How Can Small Business Health Insurance Help Your Business Strategy?
Published on June 20, 2019
Running a small business can be exciting as well as challenging, especially when thinking about your company’s long-term strategy. Achieving primary goals and objectives is important for any company, and offering health insurance benefits can be a great way to help your company grow.
Offering small business health insurance may support your business strategy by contributing to recruiting and retaining better employees while promoting a positive company culture.
Continue reading to learn 3 ways that group health insurance may help your company’s strategy.
1. Better employees
Employing a skilled workforce can be an important part of implementing your business strategy, and offering small business health insurance can help attract quality employees to your company.
A group health plan may be part of an effective recruiting strategy. A recent eHealth report found that 66 percent of small businesses offered group medical benefits to help them hire and retain the best employees.
In a competitive marketplace for the best talent, providing small business health insurance may contribute to finding the right people to fulfill your business objectives.
- Offering group health insurance, along with other employee benefits, can help create an engaging total benefits package for both new and current employees.
- Health coverage may make or break an employment offer among potential hires. No one wants to lose a good prospective employee due to whether medical benefits were part of their offer.
- Having small business health insurance may help a company stand out from competitors, especially those who do not offer health insurance or other employee benefits to their workers.
Overall, offering small business health insurance may be a strategic way to recruit better employees.
2. Greater employee retention
Having a sound business strategy can be a great way to help jumpstart your company’s future growth, but without experienced employees to carry out that strategy, it may be difficult to move forward.
After investing significant time and resources to train your employees with valuable skills and knowledge of company policies, offering health insurance as a benefit can show your workers that you are committed to supporting their well-being at your organization for the long term.
You may be surprised to learn that there are several effective ways that a group health plan may promote employee retention.
- Employee loyalty – Employer-sponsored medical benefits may boost employee loyalty to an organization. Loyal, engaged employees will probably be more likely to remain with their company while working hard to support the best interests of the business.
- Greater job satisfaction – Making sure that your employees are satisfied with their jobs can be key to keeping your workforce motivated. Group health insurance is one of the most popular employee benefits, and offering health coverage may be an effective way to satisfy employees.
- Reduce turnover costs – Turnover costs are a major expense for employers, and a headache that most small business owners would prefer to avoid. Plus, many employees value job security. Group health plans can encourage workers to stay while saving on training costs for employers.
Perhaps the best way to retain employees is demonstrating that you value and appreciate their service to your company. One great way to convey that the health of your employees is important to you could be enrolling your organization in a small business health insurance plan.
3. Building a healthy company culture
Besides providing a great product or service, having a proactive and supportive company culture can be a relevant factor in achieving your small business strategy.
Company culture is important, not only because it represents the organization’s values, principles, and practices to employees, but also because it plays a critical role in shaping your small business’s brand.
Here are a few ideas about how to promote a healthy company culture with group health coverage.
- While a group plan provides your employees with coverage when they need medical care, implementing a workplace wellness program at your company can inspire your workers to make healthier choices daily and encourage healthy living as part of your company’s values.
- Providing medical coverage and other benefits to your workforce can communicate trustworthiness, stability, and confidence toward your employees. These principles may lend themselves toward creating a culture of trust within your organization while also helping your business stand out as an employer of choice.
- Health insurance may contribute to helping workers perform at their best. When employees stay healthy, they tend to be more productive, engaged, and take less sick days. Overall, this could add up to a positive culture, better customer service, and greater focus on business initiatives that help support your company’s business strategy.
Ultimately, offering small business health insurance may be an effective way to help your company grow while creating a culture that values the health and well-being of your greatest asset: your employees.
Find group health insurance that works for your company’s strategy
With eHealth, you can find small business health insurance plans that fit your needs and budget. Our website and licensed health insurance agents make it easy to compare and shop for group health insurance from the top health care providers in your area.
Visit eHealth.com today and see how we can help you save time and money by finding the optimal small business health insurance plan for your company.
This article is for general information and may not be updated after publication. Consult your own tax, accounting, or legal advisor instead of relying on this article as tax, accounting, or legal advice.