We all know that healthcare benefits can be one of the most important factors a candidate looks at when deciding the company they’re going to work for. And why wouldn’t it be? A lack of solid healthcare benefits can lead to more cost and risk for a potential employee, not to mention leave a company at a disadvantage competitively. It’s true that many startups, in the beginning phases of growth, forego healthcare offerings for options such as equity or other perks. And for some, the lack of a health/dental/vision plan doesn’t make or break the decision for potential employees to accept a position. But at Hivewyre, we knew we wanted to offer healthcare benefits from the very beginning— not only because we felt it was beneficial for each individual employee, but for the company long-term. As a startup that’s deciding on a healthcare benefit plan, remember to keep a few things in mind: - Be flexible: Although most healthcare plans come with options, giving your employees the flexibility to support different lifestyles and budgets is extremely important. For example, here at Hivewyre, each employee is allotted $500/month to go towards their health/vision/dental benefits. They have the option to choose a PPO or select an FSA (Flexible Spend Account) and bank any remaining dollar amount within it. Another option a company could choose would be various levels of healthcare, with tiered coverage and cost. - Help employees save: Especially in tech, it’s not rare to see benefits completely paid for or substantially contributed to by an employer. Helping your employees to save money, whether it’s by getting the best deal possible on a healthcare package or paying for it all outright, will not only be a competitive benefit to help you gain/keep A-players, but also a form of appreciating those who have chosen to build your company with you. - Keep a pulse on your options: Even though you may decide on a plan that works best for you and your employees, remember to stay in the know on additional options you have. Here at the Hive, for example, we recently decided to look into a new benefits program ourselves. Although there wasn’t anything particularly wrong with the healthcare benefits we had chosen before, we decided to request bids from various brokers in an employee-led initiative. The result was an 18% savings per employee, giving each colleague the option to receive more money in their FSA account if they went that route. It can be a challenge to find the perfect mix of benefits, a healthcare program that works for you and your team, and to keep up with a myriad of options. However, by finding a great fit for your healthcare offering, you’ll be appreciating those who are growing with you and setting your company up to reel in the best and the brightest.
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