How do you retain skilled employees for long term success of an emerging life science company?

Attracting top talents to small life sciences and pharmaceutical companies is a challenge, when larger employers in the industry are offering attractive career opportunities and benefits packages.

Many small employers are not aware that they have the same ability to offer benefits package similar to the larger companies. In fact, small businesses in Massachusetts have well over 100 health plans to choose from. Often this allows employees to provide feedback to management on plan design.

Health insurance is a must to attract and retain employees, and employers must cover at least 50% of the premiums. Using health insurance as a starting point many employers offer dental and vision plans that employees are used to having. In addition, sometimes overlooked, group life insurance and group long term disability plans should be strongly considered. The one disadvantage that smaller companies have is that the maximum benefit amount available for either of these will be somewhat limited. Conversely, offering group life and group disability is important as many insurers will offer guaranteed issue policies for small employers which provides a benefit that some people may not qualify for in the individual market.

Additionally, founders and executives at small life sciences and biotech companies typically bring a tremendous amount of intellectual knowledge to the business. They are crucial to the long term success of the company. It is therefore important for all of them to be covered by key person life insurance policies.

One of the main benefits of utilizing a small business insurance broker is that they can provide free consultancy to the employer in a group setting or with employees individually to provide clarity and education on the benefits offered. Providing attractive benefits package would likely be a key recruiting and retention factor for your next hiring, hence do not hesitate to reach out to an insurance broker when planning your employee's benefits package.

Mike Harrington, SNIFE Provider & Benefits Consultant

http://www.snifco.com/employeebenefits

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