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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

July/August 2019

Benefits to Attract Qualified Employees

Benefits to Attract Qualified Employees

The job market is competitive and qualified candidates are becoming harder to find. In this environment, total compensation, including employee benefits your prospects want and need, may play a large role in their decision to choose you or a competitor.


As an employer, you may subsidize these benefits or simply provide them and let employees pay for them through payroll deductions. Even the latter approach may be less expensive than if your employees bought insurance outside the workplace. There are two basic ways to structure your benefit expenditure: menu-based and dollar-based.


Benefits by Menu
When you offer a menu of core benefits — health insurance, a qualified retirement plan and life insurance — and additional perquisites that could include a Health Savings Account and pet insurance, you offer basically the same benefits to everyone. This has been the traditional model of employee benefit offerings, but it may not work best for employers with a diverse workforce.


Benefits by the Dollar
When employers have the ability to offer a set dollar amount for the benefits they will subsidize, they provide more flexible benefits for diverse employees. For example, a married 55-year-old employee may value long-term care insurance while a single Millennial may be better served with disability income insurance. One employee may value a student loan repayment benefit, while another believes dental and vision insurance are essential.


The Right Package
One size won’t fit all, but you can find your fit with a little preparation. List your benefits and their cost, but don’t forget to include any tax advantages your business may get. Do a little research and learn what peer companies offer their employees. Then, survey your employees and ask which benefits they value from most to least. Also ask if there are benefits not available to them that they would like to see offered.


Once you understand your employees’ wants and needs, work with your insurance professional to put together a benefits package that works for you and your business.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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