All businesses hope to attract and retain the best workers. You might think that pay rate is the key to accomplishing that goal. But did you know that 4 out of 5 employees actually prefer a solid benefits package or other perks to a pay raise? And for those looking for work, the vast majority say that benefits are even more important than pay? (Glassdoor’s Employment Confidence Study)
But which benefits are the most important? When employees and prospective employees are surveyed, a group health insurance plan frequently tops the list. Offering group health benefits actually strengthens your business in the following ways…
Employee recruitment and retention. Those seeking work cite health insurance as one of the top three “must-have benefits.” In fact, health insurance is so important that those looking for work often consider it a requirement. And since at least 60 percent of other employers offer a group health benefits plan, you face a competitive disadvantage if you don’t.
Better well-being and productivity. Everyone is happier and more productive when we’re healthy. Plus, health insurance benefits can lessen financial stress on employees, which is often a major distraction to many of us. And because these employees are less likely to miss work or take disability leave due to illness, your business will face fewer disruptions and rehiring/training costs.
Potential tax benefits. Finally, your business might benefit from increased tax savings. When you pay toward employee health insurance premiums, those costs are 100 percent tax deductible as a business expense. Small businesses (those with 25 or fewer employees) can even qualify for additional tax credits when supplying workers with a health insurance plan.
To learn more about how a group health insurance plan can benefit both your employees and your business, give us a call. We’ll help you explore your options and explain tax implications in more detail.