The performance of a company or business depends on how efficiently it utilizes its resources. The primary focus is always on minimizing the expenditure and maximizing the output. Employers spend considerable time and attention trying to reduce their current functional costs and preventing future expenses. Makes you wonder why even small companies with less than 50 employees have started offering health insurance to their employees, doesn’t it. Why offer the employees a health insurance policy when you’re not even legally required to, shouldn’t you be looking to avoid the extra spending instead? The answer’s pretty straightforward--Because it benefits you as well, perhaps way more than it benefits your employees! Here’s how:
Providing health coverage to employees sends a significant, positive message
You care – that’s what you’re essentially telling your employees when you offer them these additional benefits. You have no obligation to your employees’ personal health, and yet, here you are, taking a significant step to aid the same! Your action tells the employees that they belong and is one of the simplest ways of improving job satisfaction. It also helps boost their morale and increases their faith in your organization. And it’s not even hard, not at all! With so many great health insurance policies on the market, finding one that’s affordable and suits your company’s profile is pretty straightforward.
It helps increase productivity and profit
Providing these additional benefits is healthy for your business too, with recent studies confirming that it helps improve the employees’ overall productivity. Happier employees are synonymous with better output. And with a health insurance policy there to take their mind off health concerns and related expenditure, all employees dealing with health issues can readily seek remedies instead of continuing to work at below par capacity. A lot of health insurance policies provide the facility of preventive care.
The regular medical checkups not only keep individual employees in good spirits but can also prevent the spread of communicable diseases and infections that, in worse case scenarios, can bring your business to a standstill. In all, by this one single move, you’re working towards improving your workers' performance levels, directly increasing your company’s productivity, as also the profit it makes!
It helps beat the competition and attract the best employees
These are competitive times, both for job seekers as well as for employers! You want the best new hires to want to work for you; you have to work to attract them. And job seekers no longer just look at the salary offered, but seek an excellent overall package complete with added benefits. With the cost of quality medical treatment rising exponentially over the last few years, you’re raising your company’s appeal several notches by including the benefit of an employee health insurance policy in your offer.
It helps retain the good workers in your organization
An employee working for you today isn’t necessarily an employee that will still be working for you by the end of the year, or even by the end of the current month! Good employees can always find better jobs. If your employees aren’t being covered by a health insurance policy right now, a company that does offer the same is apparently a more promising option for your employees. One of your primary tasks, as an employer is to make sure your workers don’t start to feel that the facilities you offer are insufficient. With more and more business units choosing to buy health insurance policies for their employees, it’s essential you follow suit to avoid losing out your best talent to the competition.
Acting now will prevent possible complications in the future
The current government regulations require all employers with 50 or more full-time employees on their active roster to provide them with a minimum level health insurance policy. It’s very likely that future amendments render providing these benefits a must, even for small businesses. It’s only smart to act now, with time by your side and so many fantastic employee health insurance plans to pick from than face hassles later on.
It can give you useful Tax benefits
That’s right; you can actually avail specific tax benefits in the act of covering for your employees’ well being! When your company is providing this cover, you can deduct the full value of the cost of their health insurance policy as a business expense. If you are a small business with less than 25 full-time workers, you have the opportunity to buy a small group health insurance policy and avail a tax credit.
When you’re choosing to provide health coverage to your employees, you’re offering them a very real, very practical benefit, the importance or appreciation of which won’t be lost to them. Regarding business, it’s a smart, strategic move that sets your employees, as well as your company up for a satisfyingly productive future.
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