When people look for a job, they are trying to determine what is going to be the most beneficial for them as an employee of your company. There are plenty of factors that go into their consideration of what will make you a good employer, and being aware of them is something that every small business owner should take the time to do. Understanding these types of things allows you to be ahead of the game with providing them and maintaining a certain level of competition within the field. While the job in itself is something that people considering will be looking at, other things that will make a difference is what the pay and benefits will look like.
What Are Employees Looking For
As we mentioned before, employees look for a few different things when they consider possible places of employment, but 78 percent of people consider the health insurance one of the most important benefits. In one of our past blogs, we touched on what the cost of health insurance looks like for a small business to pay for each individual employee. This is the primary benefit that people are looking for, though, so it is something that you as a business owner should put high on the list. Especially when a benefits package really becomes an investment in a happy employee.
Where Small Businesses Really Take A Hit
Small businesses are always fighting an uphill battle. It’s difficult to have to compete against the bigger corporations for products and service when yours may be better, more affordable or efficient. On top of that, small business owners are also paying more to ensure that their business continues to run, and spending quite a bit more time trying to manage everything that their business requires to succeed. In regards to a benefits package, small business are definitely having to pay more than larger corporations.
For the most part, it’s nearly impossible for a small business to afford any type of reasonably priced package to their employees without the help of a PEO company. For a company of fewer than 20 employees, these types of benefit packages are roughly $7000 per employee. Step the employee level up higher, if your business has less than 500 employees, a benefits package would cost roughly $5000 per employee. This is still a pretty hefty price, even if it is $2000 lower than the prior. Especially when you consider that businesses with over 500 employees are paying around $3,400 to provide each of their employees with a benefits package.
If you’re overwhelmed by all that we covered in regards to the benefits that you could be paying for, and managing, take a deep breath and let the team at The Medical Link provide you with the care and support that you need to effectively manage all of these benefits for your employees. What’s best about working with a PEO company is that we manage all of these for you, and you’re not required to include us when it comes to benefits, insurance or payroll. That’s the benefits of outsourced administrative support for you and your small business.