As an entrepreneur and business leader, you’re always looking for ways to stay ahead of the competition. One way to do that is by offering health coverage to your employees. A good benefits program can make current employees feel valued — and let prospective employees know your company is a great place to work.
Here are 3 reasons you may want to offer health coverage:
It increases employee satisfaction — 60% of employees say benefits have a big effect on their job satisfaction, meaning quality coverage could help attract top talent.1 If the economy continues to improve, workers may have more job options. So offering coverage could be even more important in keeping your best people happy and growing your staff.
It improves employee productivity and loyalty — 90% of employees say benefits programs improve work culture, 78% say coverage makes them feel more productive, and 67% say benefits make them feel appreciated. On top of that, nearly two-thirds of employees say coverage makes them feel engaged and loyal to their company.2
You get tax advantages — When you offer coverage to your employees, you can deduct 100% of the costs every April. Businesses with 25 or fewer full-time-equivalent employees may also qualify for small business tax credits.
Now that preventive care is a required part of health plans under the Affordable Care Act, offering even basic coverage can help your employees get and stay healthy. That’s one step on the path toward strengthening the health of your company. But it’s the feelings of loyalty and satisfaction that can keep you and your business moving forward — especially if you’re relying on just a handful of trusted employees at work each day.
1 Employee Job Satisfaction and Engagement: Revitalizing a Changing Workforce, The Society for Human Resource Management, April 18, 2016.
2 The Business of Healthy Employees: A 2016 Survey of Workplace Health Priorities, Virgin Pulse.