Great benefits are part of the reason employees often choose to stay with a company. But, as a business owner, you know that financing top-of-the-line benefits can be a challenge. Here’s how to provide employees with excellent benefits without making your company go bankrupt.
It’s no secret that employee health costs either stay steady or increase each year. With the wealth of options available, it’s a wise choice to take your time to shop around. Don’t just choose one of the first employee-benefits offerings you see. Healthcare benefits are by nature very complex, so taking your time to read the fine print and compare options could save you significant money down the line. Of course, if you run a large company, contracting directly with health providers has the potential to save on costs.
Embrace Cost-Saving Services
Many employee health-benefits packages involve using cost-saving services that provide less expensive forms of healthcare. According to Carenet Health, Healthcare services like nurse advice lines help lower healthcare costs by reducing ER visits. These options are known as telehealth services, and they include things like virtual physician consults, mental and behavioral health services and help with managing chronic conditions. Managing chronic conditions is a major cost-saving benefit—by incentivizing good health and proactively working toward better health outcomes, you reduce the risk of an employee needing an ER visit or a sudden major surgery. When you multiply these benefits over your total number of employees, it’s easy to see that the savings can add up. Plus, your employees are likely to be pleased that your company is taking an active interest in their mental and physical health.
Join a PEO
If you choose to partner with a professional employer organization (PEO), your employees will have improved benefit offerings at a lower cost to you. The PEO solution works especially well for small- or mid-sized businesses. This strategy makes your employees part of a large employee group, which then translates to better benefits savings for you. In conclusion, while it may take some time to figure out how you want to navigate offering employee benefits, it is almost always time well spent. Many available options, like telehealth services, do more than just save you money—they offer busy employees more convenient access to health services.
Take your time, fully investigate the options, and choose a benefits program you can be proud to provide.
Here is another article that you might enjoy: How Your Company Can Focus on Employee Wellness