When you start a new business and hire your first employees, health benefits are not at the top of your list. As your small business puts down its roots and starts to grow, however, there comes a time when health benefits become a consideration. So, just where is the tipping point when it makes sense to offer health benefits?
Last week, we wrote an article featured on Synnovatia.com that helps small business executives evaluate if now is the right time to start offering health benefits.
Below are highlights from the recent Zane Benefits feature on Synnovatia.com.
Article Highlights - Are We Ready to Start Offering Health Benefits?
The first step is to determine if the business is financially ready to add health benefits. For most small businesses, offering health benefits only makes sense when the business is turning a profit and is consistently covering overhead and personnel expenses.
The second step is to understand how offering health benefits impacts the business’s hiring and personnel goals. The right benefits package can lower overall HR costs, especially if the business operates in a competitive labor market. In other words, there may be a time when not offering health benefits costs the business more than offering them.
The third step is to evaluate small businesses health benefit options. For example, most small businesses evaluate the pros and cons of individual health insurance reimbursement and different group health insurance options.
To read the full article on Synnovatia, click here.
Ready to get started? See this free PDF workbook on planning for small business health benefits.
Synnovatia is a website that helps entrepreneurs and small business owners reach their full potential. Synnovatia’s forte is creating innovative strategies that help small businesses outperform each and every year. The Synnovatia.com feature titled, "How to Evaluate if It's Time to Offer Health Benefits" helps small business executives evaluate if and when to start offering health benefits.
When was the right time for your small business to start offering health benefits? What was your tipping point? Start a discussion below.