A group health benefits plan may look like an expense on your balance sheet, but did you know it can help your business’s bottom line?
It’s good business to support your employees. If they’re happy and healthy, they’ll be more productive and better able to focus on their work. At any time, employees may be dealing with a variety of concerns, including mental health issues, serious illnesses or difficulties at home. This can lead to absenteeism, disability or reduced focus and result in lost productivity or even workplace accidents. By providing a group benefits program you can help your employees through their concerns while reducing these risks to your business.
When you lose your talented staff, there can be a significant cost in both time and money to hire and train new employees. Some have calculated this cost as one-fifth of the employee’s annual salary. Group benefits plans can help attract and retain talented people and reduce the costs associated with hiring and training new staff. For some employees, a benefits plan is worth more to them than an increased salary. Coupled with the wellness advantages, a health benefits plan can help keep employees happy and content in their job.
Finally, don’t forget that these benefits for employees apply to employers as well. Business owners benefit just as much from the support group benefits plans provide. When you’re happy and healthy you can focus on building your business.
Benefits plans don’t have to be expensive either. Employers can split the cost with employees in a variety of ways, getting buy-in from staff and showing them the value of the plan. One way to accomplish this is with a flexible benefits plan. When the employer sets the budget and employees choose how to allocate funds to different types of coverage you get flexible coverage at affordable rates.
However you approach building your benefits plan, group health benefits are good for business.
