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Group Benefits - 5 Main Advantages
Many employers worry that the cost of offering group benefits will be a strain on their bottom line. In fact, the opposite is true! Offering group benefits is beneficial for employees and your business bottom line! There are many great advantages to offering group benefits and we are going to start by offering you the 5 main ones. Please read on to get the top 5 and the reasons why they are!
5 Advantages to Offering Group Benefits
Many employers worry that the cost of offering group benefits will be a strain on their bottom line. In fact, the opposite is true! Offering group benefits is beneficial for employees and your business bottom line! Here are 5 advantages to group benefits in your workplace
1. Easier to attract and retain employees
2. Decrease absenteeism and increase productivity
3. Tax effective form of compensation
4. Help employees to keep more money in their pockets
5. Protect your investment in your human resources.
1. Attract and keep employees
Studies have shown that employees value group benefits as part of a total compensation package. Offering benefits to employees can help to attract excellent new talent and retain that talent for the long term. Considering the costs associated with recruiting, hiring, and training, group benefits are a cost-effective tool.
2. Decrease absenteeism and increase productivity
It is one thing to attract and retain employees and it is another thing to keep them engaged and productive at work. Group benefits include tools that help employees to be proactive in addressing health concerns before they lose time from work. They also include intervention and support to ensure that ill or injured employees return to work in a safe and timely manner.
3. Tax effective
Group benefits are a tax-effective form of compensation. Many employees report that they would prefer non-taxable group benefits over a salary increase. Employer-paid premiums for group benefit plans are tax-deductible as a business expense.
4. Help employees keep more money in their pockets
Group benefits take financial pressure off of employees by offering coverage and reimbursement for medical expenses such as medication, dental work, glasses, and physical therapy. Benefits can also provide short or long term temporary income replacement in the event of an illness. This means that employees can spend less time worrying about money and spend more time enjoying their jobs.
5. Protect your investment
In most businesses, human resources are the most important resource. You put extensive money, time, and effort into helping employees to be successful at work. Group benefits can help to protect you from financial strain in the event that an employee is unable to work for an extended period of time. Just like group benefits offer support and tools to employees, they offer the same to employers! This can include expert advice to help employees to return to work after illness or proactive advice and tools to ensure that employees work safely and efficiently.
It can be overwhelming to review all the options for group benefit plans. Good news! You don’t have to do it alone. We can help you to figure out what benefits your employees need the most and create a plan that meets their needs in a cost-effective way.
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