Group & Employee Benefits

How well do you take care of your employees?Do you provide competitive benefits?

When it comes to group and employee benefits, the law requires very little. Employers in New Jersey have to allow employees time off work to vote, sit on a jury and do military service. And they have to make sure that they subtract FICA taxes from their paychecks before sending the money to employees’ bank accounts. Other than that, there’s not much that they are forced to do.

But to remain competitive, many companies now recognize the value of offering additional benefits. These perks include things like paid holidays, retirement plans and, yes, group and employee benefits. Most employers expect these kinds of perks, especially when joining a firm full time or entering into a senior position.

The Advantages Of Group Benefits For Business

Employee benefits refer to the insurance plans available to employees through their place of work. An employer pays premiums on employees’ behalf, providing them with coverage. Group benefits for businesses allow firms to obtain lower-cost premiums than if employees had bought the insurance outright themselves.

Offering group benefits costs money, but there are numerous advantages. Perhaps the most important is that companies can use them to attract talented people and keep up with the job perks offered by competitors.

Group plans reduce the price of coverage per employee and provide insurance across multiple areas. These include group health insurance, group life insurance, group vision, group dental, and group disability. Firms that offer this kind of coverage can cut staff turnover, improve productivity, and improve morale in their organization.

Value

Group and employee benefits also provide employees with an additional form of compensation and show workers that the firm cares about their well-being. Research suggests that many prospective employees are more interested in the package of care that a company offers than they are with their monetary compensation.

The Advantages Of Group Benefits For Business

Many small businesses often want to provide great benefits but worry that they don’t have the resources. The good news is that by using group insurance, you can offer great value to employees without damaging profitability.

One of the ways that innovative small companies are doing this is by coming together and signing up with insurance carriers en masse. By joining to form associations, each firm can cut the cost of, say, health insurance, on average, for every person in their organization. Entering into an association can give a company serious bargaining power to bring premiums down.

If you’re considering employee benefits, you should speak with an insurance broker. Central Jersey Insurance Associates is an insurance agency that provides employee benefits to business clients, helping you to make the right decision about what benefits to offer and how to do so at an affordable price.

There are many reasons to choose Central Jersey Insurance Associates. But perhaps the most important is that we are brokers, not carriers, so we focus on finding the best insurance products for you. When you go direct to a carrier, they only want to sell their products.

Speak to us today about how group and employee benefits could put your firm at an advantage and attract/retain talented people.