in insurance premium rates, over 150,000 more people become uninsured.[1]

A study by the Small Business Administration found that employees of small businesses have access to fewer benefits than do employees of large businesses. Small and large businesses continue to provide benefits to their employees, but at a declining rate. Companies of all sizes have reduced the availability of health insurance to their employees due to the increasing cost associated with benefits in recent years. Access to retirement benefits is more prevalent among large firms than among small firms.[2]

Couple that with the reality of plant and business closings, downsizing and reductions in hours affect employees in adverse ways. Workers lose income, the security of a steady job and, often, the health and other benefits that go along with working full time.

Deeply rooted as a supplemental insurance agency, Great Lakes Benefit Group has developed a market niche to address the issues of small to medium businesses that are looking to provide their employees with affordable options. After visiting with business owners throughout the state of Michigan, we began to realize their frustration with the lack of education and choices as it related to their benefit packages. Though supplemental insurance did address many of their needs, there was a growing concern to find one source for employee benefits, Great Lakes Benefit Group.

We provide a diverse menu of innovative solutions to address the rising cost of employee benefits. At Great Lakes Benefit Group, we have the freedom to offer a variety of employee benefit programs which include; Medical Insurance, Dental Insurance, Disability Insurance, Life Insurance and Investment Choices.

We have found that many employers want to provide benefits packages to their employees but just can’t afford it. We assess what their needs are, what monies they have available and the willingness of their employees to contribute towards their own security. We work with the various providers to come up with the best plan to satisfy everyone.

What most people don’t realize is that there are a variety of affordable alternatives to address their individual needs. We can even provide many of these same services to individuals who need the same products.

“As the face of employee benefits change, individuals must learn to change with it.”

To reach Great Lakes Benefit Group, call (248)351-6000 ext. 1114.
or email us at: glbg@consolidated-financial.com

[1] Eriu Number 10, December 2005
[2] SBA Small Business Research Summary No. 262