And yet – unless you are a solopreneur – hiring, training, developing, and retaining employees is a necessary component of operating your business.
Do you know what one of the greatest factors is for employees in choosing an employer? Health insurance.
According to the research of Quartz senior reporter Annalisa Merelli, 33% of employees would quit their current job if it weren’t for their health insurance.
Do you know what it would cost your business if 33% of your employees resigned in the next year? Voluntary turnover costs American businesses $1 trillion a year!
Business owners can anticipate spending an additional six to nine months of an employee’s salary on their replacement.
Many factors contribute to employees voluntarily resigning. Some of that is out of your control. But not all of it. Providing quality group health insurance is one step you can take to retain quality employees.
Why Provide Group Health Insurance?
Healthcare.gov defines group health insurance as “a health plan offered by an employer or employee organization that provides health coverage to employees and their families.”
Providing group health insurance can be costly. A recent study by the Kaiser Family Foundation found that the employers, on average, paid over $6000 per year per employee on health insurance.
Even though businesses with less than 50 employees are not legally required to offer health insurance, it may be even more costly not to.
Just do the math. Let’s say you’re paying an employee a salary of $50,000. But saving the company $6000 per year by not offering health insurance.
Then that employee voluntarily resigns to take a job that does over health insurance. You can anticipate now spending an additional $25,000 on hiring a replacement. Minimum.
And that doesn’t even take into consideration the non-monetary costs of lowered morale, increased pressure on other employees, and increased stress on you to replace the employee.
Not providing quality health insurance costs companies far more than the price of a premium.
Insuring Greater Health Than a Healthy Bottom Line
Numbers and nickels matter. But you didn’t start your business simply for the sake of cold, hard cash. You wanted to fulfill a dream. Make a difference. Care for people.
You know that the people you employ are your greatest resource. Human beings matter more than dollars. You value your employees beyond their production.
Good bosses know that work is just one part of a bigger picture for the life of their employees. Since you care about them, one of the best ways you can demonstrate that is by providing quality health insurance.
Health Insurance provides a peace of mind that is greater than the financial cost.
How You Can Provide Quality Group Health Insurance
Sometimes it can feel like you need a master’s degree in insurance to understand how health insurance works today.
Premiums. Cost-sharing. Deductibles. HMO or PPO? Or HDHP?
Unfortunately, that degree does not exist. Fortunately, JFA does. Our friendly team of knowledgeable agents has over 30 years of experience.
We have partnerships with some of the top insurance companies in the country. While we primarily serve the northeast, we are licensed in all 50 states.
Reach out today for a free insurance consultation and learn more about how you can protect your employees and your bottom line.