The Real Benefits of Employee Benefits
Employers offer employee benefits because, simply put, it’s good for their employees, right? Benefits help their staff save money, access resources and care, and improve their morale and engagement. But that’s not the whole story. Employee benefits also have a huge impact on employers themselves. Let’s talk about some of the ways that offering employee benefits can have a positive impact on employers.
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Tax Savings
Sure, offering accounts like Flexible Spending Accounts (FSA), Health Reimbursement Arrangements (HRA), and Health Savings Accounts (HSA) helps save your employees significant amounts on qualified healthcare expenses. In addition to saving the employees tax dollars, employers save money on every pretax dollar elected by their employees on applicable benefit accounts. For example, when offering an FSA, employers save the 7.65% payroll tax on the dollar amounts that their employees elect. That amount can add up quickly and result in big savings, especially if employees have high utilization of the benefit!
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Recruiting and Retention
Employees are increasingly looking for more value out of their compensation packages, and not just in their paycheck. A robust benefits package is not only a huge part of hiring standout candidates, but also in keeping the employees you have longer. Offering well rounded packages that address the specific needs of your staff gives a real boost to your overall goals toward attracting and retaining your staff. Whether you need tax-saving accounts like FSAs and Transit Accounts, or lifestyle accounts like Wellness and Pet Care Accounts BASIC has you covered.
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Making Life Easier for HR and Managers
It’s not just which benefits you offer, it’s who you choose to administer those benefits. A benefits administrator who understands what employers and employees want out of their benefits can do wonders for the benefits experience. Benefits administration and platforms that are outdated and clunky bring about frustration and an overall negative experience. An administrator who embraces technology and the needs of both employers and employees can make benefits exciting and easy to use.
BASIC understands employee benefits and delivers state-of-the-art technology and plans to our clients!
We’ve been delivering benefits administration that hits on all these points for decades. Our modern Consumer Driven Accounts (CDA) benefits platform blends integrated technology with effective benefit accounts, making the benefit experience easier than ever. We offer dozens of accounts that can be customized to an employer’s unique needs, and our benefit experts on staff can help design plans that work best for your organization. Don’t wait to experience the benefits of benefits. Request a proposal today!
