Employer Benefits Study | 2018 Findings on Employers Offering Dental Insurance
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. In 2018, it was vital for employers to offer dental insurance to remain competitive.
Offering Benefits to Remain Competitive
The unemployment rate in Iowa has dropped significantly over the past 10 years. Just 2.4 percent of the population is currently unemployed, plummeting from the 6.6 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. And with the unemployment rate near the lowest in the nation, competition for top job 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 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 benefits. Fast-forward to 2005, and employers began to see dental insurance as a selling point that couldn’t be ignored. One survey reported that 61 percent of all employers – big and small – offered dental insurance to their employees in 2005. It was clear that offering dental insurance positively impacted retention and employee satisfaction. Small businesses began following the example of their larger counterparts.
In 2012, the Kaiser Family Foundation Annual Survey reported an uptick in the number of employers sponsoring employee dental benefits. More businesses were offering dental insurance regardless of their size.
- 53% of small firms (3-199 employees) offered a dental benefits package in 2012
- 89%of large firms (200+ workers) offered a dental benefits package in 2012
Two years later, in 2014, the Society of Human Resources Management (SHRM) surveyed almost 300,000 HR representatives from companies large and small. 95 percent of the employers surveyed offered dental insurance, regardless of their size. SHRM repeated the study from 2015-2017 and noted a 1 percent increase.
Employers have continued to add dental insurance coverage as part of their employee benefits package. As of the 2018 SHRM Human Resources survey, 97 percent of employers reported offering dental insurance to their employees.
We count that as a success. More individuals are becoming aware of the connection between their oral and overall health. Employer-sponsored benefits tell the employee that their health and happiness are important to their employer.
If you’re a business owner, tell us what benefits you’re offering to your employees! Are you looking into health and wellness programs for the coming year? The Kaiser Family Foundation 2018 Employer Health Benefits Survey found that 53 percent of small firms and 82 percent of large firms offer at least one wellness program for their employees.
Already offering dental coverage through Delta Dental of Iowa? You are part of a nationwide network that provides coverage to nearly a quarter of the U.S. population!
Are you 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 Delta Dental benefits for employers.