We of Employee Retention Benefits (ERB) feel you should consider using our enrollment services for your company. What would this mean for you? Find out below.
When Should A Small Business Consider Enrollment Services?
While this varies depending on what, exactly, your firm does, you are only legally required to have an open enrollment period if you have 50 or more employees. In this case, if you fail to have enrollment, you’ll have legal penalties.
However, if your firm is small, you won’t have nearly that many employees working for you. Still, showing them you care about them is good regardless of how small your business is.
All in all, while it’s your decision, you should start looking into getting benefits for your employees as soon as you are stable and financially able to do so.
The Options For A Small Business
Before getting into how your business benefits from giving your employees health benefits enrollment, let’s briefly touch on a couple of your options.
Fully funded plans are ones sponsored by the carrier of the health insurance. These are reliable but also pretty expensive for your employees.
Self-funded plans will cost you a bit in terms of both funds and time sorting paperwork; however, these cost less and are a solid choice if your business doesn’t require anything strenuous that would increase the chances of injuries.
There are many more options than those two, of course, but it’s best to talk to us at ERB to get more options and to figure out what is right for your small firm.
The Benefits To Expect For You
An employee who sees you caring for them and putting in extra work to ensure they have the healthcare they need is an employee who is going to be happier to work for you.
This translates to employees who are more productive and more likely to stay with you, as well as a higher chance of getting better quality employees in the first place.
With their health taken care of, employees aren’t going to take as long to recover, partially because they are less hesitant to get the care they need, meaning they get treated sooner, resulting in fewer sick days as everything is dealt with faster.
The Benefits To Expect For Your Employees
Obviously, your employees will be directly benefited by having healthcare by being, well, healthier!
However, this has the indirect advantage of helping them be less stressed, especially as medical expenses often cause a lot of worry. Having lower stress levels can’t be underestimated, as they affect mental and physical health and your overall quality of life.
