It is usually seen that small employers shy away from providing their employees with health coverage due to the perceived headache of administration and costs. Offering Health Insurance to your employees is not a prerequisite until your company reaches 50 Plus full-time employees. However, employees to successfully or for health insurance benefits to their employees are always at an advantage in the marketplace.
Workers’ compensation insurance is a type of insurance that is bought by employers to cover employment-related illnesses and injuries. A Rutland VT Workers’ Compensation Attorney will share with you the benefits that an employer will reap by offering workers’ compensation insurance.
By offering benefits you can become competitive
Whenever a company has provisions of benefits package, it dries the company’s ability to hire good talent. Majority of the employees will take into account the fact whether or not the employer offers benefits options during making an employment decision. When there is a talented employee who already has several job offers, this becomes a bargaining factor for employees.
By offering benefits you can reduce employee turnover
Employee turnover is the process of losing one employee and having to replace him. this is indeed a costly process. Every time an employee leaves your company and a new one replaces him, there are several expenses that come into play – his recruitment costs, training him, hiring him after conducting background checks, and HR counsel, if required. If your company offers benefits to employees, you will have happier employees who will love working with your company.
By offering benefits you will have healthier and better employees
In case you are still not offering Health Insurance through your company, there is high chance that many of your employees still don’t have coverage outside. Although it is mandatory for all to carry Health Insurance under the Affordable Care Act, there are many who choose to opt for a tax penalty rather than the hefty insurance premiums. In such a case, if your company offers Health Insurance benefits, you will have healthy employees. Healthy employees are always better employees.
By offering benefits you can have a tax advantage for your organisation
Employers that offer benefits to their employees can deduct 100% of the health insurance cost as one of the most important business expenses. If the business structure is Incorporated, the health insurance of the owner is also deductible. You may talk to your CPA to find out whether or not a benefits plan could create a tax benefit for your business.