How Startups Can Leverage Employee Health Benefits
Manning the helm of a startup organization is nothing short of arduous. It takes a lot of guts and determination to get your organization off the ground; leveraging any tools at your disposal is essential. Employee health benefits are one of those tools that you can and should utilize to support the success of your organization.
Ready, Set, Launch
A startup organization is one that is in the first stages of operation. It’s usually characterized by high costs and limited revenue. In general, startups can be unique places to work. They can come with great perks and great benefits. There is usually a focus on innovation, and many opportunities to learn. The work itself can be rewarding because innovation is usually highly valued since it’s an essential ingredient for success.
While working for a startup sounds exciting, unfortunately, startups don’t usually have a big bankroll available for compensation.
Obstacles facing a Startup Operation
There are a number of obstacles that a startup operation must scale in order to succeed.
- Stress/burnout – Working hard to get a young business off the ground and profitable requires a lot of work. Long hours and few breaks can mean employees experience stress and burnout at a higher rate than other organizations. This can have a detrimental effect on your company’s success. Stress and burnout can be a big obstacle for a startup.
- Competition for Staff – Employees usually have an enormous impact on a company’s success. For a startup, being able to compete for the best employees can be a challenge when budget and resources are tight. It’s a catch 22 – you need the best employees to succeed and be profitable, but you need to be profitable in order to attract and pay the best employees.
Employee Benefits and Recruitment
Employee benefits really do matter when you’re a startup trying to recruit the right employees. A good benefits plan can impact a potential employee’s decision to accept or reject a job offer with a startup operation. When you’re competing with much larger and more established organizations, employee benefits are a way to help level the playing field.
Employee benefits are a tax-efficient form of compensation for companies of all sizes – even for startups. They not only help with recruitment, but they also send the message that you care, which goes a long way when it comes to retainment and productivity. Showing you care about the physical and mental health of your employees can be a very powerful recruitment tool.
Employee Benefits for a Startup
Employee health benefits are a good strategy for companies of all sizes. For startup businesses, they make sense for so many reasons. Most benefits providers require you to be in business for one year before sponsoring a benefits plan; don’t worry, that first year goes by in a flash.
When rolling out an employee health benefits plan, you’ll want to begin by providing comprehensive coverage. To really compete, you’ll also want to include more sought-after benefits as part of the plan. Depending on the budget, you can custom-design a plan, but a great starting point is the Smart Plan for Small Business.
Smart Plan for Small Business
GroupHEALTH’s Smart Plan for Small Business is a clear, easy-to-understand benefits plan that provides solid, well-rounded coverage. It was designed especially for companies who do not already have benefits coverage, which is usually the case for startups. It’s easily configurable and provides excellent value.
Some highlights of the Smart Plan include:
- Prescription drug coverage – The most prominent of all employee benefits, prescription drug coverage is a must for your benefits plan. The Smart Plan provides 80% coverage and includes cost control mechanisms such as mandatory generic and a central dispensing pharmacy.
- Paramedicals – Paramedical coverage is another heavy hitter that employees really do want. It opens up access for employees to visit a number of practitioners, such as: an acupuncturist, a massage therapist, or a podiatrist
- Virtual Healthcare – A relatively new type of benefit, virtual healthcare gives employees 24/7 access to virtual medical care with Telus Health. In this digital age, providing access to virtual healthcare shows that you are progressive while also positively impacting the health of employees.
- Short term counselling – The importance of supporting and nourishing mental health can not be understated. The Smart Plan for Small Business does this by providing free, short-term counselling that’s available 24/7. This can help address and prevent stress and burnout in your workforce.
- Dental – Dental coverage is another popular coverage that employees want as part of a benefits plan. The Smart Plan for Small Business provides 80% coverage so that employees always have access to basic and preventative dental services.
- Accident and Serious Illness – Accident and serious illness coverage is an important element of a benefits plan because it addresses those challenging situations that arise after a disruptive health event. It’s support can be immeasurable.
- Life insurance – Employees like to know that their family will have financial support in the event of their death. This benefit is an important way to round out the total coverage you’re providing to employees.
- Wellness resources and personal training – This part of the plan gives employees tools and coverage to pursue a healthier lifestyle. This element of the benefits plan can be especially meaningful to employees of startup companies because it can help prevent burnout, relieve stress and keep employees healthy.
The Smart Plan for Small Business also has a number of upgrades that can be chosen to better fir the needs of your employees and your budget. Available upgrades include:
- Health Spending Account
- Vision care benefits
- Dependent life
- Long term disability
Good advice is key
Are you a startup organization who is looking to leverage employee benefits to help take your company to the next level? Are you looking to compete for the best employees and then support those employees once you have them? Time for a comprehensive benefits plan. Review your options with one of our licensed advisors on the phone or in-person or contact us for a comparison quote.
Whether you’re looking for extended health and dental coverage, disability coverage, or life and critical illness coverage, GroupHEALTH has affordable benefit packages that work as hard as you do.
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