Group Benefits: More Than Just Employee Retention & Acquisition

On any given day, business owners will have a thousand different things on their mind, everything from marketing, to employees, to accounting, to sales. As a result, one crucial aspect that often slips the mind of business owners is Group Benefits. Initially, Benefit Plans are often implemented as a means of managing the owner’s personal health & dental expenses, and then as the business expands, employees gradually get added to the Plan.

However, it is important to look at the root of Benefit Plans and why they exist in the first place. Is it obligatory on the owner’s behalf? Does the owner view it as a necessity in terms of being able to compete with other companies? While employee retention & acquisition are undoubtedly influenced by the Benefit Plan the company offers, it goes much further beyond that. It is about peace-of-mind for employees, knowing their health, dental, and medical needs are covered in the event something jeopardizes it. Furthermore, more and more companies are including wellness benefits such as gym memberships or access to nutritionists and therapists. This is part of an overall holistic attempt at employee health & wellness, both physically and mentally. A healthy, jovial workforce is a productive workforce. By eliminating costly employee absenteeism and turnover, businesses can spend less time worrying about covering shifts and hiring, instead of focusing their energy on the aspects of their business that make them money.

Whether this task falls on the shoulders of the business owner, the H.R. team, or the office administrator, it will pay dividends, in the long run, to put an emphasis on a comprehensive Group Benefits Plan for the business. Most importantly, the business owner can go to sleep each night knowing they are providing their employees with much more than income – they are providing access to health & wellness.

First Oak Financial is Fantastic Life’s Consulting Partner

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