How Your Group Benefits Plan Can Enhance Your Business
The Benefits of Benefits: How Your Group Benefits Plan Can Enhance Your Business
Offering group benefits to your employees is a necessity in 2023. Your business must offer comprehensive benefits just to stay competitive with other companies in your sector. Without them, your employees are more likely to seek employment with a business that offers a great benefits plan.
Staying competitive isn’t the only reason to offer excellent group benefits. Your company serves to gain several advantages when you offer an all-inclusive group benefits package. Take advantage of this cost-containment strategy and learn more.
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Healthier and Happier Employees
Healthcare simply isn’t optional. Your employees need access to affordable, comprehensive healthcare to maintain their physical, mental, and emotional well-being and take care of their family members. Obtaining health benefits through their employer is the most common, straightforward method of seeking these essential benefits.
When you offer excellent employee benefits, you show your workers that you care about their health and wellness. At the same time, offering these benefits can lead to happier employees within the workplace.
Employees who have had their healthcare needs met will typically come to work with a more positive attitude and be physically capable of completing their job duties to the highest standards. Statistically, they’ll take fewer sick days and potentially even have greater productivity.
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Tax Advantages
Your company can also enjoy certain tax advantages when you offer group benefits to employees. While you should always consult a tax advisor to determine your eligible deductions and tax benefits, many companies enjoy the following tax advantages from their healthcare benefits:
- Enumerating Health and Dental premiums paid by the employer as business expenses for tax purposes
- Deducting certain group health insurance costs from the company’s taxable income
By taking advantage of all the tax benefits that come with group benefits, your company can offset the costs of offering these plans to your employees. You can seamlessly incorporate your health benefits into your budget without needing to sacrifice other necessities.
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Employee Retention
When your employees quit their jobs, your company must absorb the added costs involved in hiring and training a new workforce. One worker quitting can also lead to a domino effect of other employees leaving or becoming unhappy with their increased workload. But offering great employee wellness benefits can improve your company’s retention rates, preventing workers from quitting.
Your employees will be more likely to stay at your company long-term when they have access to affordable employee health benefits through their jobs. They can consider their group benefits to be part of their incomes, as they would need to pay much higher rates for healthcare services without them.
Sometimes, having access to excellent employee benefits is enough to convince an unhappy employee to stick out a rough patch in their job. While they can match their salary elsewhere, they may not be able to match the comprehensive, flexible benefits plans your company provides them.
On the flip side, not offering employee benefits is a surefire way to increase your employee turnover. Jobs that don’t offer healthcare benefits simply aren’t sustainable long-term, and employees will jump at any opportunity to accept a job that does come with an employee wellness plan.
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Third-Party Administration
You may think that offering a group benefits plan will involve a lot of time and stress on your part. But you don’t necessarily need to oversee your benefits yourself; instead, you can enlist Advantage Pacific as your third-party administration service (TPA) for assistance.
As a TPA, we can manage every element of your group benefits for you, allowing you to focus on the other tasks involved in running your business. We can communicate with employees directly to discuss their benefits and answer any questions about claims.
We can also ensure that you’re getting the most value from your group benefits plan by conducting an in-depth review and suggesting changes based on your goals. For example, we can help you switch to a more cost-effective benefits plan that doesn’t cut into your bottom line.
You can enjoy all of the above advantages of offering group benefits without needing to sacrifice any additional time to overseeing these plans. We can help ensure that your employees have the best experience utilizing their benefits, increasing your ROI.
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Let Advantage Pacific Manage Your Group Benefits
Your business must offer comprehensive group benefits to stay competitive with other employers, enhance employee health and happiness, and boost retention. At Advantage Pacific, we make providing employee benefits easy with full-scale third-party administration services.
Our team will help you choose the group benefits that best suit your company’s goals, then oversee them long-term. Reach out to Advantage Pacific today at 778-349-8774 to learn more about our third-party administration services and begin maximizing the benefits of your group benefits package.