American businesses have been looking for solutions to improve their business since the founding of our country, and since 1776, we’ve come a long way. But as any business owner knows, a company needs to constantly build and improve the foundation on which the business stands with better products, technology, and a talented team of employees to make the company vision a reality.
Although, many struggle to find answers to difficulties all businesses face. Challenges such as recruiting new talent, reducing employee turnover, lowering operating cost to further innovation, and improving company morale to create a more productive environment to drive that innovation forward.
But with so many options for how to go about these challenges, the answer can be difficult to focus on. though, what’s revealed by looking at the numbers is that with the right employee healthcare benefits, businesses of all sizes can overcome these obstacles and improve their business as a whole.
But in the U.S. only 57% of employers offer health benefits. Which isn’t surprising with the cost of healthcare premiums increased 212% since 2008. And annual wages? Well, they’ve only increased 26% in that same time.
Having taken notice of this trend,Hooray Health began looking to change the healthcare industry landscape, and disrupt the practices that have prevented businesses from offering the necessary healthcare coverage their employees deserve with plans to suit a variety of businesses needs and budgets.
When surveyed, 50% of employees stated that they would leave their current position for better benefits. In fact, millennial workers have been shown to even accept lower salaries when health benefits are offered by the employer.
Conversely, 75% of employees stated they are more likely to stay with their employer because of their health benefits plan.
And with the average cost of replacing an employee being one-third the employee’s salary, having frequent turnover can seriously hurt a business as they spend less on new products, services, and talent, and more on repairing their team.
As a whole, businesses with teams built with employee benefits in mind not only face these common business challenges less often, but have employees who are overall happier and more successful in their positions than those they’ve had that didn’t offer health benefits.
These happier teams go on to be more productive in their day to day work, which increases business productivity, improves business practices, and ultimately allows the company to grow; building a happier, healthier company prepared for the future.
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