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How can I attracted new employees to work for my business for 73 cents?!
A Group Benefits Plan can help any business attract employees, and retain them longer while increasing employee satisfaction and loyalty.
Why are Benefits Plans so Important?
Are you considering raising hourly wages to attract and keep employees? STOP! Do this first - Consider what people are looking for. Maybe a current employee has a medical concern that a doctor visit can help to address. Perhaps another has put off getting their Dental work until they can get dental insurance. Someone else may need glasses, but cannot afford the expensive exam and frames. So many people are in this position and don't even know how to get these insurance plans outside of a company plan. These basic needs can be address with an entry level benefits plan with Medical, Dental, Vision and Life Insurance.
What can I offer my employees for 73 Cents?
Instead of raising wages to keep and attract new employees, a business owner can allocate 73 cents per hour toward their employee benefits plan that includes Medical, Dental, Vision and Life Insurance. Yes, all of these benefits can be offered with 73 cent per hour starting budget. Don't believe me? Here's how to do it:
* Keep in mind, this is the company side of the equation. There are additional costs that the employee will need to decide on which benefits to accept, and contribute toward their share of the costs by payroll deduction.
What are the tax savings referring to?
When a benefits plan is introduced, the expenses are paid on a pre-tax basis. That means the company and employee contributions are not considered taxable income. You see this often with 401k or other retirement plans, but it also applies to most group benefits plans. The pre-tax deductions also benefit employees as they will not pay taxes on their contributions. Win-Win!
*Of course, contact your tax advisor to verify your plan is set up properly.
I don't know anything about this stuff, where do I start?
Good news! There are many resources available to you. Ask around for a referral to a good Independent Benefits Broker in your area. Someone like this will help you search for the best available plan for your employees, consider your budget, and help administer the enrollment and employee questions. If you don't know anyone, your local chamber of commerce, or business organizations can be a good starting point. You can also get help from the trade associations like CAHU, the California Association of Health Underwriters.
This seems like a lot of hassle!
Yes, you will spend a couple of hours getting this all set up. After that, most of the work is done by the insurance companies in servicing your employees needs. Then, next year it will be easier!
Contact us for any questions: Call/Text: 714.900.2363
Pacific All Risk Insurance Brokers