As a business owner, you’re constantly on the lookout for things you can do to bolster your bottom line.
One approach is to offer your employees health insurance. But providing health insurance isn’t just a smart business decision, it’s also a moral imperative.
Checkout Six Prime Reasons To Offer Your Employees Health Insurance
Here are several reasons why.
1. Recruiting Top Talent
First and foremost, offering health insurance is a great way to attract top talent. In today’s hyper-competitive job market, top talent is searching for more than just a paycheck.
They want to align with organizations that value their well-being and are committed to supporting their health and wellness. By offering health insurance, you can demonstrate your commitment to your employees’ overall health and create a more attractive benefits package.
2. Improved Productivity
But it’s not just about attracting talent. Providing health insurance can also improve employee productivity and morale. When employees have access to healthcare, they’re more likely to take care of themselves and address health issues before they become more serious. This means they’ll be less likely to miss work due to illness or injury, leading to increased productivity and fewer disruptions to your business operations.
3. Enhanced Employee Loyalty & Retention
Employee loyalty and retention are critical for small businesses, especially when it comes to retaining top talent. Providing health insurance is a powerful tool to improve loyalty and retention.
When you offer health insurance to your employees, you communicate respect for their well-being and value them as an integral part of your team. By investing in their health and happiness, you build a sense of loyalty and commitment to your business. This can lead to better efficiency and productivity, better customer service, and greater overall success.
Additionally, providing health insurance can reduce employee stress and anxiety, leading to greater job satisfaction and increased loyalty to the company. When employees feel confident that their health needs are covered, they can focus more on their work and less on worrying about potential healthcare costs.
In short, offering health insurance can create a sense of security and loyalty that can pay off in spades when it comes to employee retention and productivity.
4. Lower Absenteeism
Offering health insurance is also shown to reduce absenteeism. When employees have access to preventive care, they’re less likely to develop serious health conditions that could require extended time off from work. This means fewer sick days and reduced productivity losses due to absenteeism.
5. Culture of Wellness
Providing health insurance can also create a culture of wellness within your organization. By offering wellness programs and resources, you can encourage employees to prioritize their health and well-being. This can lead to a more engaged and motivated workforce, as well as improved job satisfaction and overall quality of life.
When employees have health insurance, they can choose healthcare providers based on their quality of care rather than just their cost.
By providing access to better healthcare, you can help prevent health problems from becoming more serious, which can lead to reduced healthcare costs over time. This can be especially important for employees who may be at higher risk for chronic conditions, such as diabetes or heart disease.
Access to quality healthcare can also help reduce the financial burden on employees, as they may be able to access preventative services at lower or no cost.
6. Cost Savings
Of course, one of the biggest concerns for small business owners when it comes to providing health insurance is the potential cost. But the truth is that offering health insurance can actually save you money in the long run.
For one thing, there are tax advantages associated with providing health insurance. In many cases, you can deduct the cost of providing health insurance from your business taxes, reducing your overall tax burden.
“If you are a company with fewer than 25 employees and your average wage is less than $50,000, then you could be eligible for the Small Business Tax Credit,” HSA for America explains. “This is a huge saving for small companies that can be worth up to 50% of your total contribution.”
Furthermore, providing health insurance can help reduce healthcare costs for your business and your employees. By offering preventive care, you can help identify and treat health conditions before they become more serious and expensive to treat. This can lead to lower healthcare costs over time and reduced healthcare-related expenses for your business.
Adding it All Up
As a small business owner, health insurance is often viewed from a pure cost perspective. And while, yes, it can be expensive on paper, you have to think about the long-term advantages and benefits. When you compare the pros and cons, the pros column almost always wins out.