Standing out above the crowd can be incredibly challenging for Australian businesses. RSM Global's thinkBIG business report provides insight into why. 35 per cent of those surveyed said hiring great talent was too difficult, 33 per cent said there just wasn't enough time in the day and 25 per cent said a lack of market opportunity was holding them back.
What's the common theme there and what's the solution? Logic says that it could be spending more time making your business attractive to prospective talent, as well as keeping current employees happy, healthy and productive.
That's why part of any strategy for improving your business should include offering your employees corporate health insurance. Let's have a look at what exactly this can achieve.
1. Attract and retain the best talent
Without great talent your business won't even get out of the blocks when it comes to beating the competition. That's because your employees are your organisation, and the quality of employee that you hire and retain will determine your eventual success or failure.
To attract the best talent, you have to stand out from the crowd and offer something that your competitors might not. With corporate health insurance you'll do just that, gaining the edge when it comes to offering prospective employees an attractive salary package with benefits.
A 2016 Michael Page talent survey found that once businesses hire great people, they struggle to retain them. 35 per cent said that new employees usually leave within six months, and the same number of respondents said that losing talent was a barrier to business growth. Slow down the revolving door and keep your employees for the long haul by keeping them happy and healthy with corporate health insurance.
2. Gain tax advantages
Standing out above the crowd can be incredibly challenging for Australian businesses.
Paying tax is the responsibility of every Australian business owner, but you should never pay a dollar more than you have to. Depending on your unique situation, offering corporate health insurance does not have to leave your company with an unwanted Fringe Benefits Tax liability.
Depending on how you structure your corporate health insurance plan and the way you encourage participation will influence your tax obligations. If you're unsure how offering health insurance will affect your tax obligations, you don't have to stumble around in the dark.
Here at HICA we can tailor plans to your business so that they're affordable, manageable and tax-efficient. We also pride ourselves on our knowledge and understanding when it comes to corporate health insurance, so if you have any questions we can always provide an answer.
3. Improve the quality of life of your employees
With the many profit-driven pressures of the modern Australian business environment, it's easy to forget what owning and running a business is really about. And that's improving your quality of life, the lives of those of those you employ (as well as your own).
Unfortunately in 2017, businesses often neglect employee welfare, leaving it in the dust in a relentless push for profit. By offering corporate health insurance, you can take a step towards offering a healthier workplace that supports its employees.
To talk more about what we can do for your business, get in touch with a corporate health insurance expert here at HICA today for a friendly no-obligation chat.