Find a way to offer your employees benefits
Providing benefits may cost less than you think.
By Peter Olejniczak
Open Enrollment season is upon us starting November 1st. Most employers are bracing for the big financial and HR commitment ahead.
Three out of five workers say their employer offers an open enrollment period for benefits, according to a recent Nationwide Financial consumer survey. Health is the most common, but ancillary products like life insurance, disability, and critical illness are making their way into offerings.
“…the cost to the company for health insurance can be as little as $100 per employee per month. Same for creating and matching a 401k…easier and cheaper than you’d expect”
Intimidating as the costs may be to business owners, a benefit offering is an investment in your company’s greatest asset, its people.
- Improved employee recruitment and retention
- Improved wellness and productivity
- Better employee culture
- Tax advantages
Small businesses interested in expanding their benefits offering often worry they can’t cover it. That’s where great partnerships come in to play. The Monthend team helps you find a way through experience, technology, and really good partners like Gusto! and Guideline.
“I’m finding that owners think offering benefits is super complicated and super expensive. It’s not. The setup is quick, and the cost to the company for health insurance can be as little as $100 per employee per month. Same for creating and matching a 401k…easier and cheaper than you’d expect”
– Chris Anderson, Founder of Monthend
Monthend has identified financially sound ways to start offering Employee Benefits.
- High Deductible Health Plans paired with Health Savings Accounts: As health care cost rise, employers look for economical ways to provide benefits. Most popular offerings today include High Deductible Health Plans paired with Health Spending Accounts (HSA’s). HSA dollars can be used for deductibles, qualified medical expenses, and even dental and vision care.
- Fitness Stipends: Healthy employees cost less to insure and can set the trend to trim insurance costs. Fitness also contributes to healthy eating, creating a virtuous cycle of employee health.
- Commuter Benefits: Gas and parking is expensive, and driving in rush hour stinks. Help relieve this pain! Try incentivizing your employees to commute by bike, foot, or even ride share bikes and scooters! They’ll come to work more energized.
- Food and Drink: Who doesn’t need a snack every once in a while? Make a Costco run and settle your team’s munchies. Small cost, big dividends.
- Get started with Monthend + Gusto! We can help you create an a la carte benefits offering that is just right for your employees while keeping your budget in mind.