One of the biggest concerns that small businesses can have is sticking to a budget and making sure that expenses stay within check in accordance with their employee benefits. Often that means looking for ways to streamline processes and steps, ensure everyone is as efficient as possible, getting rid of waste and redundancy, and basically running a very sound and tight ship. What this can also mean is that small business aren’t always willing to make what they see as “extra” purchases or investments, especially when it benefits their employees and not so much the bottom line.
Here we’ll take a look at some of the top reasons small businesses should look at offering group benefit plans to employees, even when it’s just a small staff of people.
Offer Competitive Benefits Compared With Medium and Large-Sized Companies
One of the biggest problems that small a small business can run into is finding and keeping qualified, trained, and skilled staff. The fact is that it can be very hard to compete with what medium and large companies can offer as far as benefits go. This is where your small business benefits plan can act as a bargaining chip. Perhaps those larger sized companies aren’t offering group benefits, and if they are, maybe it’s not as good as the plan your business can offer.
Believe it or not many of your business employees end up basing their decision on who they work for based on the extras like a benefits plan, holiday time, the chance to make a bonus, etc. It’s not just about the job description and salary offered. Benefits play a huge factor in a future employees decision to join a business.
Help Your Employees to Be Healthier and More Productive
Then there is the really simple fact that if you offer your business employee benefits package your employees will be more likely to seek medical help, devices, and appointments when needed. This means they will be healthier, happier, and more productive at work with less time off work due to illness and medical issues that your benefits packages will help to treat. It’s a win-win for both parties.
Build Loyalty and Appreciation with a Tax-Free Incentive
There’s also another big incentive for small companies to offer these benefits programs and that’s the fact it is tax-free. Both dental and health benefits are tax-free for all business employees except for those in the province of Quebec. So while your business employees are benefiting from a great plan that takes a lot of financial stress and worry off their plate, you can also use it as a tax-free benefits incentive, something most small businesses can really appreciate.
You Can Choose from Various Packages
Now depending on who you choose for your small business benefits, you’ll also be able to pick from various other business benefits packages, so you find something that fits everyone’s needs and budget. The Chambers of Commerce Group Insurance Plan advisors recommend finding a benefits plan that is easy to understand, offers simple and quick reimbursement and allows for extended healthcare benefits provider coverage (massage therapists, physiotherapists, chiropractors, etc.).
Group Benefits are a Win-Win for All
At the end of the day, offering your business employees a group benefits package truly is a win-win for all involved.