Happiness in the workplace is vital for the performance of your employees. If an employee is unhappy (as it is the case with almost 40% of the world’s workforce) at work, he or she may find it hard to concentrate or stay motivated, which leads to loss of productivity and/or low retention. Which subsequently leads to greater costs for the business and the employer.
While there are many ways to make your employees happy, like better work environment or better work hours, for example, one of the most proven ways is to offer employee benefits. For example, the group health insurance can make a lot of difference – it shows your employees that you want them to be healthy. And there are not many things more motivating than knowing your boss cares for your well-being both inside and outside the workplace.
With record low unemployment leaders in many industries find that offering group health insurance and other benefits helps them compete for top employees. Industries where group health insurance becomes part of the standard employee offer are many. This include transportation, trucking, mechanical and body shops, small contractors like landscaping contractors, plumbers and electricians as well as companies in the manufacturing and warehouse industries.
Why should you consider group health insurance or group benefits at all?
A recent study found out that companies offering group health insurance to their employees, often do it because one of three reasons:
- They want to cut costs;
- They want to make their employees happy;
- Create a balance between both of the previous reasons.
So, this shows the best thing for the group benefits – they are good for both parties involved – employees and employer.
But let’s find out how exactly you can establish such equilibrium.
It will help you attract and retain better workforce
Researching, finding, buying and maintaining individual health (or any other for that matter) insurance plan can be quite a tedious activity. So if a person can cut through the rigorous process and enroll as soon as they’ve been hired, they will.
What we are trying to say is that while offering health benefits gives you a competitive edge. Offering group health insurance can really put you on top of the “Preferred places to work” list of many professionals. Such group benefits are essential when establishing a stress-free culture at work.
But the pros don’t end here. Offering group health insurance also helps you retain your employees.
If an employee of your company leaves it can cost you as much as half of their yearly salary. Sometimes even more. Big companies may be able to afford the consequences of a big turnover. However, retaining employees can be a vital thing for smaller companies.
A study found out that nearly 80% of workers claim a proper group benefits package is the main reason behind overthrowing a decision to leave the company they work for. So, group health insurance can actually keep people in your team.
It is good for your and your employees’ finances
When it comes to you as an employer – group benefits are a way to lower your costs. They are tax deductible. Because your contributions are a business expense. Furthermore, your payroll taxes will go lower, since your employees’ payments toward their premium is done on a pre-tax basis.
When it comes to your team – they also benefit from the group type of health insurance. As we’ve mentioned, their payments toward their premium is done on a pre-tax basis, so it is deducted from their wages before the taxes. This means that group benefits actually decreases the employees overall taxable income, which means, yes, lower tax costs. So, you employees not only stop worrying about their health, but also about their finances.
In conclusion, it is obvious that group health insurance and group benefits in general are becoming a more and more viable way to not only keep your employees happy and save more, but also helps your business cut costs.
So, don’t waist more time and pick the right group benefits plan for your company – a proper group health insurance can keep you team healthy. Which means less sick leave days off and better performance.
Contact Argo Insurance to get expert advice and discuss all the options that we have for your company’s group health insurance. Call us now for a quote.