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Small Business Employee Benefits and HR Blog

Did You Know Employee Benefits Can Save You Money?

February 19, 2015
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Whether you’re at the grocery store and the cashier says “Hey, I’ve got a coupon for you!” or you’re pumping gasoline and you get a free car wash with your tank, saving money will put a smile on your face. So, why not find ways to save money for you and your employees, too, and share the smiles? Doing so will keep more money in both you and your employees’ pockets and in your small business’s bank account.

So, to keep more of the green, we’ve rounded up four employee benefits you can incorporate into your small business.

Health Benefits with Savings for AllEmployee_Benefits_Save_You_Money

Everyone knows group health plans have been on the rise for over a decade. And as group health insurance costs have nearly doubled since 2009, new, affordable options have come to the rescue for small business owners – thank goodness!

Affordable options for small businesses now include SHOP plans (small business group health insurance) and individual health insurance reimbursement to name a couple. Many small business owners are migrating towards individual health insurance reimbursement for their employees because, on average, plans are half the cost of traditional group health insurance plans and are quality health insurance plans.

Offering individual health insurance reimbursement is a perfect way for both you and your employees to save money. It offers flexibility, portability, and is fully customizable.

College Savings Now for a Brighter Future

Nowadays, a college degree is a must-have. As a result, your employees value their children’s future and are more than likely saving for them to go to college when they’re old enough. What can you do to help? Offer a 529 plan.

The beauty of a 529 plan is that your employees can contribute to it tax-free. Plus, when their children head off to college and need to start paying for books, tuition, and boarding, no tax is owed.

A means to save for college is a great benefit to have and shows your employees that you care about their families, too. And hey, you get to benefit as well – save a little for your own kids’ college while you’re at it. 

Save a Buck or Two with Direct Deposit

Still printing off paychecks, pay stubs, tax forms, etc. on your printer? Well, here’s a little secret: paperless is the way to go. In fact, switching to paperless has caught on as fast as bell-bottom pants did in the 60’s.

Going paperless isn’t just a trend – it saves you money, too. In fact, you may be surprised to know that you could save over three dollars per employee per pay period by using direct deposit. This, of course, can mean hundreds and even thousands of dollars in savings in a year.

Moreover, direct deposit is preferred by most employees. It means they get their money quicker and don’t have to run to the bank to deposit it. Think about it, you win, you employees win, and everybody wins.

Securing Your Own Future with Retirement

Speaking of winning, unless you hit the jackpot in Vegas, or get lucky on the state lottery, you and your employees will need retirement. What’s the best way to do this? Choose a retirement plan to incorporate into your small business as a benefit.

And no matter the plan you choose, you and your employees can contribute funds pre-taxed and the invested funds will increase tax-deferred until withdrawn.

Truth is, you and your employees need a retirement in order to live a comfortable lifestyle when the day comes you can no longer work. A retirement plan as a benefit of your small business is just what you and your employees need to get a head start.

Conclusion

You and your employees want to be happy. And saving a little cash here and there is a sure way to do this. So, as a small business owner, help put a grin on your employees’ faces by saving them money through these four benefits:

Affordable health benefits
 
College savings
 
Direct deposit
 
Retirement

What employee benefits help save your employees money? Comment below, we’d love to hear feedback from you!

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