More and more people are changing jobs with frequency in order to advance their career. In a 2014 study, Workopolis found that 88 per cent of people have to change companies in order to obtain a position with more responsibility, and only 51 per cent of people now stay in any one role for under two years. It is difficult enough to incentivize employee loyalty, and in this changing employment landscape, retention can only become more difficult. How then, can small businesses compete against larger corporations who have the volume to organize health plans at a less expensive rate?
It takes a unique approach to benefits to be able to find a solution that can be tailored to fit the incredibly wide variety of small and medium businesses that need one. Many small business owners think that group health insurance is the only medical option available to them and aren’t aware of the availability of other options, such as the Health Spending Accounts (HSAs) that Benecaid offers.
The Benefits of a Health Spending Account
For employers, HSA’s provide cost certainty. HSA’s are pre-funded, with a company depositing a set amount into an account and having claims then be reimbursed using the dollars in the fund. Should the full amount in the account not be used, the remainder rolls over to the following benefits year.
With HSAs, each employee is able to choose how to spend their plan dollars, rather than be confined to set amounts in categories they may not even need. An employee with 20/20 vision would hardly need to purchase a pair of glasses, and so may instead choose to cover more dental or medical costs. HSA’s allow employers the stability of a concrete budget, while giving their employees control over how they allot their benefits. The flexible yet cost-fixed nature of an HSA makes it an ideal way for small and medium businesses to keep staff happy and counter the attraction of the large group plans corporations offer. By finding the right partner for this often-overlooked insurance alternative, business owners can have a much easier time finding success in the battle for employee retention.
The Benefits to Working with Benecaid
Partnering with Benecaid has some true advantages for smaller businesses. Companies and sole proprietors, who have no experience in designing a small business benefits plan from the start, find that being partnered with a trained Benecaid Advisor helps them to create a benefits plan that is right for their unique business.
Benecaid believes it is important to let potential candidates and your existing employees know what their benefits are. Further, it’s important to look at benefits as part of an overall goal of creating a healthy workplace. Let employees be aware of the dollar value of their benefits so that, mentally, they have peace of mind knowing what they can expect.
HSA’s are only one of Benecaid’s solutions for small business. They have helped numerous small and medium sized businesses stay competitive in the marketplace through the hiring and retaining of top talent in their respective industries. Your Benecaid Advisor will work with you to learn more about Benecaid’s plans, HSA’s and other solutions in order to help you provide the most important benefit to people inside and outside your organization – peace of mind.