Why Should Entrepreneurs Invest in Staff Healthcare?
To be an entrepreneur, it’s important to be focused on the bottom line. However, many business owners have put making a profit over the best interests of their employees and customers. Although this might prove successful in the short term, over the long term it can actually lead to a decline in profits.
Employees want to work at a company that offers more than just a salary. It is important to provide employees with additional benefits such as health coverage. By going above and beyond when investing in staff, small companies can safeguard their business for the future.
While we are still in the first Monday of January 2016, there’s still time to add one more item in your list of business resolutions: Staff healthcare. Here are several different reasons that entrepreneurs should invest in their staffs’ healthcare.
1. Higher Morale
High morale among staff means a more productive workplace. Employees who are healthy tend to be happier and more productive at work. Therefore, a surefire way to improve your company performance is to invest in the health and wellbeing of your staff. There are many studies to show that investing in the health of employees is one of the most important ways in which a business can make money over the long term.
In the current economy, many companies are looking for any way possible to keep profits rising. Investing in the health of the people that make your company is investing in the health of your company.
2. Lower Staff Turnover
It’s also important to keep staff turnover at a minimum. While some employees will be invested in helping your company grow, most will be invested in their growth with the company.
Give your best employees fair compensation and benefits, and your see a return on your investment in their commitment to the company. Investing in their healthcare is giving them just one more reason for them to stick around for the long term. As a business, it is important to set yourself apart from other companies in order to attract and keep the best talent.
3. Limit Staff Absence
Staff absences can be a huge drain on resources, especially for a small company. There’s no profit to be made in paying people to be off ill. Invest in staff health preemptively, and you can reduce the impact of sickness and leave on your company.
A company at any size needs an enthusiastic and productive staff to succeed; this is perhaps even more important for smaller companies. Providing great employee benefits goes a long way to ensuring that success. Investing in staff healthcare can yield a high return over both the short term and long term.
As an entrepreneur, you should take responsibility over your staffs’ healthcare. Indeed, it can add considerable expenses, but think about the overall impact: Happy employees are more productive and serving customer better; those have direct positive impacts on your bottom line. This sounds like a wise investment, don’t you think?
You might also like
It is an indisputable fact that not all small businesses are created equal, either in terms of their standing or the market that they operate in. So although many may
There are plenty of good reasons why your business should create an organisational culture of transparency; it can encourage a stronger team spirit, a sense of fairness, and deeper trust
From a distance, it can seem like success in business is 70% hard work, 20% clever tactics, and 10% pure bravado. On the inside, however, things are a little different.