What does offering health benefits give back to the business owner?
Retention of good and valuable employees.
Lowers cost and hassle of high turnover Did you know the hidden true cost of turnover is about 5 months of the resigned employees pay?
Keeps employees happy and healthy, which puts them at their best for their job.
Offering benefits does have a tax advantage to the business owner as well.
Offering tax advantaged supplemental benefits reduces the cost of the core benefits.
Questions before you decide on a broker?
Does your broker do the day to day tasks…or do they make your paid staff do employee additions and terminations from the plan?
Does your broker give you the per paycheck deduction amounts- or is that also left to your “HR Person”
Does your broker give your employees their phone number to help them with any issues that may arise- or are YOU the point of contact?
Does your broker show up at open enrollment- or are you left to explain benefits to your employees?
Many small employers lack a qualified HR professional- do you have access to HR expertise when you need it and know how to handle sticky situations that arise?
Does your broker make sure that you have complied with COBRA regulations?
FSA accounts go a long way to reducing FICA and Workmen’s Comp costs… Does your broker take time to make sure you understand the advantages of these benefits?
What other ways can a small employer compete with a large corporation for employees?
By being flexible with employee’s family demands- small employers can hire quality employees but thinking outside the box may keep that employee with you rather then going to a large competing employer.
Hiring part time employees that can job share.
Letting employees flex their hours to suit travel challenges and personal challenges
Being open to remote work from home opportunities.