Employee benefits are rarely seen as something that will grow a business. I’ve seen so many businesses grow with happier employees because of benefits. Employees feel better when they don’t have to worry about the cost of basic healthcare for themselves or their families. Investing now leads to longer, stronger, and more loyal relationships with the people that run your business every single day.

Employee Benefits Changed

In 2022, it was published that 53% of Illinois residents receive health insurance from their employers (ehealth Small Business, 2022). This means Illinois is one of the most competitive states for businesses when it comes to offering employee benefits. In 2012 when the Affordable Care Act went live it promised individuals a more affordable way to obtain health insurance. It was also felt this would stimulate the economy by putting more money in the pockets of business owners. When the ACA went public, individuals left group employer plans to sign up in the marketplace. Businesses were able to eliminate group benefits as an expense if they met the criteria. This seemed like a win-win for both sides. After a decade we are seeing record premium costs making it even less affordable for the individual person. Business owners are being asked more and more to provide group employee benefits.

Marketplace rates like everything else have gone up. Small business owners can offer benefits that provide advantages for both the business and the employee. Below are some of the key advantages. Employee benefits can help retain employees, decrease spend on training and hiring, and decrease losses/damages. All of this results in an increase in your bottom line and revenue.

9 Key Advantages

1. More Satisfied Employees. Studies show that employees who have full health, life, disability, and additional group benefits tend to be happier. The feeling of being taken care of by their employer is one key to satisfaction. Satisfied employees are more loyal, more productive, and more pleasant to be around during the work day.
   
2. Higher Retention Rate. Employees are an extension of your vision. They keep your business running every single day. Statistics show that employees stay with many employers for benefits alone.
   
3. Employees are Healthier. When employees and their families can stay on top of their health they are healthier. This means you can expect fewer sick days and be more productive on the job.
   
4. Lower Absentees. When employees are healthy they miss less work.
   
5. Higher Employee Productivity. When employees are happy and healthy they tend to work better and are more productive.
   
6. More Open Office Environment. Show your staff you care. Employee benefits are a way of showing you care. They in turn will feel more like part of the family.
   
7. Covering Family Solidifies Loyalty. When you take care of your employees and their families you can only expect more loyalty.
   
8. Builds a Better Workforce. When you take care of your employees’ basic needs which include healthcare you are building a better workforce. Your employees feel taken care of, healthier, and happier giving you a top-notch working environment.
   
9. Premiums are Tax Deductible! If you aren’t impressed by the other 8 benefits above don’t forget about the tax deductions. All money spent on paying your employees’ premiums and other benefits is tax deductible.
   

If you are a business owner and you are ready to take your business to the next level contact us! We are happy to give you a free quote.