What’s The Benefit of Offering Group Benefits?
Most established businesses offer group benefits, and most employee’s expect them. For a growing business with a tight budget, you might wonder if it’s worth the cost. Investing in a good benefits program helps attract and keep top employees. It can greatly enhance the prestige and success of your business.
How group benefits started
The origins of group health care can be seen in 1914, when industrialist Henry Ford famously hiked his wages to $5 per hour and implemented a mandatory home-visit program. His innovative plan was intended to attract and retain workers. The visits were used to evaluate employee health and welfare and address the needs of families.
Employer-sponsored group health insurance plans began in the 1940s. Employers, forced to compete for scarce wartime workers, were legally unable to raise wages. They offered health benefits as a hiring incentive. Workplaces with group benefits are still the preferred choice for skilled, educated job hunters. Talented, motivated employees will build success for your company.
Your FORTAX Financial Advisor can show you why a good benefits package is worth the cost. It gives you the edge in a competitive marketplace, fosters employee morale and loyalty, and reduces the expense of replacing staff.