Small business owners often struggle to find qualified applicants for positions that require a greater level of expertise simply because small businesses traditionally offer far less in the way of employee benefits when compared to large corporations. In most cases, this is not because small business owners do not wish to offer their employees a comprehensive benefits package but simply because they feel as if there is no way they can afford to offer benefits such as health insurance. If you are a small business owner, you should know that your smaller company size and budget do not need to prevent you from offering benefits to your employees.
Taking Advantage Of Group Plans
Many insurance companies now offer group health insurance plans for any size group that is larger than a single person. This means that even if your company only has a few employees, you can still take advantage of the deep discounts that group plans often provide. This can make a world of difference when it comes to your ability to offer employee benefits.
When purchasing a group insurance policy, you will be able to offer your employees lower monthly premiums on the health care coverage they need for themselves and their families. Additionally, since these policies fall under the umbrella of employer-sponsored healthcare, your employees will have the benefit of using pre-tax earnings to pay their monthly premiums rather than having income tax withheld upfront and then being forced to pay their premiums out of their remaining net pay. This can make a world of difference even if you are not able to help your employees directly with the cost of their insurance coverage.
Working Closely With A Consultant
Group insurance plans are just one of the many tools that are at your disposal when it comes to offering benefits to your small business employees. Working with an employee benefits consultant will allow you to determine what other tools may be available to you and how you can go about using these tools to develop the most comprehensive benefits package possible given your specific budget. Not only will this allow you to help your employees, but it can also prove quite beneficial for your business as well. This is because, with the help of an employee benefits consultant, you will be able to identify opportunities to offset your investment in employee benefits through the ability to minimize your tax liability at the end of each year.
If you have additional questions, contact a local employee benefits consulting service.