The Perks of Providing a Company Benefits Package

August 28, 2017

Here at Great Wealth Insurance Services, we know how important taking care of your employees is to the overall success of your business. One of the best ways to do this is by offering a company benefits package, however, many smaller businesses worry that the perks of doing so are not worth the costs. Here are just five ways that a small business benefits plan really is worth the investment.

  1. Improved Employee Satisfaction

When a company shows their staff that they are valued, employee satisfaction, performance, loyalty, and attendance all improve, sometimes drastically so. This can greatly reduce turnover rates, potentially saving your company from the high costs of new hire acquisition and training.

  1. Valuable Money Saving Opportunities

While many businesses shy away from a group benefit plan due to cost concerns, providing one may very well end up saving you money in the long run. Not only will you save on new hire costs, but you may also benefit from valuable tax deductions. Improved employee performance can also offset the initial costs of providing a company benefits package.

  1. Stand Out in the Competitive Market

Highly skilled employees are hard to come by and in today’s business world, they have options when it comes to who they work for. A group benefit plan can help your company stand out from the others, giving you a better chance to secure these valuable employees. In fact, many people will opt for lower pay in exchange for a great company benefits package. That in itself speaks to the importance many employees place on benefits.

What is typically included?

Typically, a company benefits plan provides a health and dental package which includes an amount of Life Insurance and Accidental Death and Dismemberment coverage. Vision care is less common, but there are ways to address vision care such that those who need it can have it while those who don’t still have flexibility. Pension and retirement plans may also be included, short and long-term disability and more. Budget and workforce size will help determine which products are best for your needs. “The sky is the limit”, so to speak, so let’s talk.

Here at Great Wealth Insurance Services, we will work with you to find the most appropriate plan composition with the right provider for the right terms, tailored to business owners as well as their employees.

Providing a company benefits package is a must for long-term employee satisfaction and performance and we help ensure the best package for your needs and budget. Contact the experts at Great Wealth Insurance Services today for more information.