While larger corporations have long offered healthcare coverage and other insurance options to their employees, nowadays, more and more small businesses are following suit. Especially in the midst of the COVID-19 pandemic, the importance of offering employee benefits cannot be overstated. Below, we look at some of the most compelling reasons to offer benefits to your employees. If you own a small business and you’re considering offering employee benefits, we hope this list will help you see that offering benefits comes with some benefits of its own.
It Helps Your Business Stay Competitive
These days, employees are looking for more than just a steady paycheck. Oftentimes, they have spouses and families they need to take care of, and while putting food on the table is certainly important, covering the cost of prescription medications, preventative care, and regular checkups are also important. Offering good benefits packages to your employees in addition to competitive salaries is one surefire way to give your company an edge.
It Reduces Employee Turnover
Even if your employees generally enjoy their day-to-day tasks, repetition can cause burnout and over time, some employees will go searching for a change of scenery. However, a robust benefits package might be the difference between an employee jumping ship or staying put.
It Keeps Your Employees Healthier
Not only does offering good benefits allow your employees to access the health care they need, but with many plans offering preventative care, having benefits can help employees nip certain issues in the bud. This can mean fewer sick days, more productivity, and ultimately happier, healthier employees.
It Can Save You Money
Offering employee benefits may even allow you to take advantage of tax credits. Employers who offer benefits can deduct 100% of the employer health insurance costs as a business expense, and if the business is incorporated, then the owner’s healthcare costs are also deductible. There are also tax credits available for small businesses that employ fewer than 25 people.
Your Employees Will Appreciate It
While profit margins are unquestionably important, many business owners are equally concerned with taking good care of their employees because they feel it’s the right thing to do. Running your business in such a way that you earn your employees’ respect brings a certain kind of ROI that might not be reflected in the ledger, but is still worth a heck of a lot.
JanusHR – We Solve HR
To learn more about the importance of offering employee benefits, or to partner with a leading PEO for your benefits administration, contact JanusHR today.