Employers who offer dental insurance have what the people want. Prospects in the job market voiced that dental insurance is a benefit that makes-or-breaks their job decision. See how vital it was for employers to offer dental insurance in 2018 to remain competitive.
Offering Benefits to Remain Competitive
The unemployment rate in Hawaii has dropped significantly over the past 10 years. Just 2.5 percent of the population is currently unemployed, plummeting from the 7.3 percent rate of unemployment in 2009. With the candidate pool slimming, companies are not skimping out on using employee benefits to attract and retain top talent. Hawaii experienced its lowest unemployment rate ever recorded in 2018 at 2.1%. With the lowest rate in the nation, competition for top prospects is high.
That puts job seekers in the driver’s seat, so be prepared to offer what they need. Employer-provided benefits make up about one-third, or 32 percent, of total employee compensation. It’s no longer about just having an employer-sponsored benefits package, but about having a competitive one.
Demand for Dental Insurance has Changed in the Workplace
Business size has traditionally played a role in whether or not an employer-provided dental insurance. Twenty years ago, smaller-sized businesses were not as apt to provide dental insurance. Fast-forward to today, employers now see dental insurance as a selling point that can’t be ignored.
Employers now add-on dental insurance coverage as part of their employee benefits package as more individuals are becoming aware of the connection between their oral and overall health. As of the 2018 SHRM Human Resources survey, 97 percent of employers reported offering dental insurance to their employees.
Already offering dental coverage through Hawaii Dental Service? You are part of a nationwide network that provides coverage to nearly a quarter of the U.S. population! Interested in offering your employees dental insurance? Contact us today to discuss plan options and how we can offer the best coverage for your company!
Click here to learn more about HDS Coverage for your employees.