6 Hidden Costs of NOT Offering Health Insurance to Your Employees in Hawaii
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Table of Contents
● Decreased Employee Retention
● Reduced Employee Recruitment
● Lower Productivity and Absenteeism
● Declining Workplace Morale
● Unforeseen Employee Healthcare Expenses
● Missed Tax Advantages
● The Numbers Tell the Story: Impact of Not Offering Health Insurance
● Finding the Right Plan for Your Business: Proinsurance Hawaii Can Help
● Protect Your Business and Your Employees
Offering competitive benefits is essential for attracting and retaining top talent in today’s job market. While small business owners often focus on salary, health insurance is a crucial factor for many employees. The decision to forego employee health benefits might seem like a way to trim costs initially, but it can lead to significant hidden expenses down the road. Here are six to consider:
1. Decreased Employee Retentio
2. Reduced Employee Recruitment
3. Lower Productivity and Absenteeism
4. Declining Workplace Morale
5. Unforeseen Employee Healthcare Expenses
6. Missed Tax Advantages
The Cost of Doing Nothing Can Be High
The Numbers Tell the Story: Impact of Not Offering Health Insurance
● According to the Hawaii State Department of Health (https://health.hawaii.gov/), employees Employees spend approximately 36% of their total waking hours at work. Without employer-provided health insurance, this means a large chunk of their time is spent without access to the care and resources needed for maintaining well-being. This can lead to missed preventive care, financial anxiety due to medical costs, and a lack of support for healthy behaviors.
● Companies that don’t offer health insurance can experience turnover rates up to 50% higher than those that do. https://www.shrm.org/]
● Employees without health insurance are more likely to miss work due to illness and have lower productivity levels, costing US businesses billions annually. https://www.cdc.gov/workplacehealthpromotion/index.html]