Launching a new business comes with plenty of challenges, and while things like funding, marketing, and operations are often top of mind, healthcare might just be your secret weapon for long-term success. As insurance premiums rise and healthcare costs continue to grow, offering health benefits is more than just a nice-to-have—it’s a critical strategy for attracting and retaining top talent.
Here’s why healthcare can set your business apart and help you thrive in a competitive market:
1. Meeting Expectations of the Modern Workforce
Millennials and Gen Z now make up the majority of the workforce, with PeopleKeep reporting that there are 49.5 million Millennial workers and 17.3 million Gen Z employees in the U.S. These generations aren’t just looking for a paycheck—they expect their employers to provide benefits that promote balance, well-being and support their overall health.
Meeting these expectations as a new business shows that you’re forward-thinking and care about the well-being of your team. This can help you build a strong reputation, making it easier to attract top talent when you’re ready to expand.
2. Boost Job Satisfaction and Loyalty
Happy employees are loyal employees, and nothing boosts job satisfaction like a solid healthcare plan. According to a recent article by Indeed, when your team feels supported and cared for, they’re more likely to stick around, reducing the risk of high turnover.
Did you know that replacing an employee can cost anywhere from half to two times their annual salary? Plus, it takes an average of 6 to 9 months to find, hire, and train a new team member. By offering healthcare benefits, you invest in keeping your best talent around, which saves you time, money, and resources in the long run.
3. Gain a Competitive Edge
In today’s competitive job market, offering benefits isn’t optional—it’s essential. Candidates aren’t just looking at your company culture or salary; they’re evaluating your benefits package too. Offering healthcare benefits positions your business as one that values and invests in its employees, which can be a deciding factor for top-tier candidates.
4. Create an Inclusive Workplace
People from diverse backgrounds bring different healthcare needs and concerns. Offering comprehensive health plans helps you to create an inclusive environment where all employees feel supported. Whether your team members need mental health resources, family coverage, or access to preventive care, offering flexible, inclusive healthcare plans ensures everyone’s needs are met.
The Bottom Line
As you start your new business, remember that healthcare is more than just a perk—it’s a strategic move for long-term success. It’s a way to stand out from the crowd and place your company in the forefront of top talent. Offering health benefits will make you stand out from the competition, attract top talent, and build a workplace where employees feel valued and supported.
A survey by the National Federation of Independent Businesses found that 78% of business leaders nationwide find the cost of employer-sponsored healthcare to be a significant challenge. If you’re not sure where to start, Meridio provides everyday coverage options that fit businesses of any size. Learn more here.