If you own a small business, you may not think that you can afford to provide group health insurance for your employees. But that might not be the case. If you look into the benefits provided by group health insurance, you might find that the opposite is true — that you can't afford to not provide the coverage. Before you pass up the opportunity to provide health insurance for your employees, read the information provided below. Here are three important ways your company will benefit from a group health insurance plan.
Enhance Your Benefit Package
If you're looking for a way to bring in fresh, new talent to your organization, take a look at your benefits package. If you're not offering a quality benefits package, you're not going to bring in the talent you need to grow your business. This is especially true if health insurance isn't part of the benefits package. If you don't offer group health insurance as part of your benefits package, people will look elsewhere for employment opportunities, regardless of the salary you offer. That's because health insurance costs can consume a large portion of a person's income, especially when they need to purchase their own. Attract the talent you need. Enhance your benefits package by offering group health insurance.
Increase Your Retention Rate
If your business is suffering due to a low retention rate among your employees and you don't offer group health insurance, it's time to make some changes. You might not realize this, but some of your employees may be leaving for positions in companies that provide health insurance benefits. One of the problems with low retention rates is that a good portion of your budget goes to hiring and training new personnel. You can increase your retention rate by offering group health insurance for your employees.
Reduce Sick Day Absences
If you still don't offer group health insurance to your employees, take a close look at your sick day costs. Lack of health insurance can create a couple of problems where sick days are concerned. First, without proper health insurance, your employees might not receive the medical care that they need. Unfortunately, this can create a situation where employees come to work sick, which spreads the germs to the rest of your employees. Not only that, but without medical care, symptoms can last longer, which can increase the number of sick days your employees need to take when they call in sick. You can reduce sick day costs, and the issues resulting from germ spread, by providing group health insurance for your employees.
