To be an efficient leader of your business, you have to pay attention and listen to the needs of both your business and your employees. One of the best ways to show them your care and appreciation is through offering your employees extra health benefits such as dental and vision insurance. But, how does it benefit your employees?
Improve Morale and Motivation
You will need motivated employees to improve business productivity. It is where it becomes useful to provide incentives. Through offering vision and dental insurance together with health insurance, you give comfort to your employees. Many businesses don’t offer such incentives. Your business will be able to use it as an edge to show your workers how much you care about their own needs. It is a way to start building trust where it is most needed.
Lower Rates of Employee Turnover
Although you can always fill in any position, it is never good for your business strategy if you think this way. Always think of long term. When an employee leaves, you will not just invest in screening applicants for you will also have to train them. It can take months to refine the skills of a new employee to coordinate with the needs of your business. As mentioned earlier, offering dental and vision insurance can motivate employees. The motivation from such incentives continues every day. A motivated employee will be more than willing to exert more effort and deal with more stress with no dislikes for the job. Happier employees result to lower rates of employee turnover.
Paid Insurance is a Small Investment with Big Returns
It takes both money and time to train a new employee. You need to invest long training hours on them which can rob you of time that should have been spent on the business. This basically takes money out of your pocket. When you offer paid insurance, it helps in keeping your employee more intent on sticking with your company. It is one thing to provide dental and vision, but it will be better if you will pay for it. It is much cheaper to provide affordable insurance with vision and dental instead of dealing with higher turnover rates because this is more inexpensive. As a business, you will also be qualified for discounts with most insurance companies.
Get a Tax Break for the Insurance
One hidden, but great incentive when you offer paid health, dental, and vision insurance is the fact that you can use this as tax write-off. Although you need to consult first with your accountant, most businesses find this as a wonderful way of reducing costs with no need to compromise quality benefits for the employees.
Allot More Time on Your Business
All in all, as far as the business model is concerned, you would want to be sure that everything is put in place to make the most out of your time. Even if the initial cost of offering dental and vision insurance can be more than what you are willing to pay, this is a long term investment that can give you great returns down the road.