Being an efficient leader in your business requires you to listen to the needs of your business and employees. Offering your employees additional health benefits like vision and dental insurance is a great way to show them you care. There are multiple perks to offering these benefits to your employees.
Increases Motivation and Morale
When it comes down to it, you need employees who are motivated to increase business productivity. This is where offering incentives becomes useful. By offering dental and vision insurance along with health insurance, you’re giving your employees comfort. Most places won’t offer your employees this incentive. So, your business can use this as an advantage and show your employees you care about their needs. This is where the door to building trust begins.
Lowers Employee Turnover Rates
While you may be able to fill in any position, it isn’t wise for your business strategy when you think like this. Think about it in the long-term. When , not only do you have to invest in going through applicants, you then need to train them. This is going to take months of time to refine an employee’s skill to coordinate with your businesses’ needs.
Like previously discussed, offering dental and health insurance motivates employees. Motivation from incentives like this continues throughout each day. Motivated employees are more willing to work harder and deal with more stress without disliking their job. Happier employees mean lower employee turnover rates.
Offering Paid Insurance is a Small Investment
Not only does training a new employee take time, it also takes money. You’ll have to invest hours of time into training them, which takes away from time spent on the business. So, you’re essentially taking money out of your own pocket for it.
If you offered paid insurance, this is going to help keep employees even more focused on staying with your company. It’s one thing to offer vision and dental, but it’s better when you offer to pay for it. It’s cheaper to and vision than dealing with high turnover rates since it’s relatively inexpensive. Plus, as a business, you can qualify for certain discounts with insurance companies.
Get a Tax Break for It
One hidden incentive for offering paid dental, health, and vision insurance is that you can also use it as a tax write-off in most cases. While you should always consult with your accountant first, most businesses find it to be a great way to reduce costs without compromising quality benefits for their employees.
Spend More Time on Your Business
Overall, when it comes down to your business model, you want to know you have everything situated so you can optimize your time. While the initial cost of offering vision and dental insurance could be more than you’d want to pay, it could be a long-term investment.
It’s going to help keep employees active and engaged in the business. Plus, it’s going to give you more time to spend on other areas of your business that need your attention. Consider it and discuss your options with your accountant to see all your options with affording it.