Running a small-scale business isn’t an easy task. As the company’s chief, your job will likely involve coordinating multiple organizational functions. In one moment, you’re the HR manager, and then next, you’re in charge of sales, marketing, Customer Service. The list is endless. If not done, recruiting new employees is likely the top priority, allowing you to concentrate on growth strategies. It is not easy to hire a team—some challenges, not least of which is attracting the best people to your Ottawa business. Good economic conditions and low unemployment create more selective applicants if you find the right person.
Health insurance is critical to achieving your business’s growth goals. A well-designed benefits strategy and plan will reduce costs and increase productivity. It will also make your employees aware that you value them.
Here Are Five Ways That Health Insurance Can Benefit Small Business
Talent Recruitment
You may hire qualified candidates for open positions at your company based on your mission and compensation. When you extend an offer to your preferred applicant, they’ll need to consider several other factors, including benefits.
Nowadays, employers can be more cautious about the companies they consider working for because of competition in the job market. Health insurance may determine whether an applicant accepts or rejects an offer. Your company may miss out on crucial talent if specific candidates only look at employers and jobs that offer health insurance benefits.
Keep talent
An analysis by Work Institute shows that 9% of employees quit their jobs because they are dissatisfied with their wages and benefits. It implies that the root of the issue that causes the employee’s turnover is, in this particular instance, is very easily preventable.
Turnover costs
The cost of employee turnover is very, extremely high. A study from Work Institute conservatively estimates the cost of employee turnover to be as up to 33% of an employee’s annual salary. It is because of direct and indirect expenses that arise after an employee has left. In the report, they go on to declare that the “$100,000 cost of retention could make a profit if it prevents seven employees from leaving that otherwise would have.”3
Attendance
There’s a significant cost associated with having a sick employee or one with an unwell child. It could result in longer days out of work and less productivity. If there is no health insurance, common sense says there’s a good chance the patient isn’t going to the doctor for treatments to avoid paying out-of-pocket costs.
You get assistance in addition to your health insurance plan
If you choose Life Insurance Ottawa’s health insurance plan for your small-sized company, you’ll get more hands-on-deck in terms of supporting your employees. If you join Life Insurance Ottawa, you’ll collaborate alongside one of our reliable agents who will be committed to the group you have chosen. The agent is accountable for the administration of your plan and communications, in addition to providing your company with the proper direction concerning the constantly evolving regulatory world of health insurance regulations. Our representatives are assigned to assist you in the process of making decisions. Based on the size of your workforce, you’ll be able to alter the options for funding and the benefits offered by your plan.
It’s hard to beat the satisfaction of being well-treated when you’re an employee. It’s an uplifting force that may outweigh the cost of the benefits and can even be a source of adversity in the workplace.
If you’re thinking about the benefits of a health insurance plan for your small-scale business, you’ll find these plans at Ottawa Life Insurance. Your workers’ health and efficiency will contribute to your business’s success. Contact Us at (613) 454-1424 for more Insurance Services.
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