Did you know that on average, if you offer your employees a comprehensive benefits package, the actual money that you pay your employees accounts for 63% of their overall compensation?
As an employer, this can oftentimes lead to feelings that your employees don’t recognize just how much their benefits are worth. But research shows that most employees consider health insurance, paid time off, 401ks, and retirement as vital requirements when choosing where to take employment. That 37% you provide in benefits can help you attract the best talent to your business. What does this mean for you?
- You may not know how to provide competitive benefits.
You have a thousand things on your plate at any given moment. Thinking about health insurance and 401k plans often seems like a large company, corporate human resources problem that you simply don’t have time for. The rub is that over time, you will find your ability to hire and keep the best people is limited, because what you offer them in return for their work is limited. Partnering with a PEO like Idilus means that you are contracting a human resources department to do the heavy lifting for you. When you contact us to talk benefits, the choices and options you offer your employees will be entirely yours, and we will simply help you execute whatever plans you decide to offer. This means even if you’re a twenty person company, your people can have benefits that rival Fortune 500 companies.
- How would you feel about saving money on benefits packages?
If you contact an insurance company directly to ask about benefits for your employees, chances are their answer will be, ‘expensive.’ At Idilus, we have long standing relationships with multiple health insurance carriers. We know who to talk to and how, so that you get top-of-the-line packages at lowered cost to your company. This includes health, dental, and vision plans that can all be made available to your employees. We also offer a the option to purchase your health insurance directly from Idilus. (To read more about this, check out our blog here.) By partnering with us, you can bypass the middleman directly, and save money on healthcare.
- Payroll integration won’t just save you time, it will save you money.
At Idilus, not only do we offer benefits management, we can also take care of your payroll processing. When we handle both of these important tasks for your business, we can seamlessly integrate your employee’s benefits with their payroll statements from pay period to pay period. Your employees can clearly see the additional compensation they are receiving in real time. We can also manage HSAs, Flex Spending Accounts, and 401ks all at one time and all in one place. You will actually see the savings accrue when you partner with Idilus, allowing your company to grow more rapidly than when you were handling everything on your own.
- Details that are still vital, even though they’re details.
There is a long-standing tradition in small business ownership to answer your employee’s benefits related questions with, “Let me check on that.” When you partner with Idilus questions about short and long-term disability, life insurance, COBRA administration, and what to do when onboarding new hires all become our primary business. This means that you will always have an answer to your employee’s questions. And if you aren’t sure, our experienced human resources professionals are always standing by to provide you with the answers you need.
Don’t just take our word for it, do your research. Companies that partner with a PEO show more growth and profitability than those that don’t. Let us help save you time and money, while giving you the ability to pursue the best talent and new hires for your business. Don’t wait- call or click today!