Five Reasons to Offer Health Benefits to Your Employees – The Benefits to You
Health benefits are an important part of most employees' benefits packages, which explains why around ninety eight percent of large businesses offer them to their workers. While small and mid-sized businesses offer them less frequently – only seventy five percent of mid-sized business have health benefits – it is still important to consider as an option. Health benefits and retirement funds are consistently the top two employee valued benefits and depending upon the survey you look at, either of the two take the top spot. While offering health benefits is an expense some companies want to avoid, there are a number of reasons that you should consider offering health benefits to your employees. Here are five of them.
- Attraction – Today's job market is fiercely competitive, and getting the best new hires is an important part of any company's business strategy. Health benefits are something that many new hires look for today, especially as the costs of health care continues to skyrocket. If you want to attract the best employees to your workforce, offering health benefits is one of the best ways to do so.
- Retention – Of course, attracting great employees is only half of the battle. You need to keep them on your team once you hire them, and health benefits will do just that. Since a recent survey reported that almost ninety percent of employees with health benefits stated they would begin seeking employment elsewhere if they lost their health benefits, it's obviously within your best interests to offer them. Without them, your workers will likely be eyeing other positions that can give them the health coverage they need.
- Morale and Productivity – While it's obviously related to retention, it's important to note that morale and productivity are closely tied to the happiness of your employees. Letting them know that you value them and their contributions to your team is important, and health benefits are one of the best ways to do so. Knowing that they have health benefits thanks to you will help them stay happy and loyal and work harder for your company than they would without health benefits or other incentives.
- Compliance – While the government is still arguing over the specifics, the truth is that many companies will likely have to offer some level of health benefits to their employees. Currently the plan is somewhat complex in terms of regulations and qualifications, but at its essences most businesses will need to give their employees health benefits in the future. Complying now can save you the hassle down the road.
- Simplicity – Finally, it's important to note that health benefits are easier to offer and manage than many people might realize. Some companies don't offer health benefits due to costs or management concerns, but finding an affordable health benefits policy is easier than you might think. And with health benefits management programs from Unicorn HRO, setting up and maintaining health benefits information is much easier than many employers even realize.
If you want to give your employees the best you can, health benefits are the solution. Not only will they receive very real benefits from them, but your company will benefit as a whole also.