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PLATINUM GROUP NEWS & VIEWS

How Employee Benefits Win Great Employees

by Michael Murphy / August 11, 2016

Here in Asheville, we have one of the lowest unemployment rates in the state. To attract and keep the best employees, you have to provide perks that other potential employers won't.

A good benefit package can be the key to attracting those key employees that make your business a success. Roughly two out of three individuals say that they will choose a job with lower pay if that job offers a better benefits package. 

 

Offering an Employee Benefits Package

If you have 50 employees or more, you must offer group health insurance to avoid a penalty. But, you have the option to offer health insurance benefits if you have even one employee. A quality health insurance plan is, for many employees, the top benefit they are seeking from a company.

Additionally, voluntary benefits can be a highly affordable way to help your employees offset any out-of-pocket costs they may run into when they have health expenses. When you consider how few individuals can absorb an unexpected cost of $1000 or even $500, a package that can cover these expenses can be a big draw.

Voluntary benefits plans can be offered as an additional benefit at no cost to you as the employer. In fact, these plans can save you money, as well, by potentially lowering your payroll taxes.

Attracting and keeping the right talent is imperative for your business to thrive. When key employees leave, the cost of finding and training is estimated to be equal to six to nine months' of that employee's salary; in the case of high level employees such as executives, the cost can be has high as twice the annual cost of having them stay.

Through this lens, a prime employee benefits package can be seen as an overall cost-saving move that also helps your business run more smoothly.

Platinum Group is a full service human capital management (HCM) resource that allows businesses to manage their payroll, benefits compliance, track time and attendance and other various human resources functions in a way that maximizes efficiency and eliminates redundancies with the platform, iSolved. For more information about Platinum Group or to schedule a demo of iSolved please visit our website.

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http://www.businessnewsdaily.com/6084-employee-happiness-without-raise.html

http://www.benefitspro.com/2014/05/28/5-benefits-of-voluntary-benefits

Tags: Insurance - Employer Benefits Payroll & Human Resources Employers - ACA

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Michael Murphy

Michael Murphy

Michael is the founder of Platinum Group. His passion is in helping businesses to simplify their employee management and accounting processes.