ClaimLinx helps business owners save money on employer-paid benefits for health insurance provided for workers. Our ClaimLinx Solution develops a holistic strategy designed to save companies the most money possible while giving employees quality health insurance. In today’s blog, ClaimLinx explains how employer-paid benefits affect your bottom line as a business owner.
Bottom Line Savings
Employee benefits are one of the top five expenses of any business. Saving money on employer-paid benefits can open up huge opportunities for your firm for hiring new workers, purchasing new equipment, increasing wages, or investing in tools to help your employees work more effectively. By cutting costs on this big ticket item, there is a huge opportunity to reinvest in your employees and your business. You may even have the opportunity to improve benefits by adding a supplemental insurance benefit.
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Retaining Employees
Employee retention is a huge deal, especially in a robust economy with plenty of high-paying jobs. Having employer-paid benefits is a way to retain employees for the long-term. Long-tenured employees have more expertise and can be cross-trained to help more of the business. As they improve their efficiency and expertise, retained employees may accomplish more work over time compared to a new hire. The cost of hiring a replacement for a highly trained employee may exceed a whopping 200 percent of their annual salary. That’s not a small thing when you think about an annual salary versus providing a health insurance benefit.
Cost Analysis
Nationally, the average cost to onboard a new employee is $4,129, according to the Society for Human Resource Management. Consider the average cost of onboarding a new employee. You have the staff hours needed to post a job description, narrow the search, interview candidates, train a new person, and then get the new hire up to speed. The right benefits plan can help you avoid all this. Perform a cost analysis of onboarding versus employer-paid benefits. You may realize that keeping people at your firm with great benefits saves you money on recruitment and retention, even if you’re a small business.
Employee Wellness
Employer-paid benefits, including health insurance, improve overall employee wellness. Improved wellness leads to workers who stay on the job, work more productively, and have fewer sick days. One national survey states 66 percent of companies see a return on investment from their health initiatives, with 35 percent of firms seeing improved productivity and morale. Health insurance for workers helps them to stay engaged and happier at their jobs, which is a huge factor when it comes to employee retention and well-being.
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ClaimLinx Saves You Money
ClaimLinx, with the ClaimLinx Simple Option Solution, looks at your business holistically. Our experienced benefits consultants take into account your costs, the number of employees, and your current situation. We find the best health insurance fit for you, the business owner, and your employees. Contact ClaimLinx or call toll-free 1-800-858-1772 to see how we can save your company 20 to 40 percent on employer-paid benefits.