Attracting top talent for businesses isn’t just limited to salaries, organization culture, and perks. Arguably a crucial part of a compensation package that employees look for are highly competitive benefits. Statistics show that most people considered a business’s benefits to be a major factor in productivity and workplace culture, and about 30% would accept a lower base pay if it meant receiving better benefits.

Small businesses typically face the challenge of offering a comprehensive and competitive benefits package for their employees. Keeping up with the job market and sustaining employee morale can be difficult, especially with changes in regulations that dictate what benefits employers should be providing to its employees. However, offering the basic and most important benefits such as health insurance can make your business more attractive to potential employees.

Here are three reasons why offering health insurance along with a comprehensive benefits package can attract and keep your talent:

 

  1. Quality health insurance helps employee satisfaction and retention

Unsurprisingly, health insurance is the most important benefit for employees. If businesses were only allowed to offer one kind of benefit, this would surely be at the top of the list. This is because costs related to health and medical needs can be incredibly high, and some employees don’t have the means to cover the expenses of medical treatment—especially in emergency cases. Having an employer who offers to take care of these costs through health insurance is extremely valuable.

One thing to note is that health insurance is no less expensive for employers as medical costs are for employees. However, it is still beneficial for companies and businesses to treat this as an investment for their employees, who can continue driving the business forward in the long term because they are in good health.

A way to provide health insurance plans for your organization is to partner with a medical insurance broker. They can provide the best coverage plans for your needs at a cost that’s right for you.

 

  1. Employer-sponsored benefits are attractive to prospective employees

Health insurance is one such example of employer-sponsored benefits. There are also others that businesses can offer for their employees, such as paid time off, paid maternity or paternity leave, and retirement benefits.

All these benefits may seem overwhelming for a small business owner to sustain, but considering other options and getting creative with the combination of benefits offered can still produce a competitive package for employees.

Some ways to do this are the following:

  • Offer benefits like healthcare at scale. A lower employee headcount can mean opting for a plan that is a fraction of traditional health coverage costs.
  • Offer the minimum allowable number of days for vacation leaves or sick leaves. It’s best to offer these benefits rather than having none at all.
  • Offer voluntary benefits. This way, businesses can offer insurance and other benefits without shouldering the financial burden.

 

  1. Opening the discussion on benefits creates employer-employee trust

People are often dissatisfied with the benefits they receive from their employers but often reach a dead-end when it comes to voicing these concerns. Encouraging positive dialogue with your employees ensures they get the benefits they want without compromising the business. This is an especially important aspect of HR that can keep disgruntled employees from quitting.

A common concern is that employees will ask for more benefits than the company can provide. In such instances, HR and management’s prerogative to come up with a compromise based on the discussions that have taken place with employees. You can also opt for a ‘cafeteria-style’ plan, allowing employees to choose the benefits that fit their lifestyle best while considering the business’s limitations.

 

Conclusion

Offering benefits is one way that a business can show care for its employees. It recognizes that while they are essential to the business’s productivity and success, they are also human beings with needs. It is not only an investment in your people but one that will benefit your business in the long run!

One of the most important benefits that small businesses should offer is health insurance. This can be achieved through the right kind of employee health insurance management. Here at the Abbot Benefits Group, our insurance brokers help small and medium-sized businesses provide health insurance and other benefits to their employees. Our team specializes in medical, dental, vision, life, and disability insurance benefits. To know more, visit our website today.