Group benefits can seem daunting. Researching your options, finding an advisor, doing the administration tasks to keep it all running and of course, paying for them. It all adds up and as a small business, your time and finances can be limited. But in today’s market there are so many options for group benefits that they might be more cost-effective than you think.
If you’re concerned about how much group benefits will cost your business, it's important to know that benefit plans can be customized to fit any budget. Plus, you have the option of splitting the cost of the benefit plan with your employees. You, as the employer, could pay anywhere from 100 percent of the premium to 50 percent. This way, your employees still get access to a plan at a lower cost than they would as an individual, and you can manage your costs at a level you are comfortable with.
While business owners may focus on how much it costs to provide benefits, what many don’t think about is what it costs not too. Offering group benefits leads to employees taking fewer sick days and can help them to better manage common chronic conditions, like migraines, depression or pain, leading to increased efficiency, and naturally, that can increase your revenue.
Offering a benefits plan can also help retain your investment in your people. Your business needs employees with particular skills and if these skilled employees were to leave, it takes a time and money to recruit and train someone new.
With a benefits plan in place, you and your employees can get access to a wide range of benefits. Life insurance, disability coverage, and employee assistance programs are all great features that can be included in your plans to protect your business and your people beyond the traditional health and dental plans we’re used to.