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Benefits change but still vital to recruitment, retention.

Article Excerpt
While salary is usually the number one consideration, a good benefits package is still a major factor to job applicants.

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"Benefits are very important," said Barry Burks, a benefits consultant and shareholder with Ross & Yeager Insurance, Jackson. "They play a crucial role in both attracting and retaining the best employees. I think the primary reason for this is the importance of good benefits is understood by employees today. They realize how costly it would be to pay for benefits themselves."

From the employer's perspective, it is important to balance having good benefits with affordability. That has been difficult particularly in the past decade as increases in the cost of health insurance have outpaced the consumer price index.

"We continue to see double digit premium increases," Burks said. "Health benefits remain one of the most important components of the entire employee compensation package. But health care costs and consequently health care premiums have been increasing for the past decade and that is causing enormous strain on employers. Employees want to provide benefits to current and future employees, but it is becoming increasingly difficult to do so and still maintain a profit."

As a result of the rising cost of health insurance, employers are eager to embrace innovative strategies. Burks said one popular option is a high deductible plan with a potential Health Savings Account option. He...

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