It’s well-known that providing employee benefits is expensive, especially for smaller businesses. The high costs, however, have a big payoff in the end. There are many reasons to offer benefits to employees.

1. Follow the Law: The law is the most important reason to offer benefits. If a company has over 50 full-time employees, an employer must offer a health plan. Please do so to avoid having to pay costly penalties.
2. Increase Appeal: Today’s employment market is increasingly competitive, forcing many companies to reconsider their stance on benefits. To attract and retain the best talent, offering a comprehensive and robust benefit package, including medical, vision, and dental benefits, will attract more job applicants. Add in retirement savings plans, paid vacation time, maternity/paternity leave, and a handful of other perks, and a company can set itself apart even further.
3. Promote Employee Health and Overall Wellness: Strong health and wellness benefits help keep a workplace healthy and reduce absenteeism significantly. In turn, overall productivity increases as employees show up to work and feel better there.
4. Boost Morale: Understanding and addressing the needs of a workforce is paramount in demonstrating that a company is dedicated and genuinely cares about its employees. Employees who feel their employer values them will reciprocate that dedication through productivity and loyalty. Offering a solid benefits package is a clear sign that a company cares.
5. Minimize Turnover: At the very least, a good benefits package is enough to make an employee stick around for the long term. Retaining veteran employees increases overall talent and is essential when cultivating teamwork and a tight-knit culture. Engaged and invested employees equal happy employees.
6. Tax Advantages: Businesses get the tax advantage of deducting their contributions to health plans, life insurance, and pension plans. While this obviously won’t offset the cost of offering health benefits, it does make the overall price tag seem less oppressive.

Whether it’s a small business just starting or a seasoned company operating for years, the advantages of offering benefits far outweigh the risks. Need advice on getting started with employee benefits? Contact The Grigg Group today. Our experienced team of brokers can shop dozens of markets on your behalf, ensuring you have the best combination of coverage at the lowest cost. Let us guide you to compliance by calling (704) 333-3255 or sending us a message through our contact page..