Turnover for any company is one of the biggest revenue losses. The costs to advertise employment, hire, and train new employees average in the thousands. One of the best ways to retain employees is through providing benefits. When looking for small business health insurance providers, your focus should be on cost-effective and comprehensive plans.

Charles Newman has insurance brokers ready and able to help navigate health insurance for your company. Their direct and easy-to-understand manner of explaining benefits and providing comparisons has been helping small businesses for years. They’re committed to making enrollments and renewals as easy as possible.

Retention

According to a 2016 study by Aflac, sixty percent of employees were willing to accept a job with better benefits, but lower pay. Forty-two percent stated better benefits would keep them at the same company longer. Another sixteen percent have quit or turned down positions due to dissatisfaction with benefits offered.

Competitive salaries have long thought to be the most driving force when it comes to hiring and retention. And it is certainly true that it is a vital tool in a company’s attempts in attracting and keeping employees. But while monetary compensation is important, benefits are equally important to the workforce.

Benefits to Productivity

Health insurance as a benefit to productivity is two-fold. Firstly, benefits that retain employees and increases employee satisfaction allow for a more productive workplace. Having seasoned employees who remain engaged in their assignments increases their output.

Another reason why health insurance increases productivity is that it results in healthier employees. Early intervention in illness and disease allows for prompt treatment and the employee is back to work sooner. Reduced absenteeism results in a more productive company.

Providing Choices

Offering your employees health insurance should be just one tool in your benefits package. Many employees prefer to have a choice in plans and benefits. Different individuals will have different priorities when it comes to health needs. While some may prefer to stay with certain doctors, others may be more flexible but need out of pockets to be minimal.

Annual surveys can assist employers in providing a variety of healthcare options. This has the added benefit of engaging employees in the process which makes them feel like they have a voice. Additionally, this prevents the company from wasting money on benefits that do not appeal.