Are you curious about how to improve your Houston small group health insurance plan?
Like countless other small businesses, you want to attract high-quality employees because you know that higher engagement levels with employees lead to a more than 20 percent increase in profitability. Or at least you do now.
So, what’s the secret?
This brief post will explain how health insurance plans and select benefits can set your business apart and increase profitability.
The Role of Small Group Health Insurance in Attracting Talent
Small Group Health insurance provides a host of benefits to employees, including:
- Access to necessary medical services
- Financial protection against high healthcare costs
- Contributes to employee well-being & job satisfaction
- Peace of mind knowing themselves and their family are covered
As an employer, group health insurance increases employee loyalty and productivity.
According to the CDC, workplace health programs increase productivity by creating a healthier environment that, in turn, leads to happier employees. This is because healthier employees are less likely to use their sick days and miss fewer days caring for ill family members.
But how do these benefits help you stand out as a small business in Houston?
For small businesses, the landscape is competitive, especially in Houston. A solid, well-thought-out select benefits plan for employees sets you apart in multiple ways.
Offers Flexibility for Employees
A good benefits package provides employees flexibility for their health and wellness goals. Offering benefits that a competitor does not is more likely to attract top-tier talent. And top tier talent can transform your business.
Saves Employees Money
Depending on your select benefits packages, you could save employees money. When employees are on the job hunt, finding a job that includes hard-to-find benefits is considered a pay raise.
Now that you understand why employees are so concerned with benefits, how can you navigate and understand your options?
Navigating Group Health Insurance in Houston—Understanding Your Options
Houston’s group health insurance market is competitive and caters to a diverse workforce. For example, the most up-to-date demographics as of 2024 show that the workforce is broken down into these categories:
- 43% of employees are women
- 57% of employees are men
Understanding your employee market is the first step to building a select benefits plan that works for the workforce you wish to attract. Of course, a seasoned health insurance broker could guide you through your options more easily.
Offering comprehensive coverage options is the best way to attract top talent. With a mix of national and local providers, businesses can choose plans that best meet their employees’ needs and budget constraints. An emphasis on customizable options allows for tailored benefits packages, making group health insurance a critical component of employment packages in Houston’s dynamic job market.
Tips for Small Businesses on Selecting the Right Provider and Plan
For small business owners in Houston, electing the right group health insurance provider and plan is essential, but assessing your team’s needs and budget constraints is crucial.
Research and compare plans to ensure your employees are thoroughly cared for.
Network of Healthcare Providers
Understanding the healthcare providers available under specific network plans can positively or negatively affect your employees.
Premium costs are perhaps the most crucial part of selecting a plan for your employees. Higher premium costs can lead to employee dissatisfaction.
Seeking feedback from existing employees can help you build a more attractive plan moving forward.
The Advantages of Offering Select Benefits
Select benefits are tailored employment perks designed to meet a diverse workforce’s varied preferences and needs. These customizable packages allow your employees to choose from various options, such as health insurance, retirement savings plans, wellness programs, and more, ensuring their benefits align with individual or family requirements.
This flexibility not only enhances employee satisfaction by providing relevant, valuable benefits but also aids employers in attracting and retaining top talent by accommodating diverse lifestyles and needs within their terms.
Select benefits can go beyond physical health insurance and include:
- Wellness programs
- Mental health support
- Flexible work arrangements (i.e., remote working)
- Professional development opportunities
- Student loan repayment programs
Implementation Challenges and Solutions
For small businesses in Houston searching for a better way to implement select benefits, it’s important to start by understanding your workforce’s unique needs by receiving adequate feedback.
Once you know what your employees want and what potential new employees are searching for, the next step is to consider benefits that align with these needs, including:
- Flexible working hours
- Wellness programs
- Professional development opportunities
Next, you’ll want to partner with a benefits expert who can help you customize your benefits plan. We offer that at PCI and will gladly walk you through your options and help you create a quality plan for your employees.
You can use a few tools and platforms to assist significantly in this process and how to manage benefits and make informed decisions. Platforms like Gutso, Zenefits, and BambooHR are great tools to manage your benefits. They also provide valuable insights and analytics, helping you to evaluate their effectiveness and the strength of your benefits packages.
Once you have your plan, the next step is communicating these benefits to ensure employees understand and appreciate the value offered. Communicating these benefits is the most complicated struggle employers face with their benefits packages.
The end goal is to enhance engagement and employee satisfaction; once that happens, your ability to attract top talent immensely increases.
Building A Better Select Benefits Package for Your Small Business
You want your small business to thrive. But it’s crucial to remember that your business strength is based on the people who run it.
Offering a solid benefits package is one of the best ways to improve your desirability as a business. Not only does it attract better-quality employees, but it also enhances your business reputation.
If you need guidance to build a robust small business group health insurance plan in Houston, please get in touch with us. We are happy to discuss your concerns and help you build a plan that works.