Assumptions towards small business employee benefits

Employee benefits is quite a confusing topic when it comes to talking about small businesses. Many myths and misconceptions have been raised among people with small businesses. Therefore, it’s important to understand such myths and misconceptions. 

Myth – 1 : Only large businesses offer employee benefits.

This is one of the most common myths towards small business employee benefits. What makes people think this way is the financial flexibility of large companies. However, it is the other way around; it is stated that it saves money and reduces turnover. It also helps with maintaining productivity among employees and helps with tax reduction, which leads to saving money for businesses in the long run. There are many insurance providers that help choose the best options for employees, regardless of whether you want employee medical insurance or group health insurance. 

Myth – 2 : Employees care about the salary, not benefits.

This is not true. Who, as an employee, would not like to have access to salary and benefits all in one place? Nobody, right? It even improves the employee’s engagement and makes a huge impact on the decision to opt for a job offer or decline the same. There are also some employees who would rather agree on a lower salary and seek better employee benefits to ensure the stability of future goals. In other words, the employee benefits are as valuable as a job.

Myth – 3 : Retirement plans can be offered by large companies only.

This fact among small businesses affects the future of employees. Small business owners end up thinking that they don’t have the proper resources to be aligned with retirement plans. However, it is to be made certain that there are many retirement plans that are basically designed for small businesses, such as SEP IRA, SIMPLE IRA, Individual 401k, Solo 401(k) or Roth IRA. 

Myth – 4 : The only benefit is health insurance for employees.

There is no doubt that employee insurance is important, and the most valuable factors appreciated by employees are related to medical care. However, there are more factors that can get all the credit for making certain why and how employee benefits can be considered. Offering a paid day off once a month, training associated with professional development, gym memberships so that they can work out whenever they want, or any support services to maintain health.  

Myth – 5 : Part-time employees don’t qualify for employee benefits.

However, it does not work like that. There are some small business employee benefits that can help small businesses attract contractors, part-timers, or freelancers by building a team that is full of talent and productivity and promoting effectiveness. 

Build your small business benefits with Insure Horizons It doesn’t have to be confusing when offering employment benefits to employees. Understanding myths like unaffordability or out of reach can be highly beneficial in making certain one gets proper productivity and turnover by supporting the employee’s time. Contact Insure Horizons today!