When we talk with our small business clients about their largest challenges, finding good employees is at the top of the list. Small employers need to offer employee health insurance in this challenging hiring market. Beyond being able to compete with other employers, there are more key advantages to providing benefits:
1) Employee Satisfaction – Company culture is an important factor in enhancing employee engagement, productivity and performance. Organizations that support both their employees’ professional and personal well-being contribute to a positive culture. Employee health benefits go a long way in demonstrating a company’s commitment to its workforce.
2) Healthier and More Productive Employees – Studies have shown that employees with health insurance may be more likely to seek regular preventative care and receive treatment for illnesses. It also stands to reason those healthier employees are better able to perform at work. By providing access to care, small businesses can maximize the value of their limited workforce.
3) Reduced Hiring and Retention Costs – Turnover is expensive both in time and money. Employers with high-quality benefits attract good employees and provide incentives for them to stay. A 2017 survey from Lending Tree found that 33 percent of Americans have turned down a job offer due to a lack of health benefits. Not only will offering health insurance help a business stand out from competitors, but it can also be a key factor in retaining employees who otherwise would jump to employers who offer coverage. It may be that the cost of providing health insurance would be less than the expense of a constantly revolving hiring and training process.
4) Health Coverage for Business Owners – Paying out of pocket for individual health insurance for the business owner, especially with a family, can be expensive. It may be that opening these benefits to the whole organization can bring down individual costs as well. The Wharton & Power Insurance Team has helped many small business owners explore multiple options that support both their personal and business needs.
Small business owners have choices when it comes to offering employee health benefits. Reach out to us to discover which program best suits your business and your employees. Send us an email or give us a call at 317-663-4138.