I often get the question, why should I offer benefits? Here are a few of the top reasons why including insurance in your company’s compensation package could be beneficial to your company.
- Having benefits in place can essentially add thousands of dollars to the value of a pay plan.
- Benefits are an advantage when it comes to hiring and employee retention. Studies show employees, all things being equal, will take a lower-paying job to gain benefits.
- An insured employee is better able to focus on his/her work, rather than worrying about the “what if’s” and uncertainty when uninsured.
- Employees are more likely to go to the doctor sooner when insured, rather than delaying care because they are worried about the cost of care.
- Worker’s Comp claims tend to be lower in companies where benefits are offered.
- There can be tax advantages to the employer when offering benefits. Your company may be able to write-off any contributions your company makes. Check with your CPA for details.
- When installing benefits, we can consider a pretax plan, enabling you to deduct your employees’ premiums on a pretax basis from their paychecks, saving you both valuable tax dollars.