[Life Insurance 101 Series: This series features IMPACT posts that detail the breadth of the industry’s reach and benefits provided to consumers.]
Approximately 33 million Americans have left their jobs since the spring of 2021.
It’s been called “The Great Resignation.”
Some of those quitting are older workers leaving the workforce for good. But economists predict that the majority will re-enter the labor market eventually.
When and where they go back to work remains an open question. Several different dynamics could impact their decision.
Salary is, of course, a driving factor. Increasingly, so are other benefits offered by employers.
A recent survey noted that 88% of people searching for a job consider better health, dental, and vision insurance benefits when choosing between a high-paying job and a lower-paying job with better benefits.
For many people, getting dental insurance through an employer makes sense. Employers get lower group rates because they are buying benefits for many employees at once. Also, these plans often include more coverage, and the employer frequently pays a portion of the costs.
Employers offering dental care are providing an extremely valuable benefit for their employees’ wellbeing. A Guardian Life study shows that the perceived cost of dental care is the primary reason that people skip dental visits. Skipping dental visits not only leads to oral health problems but can also lead to other serious health issues such as endocarditis and cardiovascular disease. More than 70% of working adults with dental insurance visit the dentist at least once a year, compared to only 40% of the uninsured.
In addition to attracting jobseekers, an employer’s benefit package can encourage employees to stay put.
A Unum survey found that 66% of workers are more interested or aware of the employee benefits their company provides. This is particularly true among Millennials (78%) and Gen Z (73%).
All told, more than half of employees (56%) say they are more likely to stay with their current employer because of its benefits package.
For many workers and those seeking a job, an employer’s commitment to its employees’ personal safety is vital during the extended pandemic environment. So too, is an employer’s commitment to its employees’ health and wellbeing. By offering comprehensive benefit packages including dental insurance, employers can differentiate themselves during the pandemic to attract jobseekers and retain key members of their workforce.
Rikki Pelta is Counsel at the American Council of Life Insurers (ACLI). She is responsible for supplemental benefits, paid family & medical leave, and market conduct. She joined ACLI in 2018
