Attracting and retaining your dream team is a constant challenge for today’s businesses, especially businesses that are not mega corporations. One of the most effective strategies for keeping those prized employees is offering a comprehensive group benefits package that will promote a culture of well-being and give your business a competitive edge.
Why Group Benefits Matter
Group benefits like health insurance, retirement plans, wellness programs, and life insurance are all essential for mid-sized to large businesses as they show a commitment to employees’ physical, financial, and emotional well-being. When employees feel secure in their health and financial future, morale and job satisfaction increase, and benefits such as health insurance show employees that their well-being is a priority. A satisfied workforce is more motivated, productive, and loyal.
Attract and Retain Top Talent
When looking for the next career step, employees seek far more than just a paycheck. According to studies conducted by Glassdoor, more than 75% of employees prefer additional benefits over a pay increase. Offering a solid benefits package can make your business stand out and attract high-performing professionals.
Improve Productivity and Reduce Absenteeism
A healthy workforce is a happy workforce! When employees gain access to preventive care, mental health support, and wellness programs, they are less likely to take sick days and more likely to stay engaged in their work. This reduces absenteeism and improves overall productivity and quality.
Tax Advantages for Your Business
Group benefits offer significant tax advantages for employers, with both premiums for health insurance and contributions to retirement plans usually being tax-deductible for the business. Offering benefits can also reduce payroll taxes and improve your bottom line. Not sure what your business qualifies for? Webb Insurance can help clarify.
Group Benefits to Consider
Below are some basic group benefits for mid- to large-sized businesses to consider when creating benefits packages:
Building a Benefits Package That Works
Designing the best group benefits package for your employees requires an understanding of their needs and balancing costs. Conducting anonymous surveys is a great way to identify what benefits matter most to your team. Partner with a trusted insurance advisor like Webb Insurance to create a tailored plan that aligns with your business goals and budget. Because when you offer your employees benefits, not only are you improving their well-being and peace of mind, you are creating a better workplace.
Interested in learning more about group benefits? Connect with our team at Webb Insurance to create a tailored plan that will strengthen and support your organization.