This past week, I had the privilege of engaging with remarkable individuals at various events across Indianapolis. My journey began at the InnoPower Minority Business Week Kickoff, where I was surrounded by talented people making significant strides in multiple sectors. I then participated in the EdChoice Entrepreneurs program, bringing education-focused innovators to Indianapolis to pitch transformative ideas. I attended a rally featuring a panel on talent, people and innovation and concluded the week at the Mitch Daniels Fellowship Annual event and the InnoPower Black Excellence Education Awards Ceremony. At each gathering, one theme stood out: the critical importance of talent.
In Indianapolis, our education ecosystem and nonprofit landscape are unique, brimming with dedicated professionals who drive transformative change. As someone who has transitioned from educating students to supporting leaders in schools, nonprofits, and businesses, I recognize the vital role of employee benefits in attracting, retaining, and cultivating the talent necessary to sustain this impact. These benefits aren’t just perks — they’re strategic tools that directly contribute to an organization’s mission, priorities and goals.
The Power of Employer-Sponsored Benefits
Employer-sponsored benefits, particularly health insurance, are pivotal in attracting and retaining top talent. In the U.S., 60.4% of people under 65 have employment-sponsored health insurance, impacting over 164 million people. For nonprofits and schools in Indianapolis, offering comprehensive benefits can be the difference between retaining key staff members or facing high turnover.
Why do organizations offer these benefits?
1. Tax Advantages: Employer-sponsored health benefits come with significant tax benefits, making them a financially sound choice for organizations. Employers can deduct health savings account (HSA) contributions from their business taxes, and smaller businesses may qualify for the Small Business Health Care Tax Credit.
2. Compliance with Regulations: Organizations that meet the 50 full-time equivalent (FTE) employee threshold are required by the Affordable Care Act (ACA) to offer health insurance that is affordable, provides minimum essential coverage and meets minimum value. Failing to comply can result in substantial tax penalties.
3. Attracting and Retaining Talent: Health benefits are crucial in recruiting and retaining top talent. According to a survey by the Society for Human Resource Management (SHRM), 56% of workers with employment-based insurance consider their health coverage a critical factor in deciding to stay at their current job. In a competitive market like Indianapolis, offering robust benefits can set organizations apart.
4. Employee Wellbeing: Healthier employees are more productive, experience less stress and are less likely to take sick days. Offering preventative care and affordable coverage ensures that employees remain healthy and engaged, directly benefiting the organization’s bottom line.
Indianapolis’ Unique Ecosystem
Indianapolis is home to an abundance of quality nonprofits and school systems that have a transformative impact on kids, families and communities. As a former educator and current board member of both schools and nonprofits, I’ve witnessed firsthand the sacrifices leaders make to achieve results. These individuals are incredibly talented, and it’s essential to create a dialogue around how we can continue to attract, retain and cultivate them within our ecosystem.
Practical Steps for Leaders
To keep Indianapolis’ education and nonprofit sectors thriving, here are some research-backed best practices for retaining and attracting talent:
1. Leverage Benefits Strategically: Ensure that your benefits package aligns with your organization’s mission and the needs of your employees. Consider offering flexible benefits like wellness stipends or health reimbursement arrangements (HRAs) that can cater to diverse employee needs.
2. Invest in Professional Development: Offering opportunities for growth and advancement is crucial for retaining top talent. Create clear pathways for professional development, whether through training, mentorship programs or leadership development initiatives.
3. Foster a Positive Work Culture: A supportive and inclusive work environment is key to employee satisfaction. Encourage open communication, recognize achievements and create a sense of belonging within your organization.
4. Use Data to Drive Decisions: Regularly assess employee satisfaction and benefits utilization. Use this data to make informed decisions about adjustments to your benefits package or workplace policies.
5. Partner with Experts: Work with experienced advisors or brokers who can help you navigate the complexities of employee benefits and ensure that your offerings are competitive and compliant with regulations.
The impact of our schools and nonprofits in Indianapolis cannot be overstated. As leaders, it’s our responsibility to ensure that we attract, retain and cultivate the talent needed to continue this vital work. By strategically leveraging employee benefits and creating supportive work environments, we can build a sustainable future for our organizations and the communities we serve. Let’s keep the conversation going and work together to make Indianapolis a beacon of innovation, talent and success.
