Should I or Shouldn’t I
Deciding to offer an employee benefits plan for the first time is a big decision for any business. But for small business owners, this is particularly true.
Blessed Financial Group (aka BFG Benefits) began as a small business more than twenty years ago. We know the struggles many small businesses face. High overhead costs, thin margins, and little cash flow (at least at first) can make providing employee benefits seem almost out of reach.
However, employers should know benefits can be affordable for a small business, and they’re quickly becoming essential to remain competitive.
Why Should A Small Business Offer Employee Benefits?
Your first group benefits plan doesn’t need to include everything. Employees will still feel valued and cared for even if you start small.
A small business will benefit greatly from offering a competitive benefits plan in four key ways:
#1. Protect Your Employees
The benefits you provide through your group insurance plan can help to keep employees happy, healthy, and financially secure. Employers should consider their benefits philosophy(the “why” behind the plan) and seek employee feedback before making any decisions.
#2. Boost Employee Engagement, Retention, and Job Satisfaction
Offering a benefits plan shows your employees that you value their health and works to build trust and loyalty between you and your employees.
Individuals who are covered under an employer’s benefit plan report higher engagement and satisfaction in their roles and are more engaged in their work.
#3. Attract and Retain Top Talent
Next to salary, employee benefits are the most important tool for attracting and retaining employees. Prospective employees are looking at an employer’s benefits plan when job-hunting, so if your goal is to get the right people in the right roles, a group insurance plan can help — regardless of company size.
#4. Remain Competitive in the Industry
The right employee benefits plan can position you in your industry as an employer of choice. Employees are carefully considering their total compensation package when applying for jobs. You may be losing great candidates to your competitors who do have benefits offerings.