What’s better than a $1/hour raise?

As the economy starts to be resuscitated from COVID, employers are already seeing the job market heat up. Employees are interested in their take-home pay, of course. But they’re also much more aware of the need to be financially protected against illness and accidents that could wreck them and their families.

Did you know …

  • Nearly 80% of workers would prefer new or additional benefits to a pay increase.
  • 90% of those 18 to 34 years old say they would prefer benefits over pay, versus 70% of the those 45 to 54 and 66% of those 55 to 64.

To attract and retain the best employees, business owners have a choice. They can increase wages or they can add health insurance and other benefits. Which is better? Let’s do the math.

What if you offered a health insurance plan to all your employees and contributed $175/month? Did you know that this amounts to about $1 hour?

To see for yourself, multiply $175 times 12 divided by 52. This gives you the weekly amount of $40.38 per week. Divide that by 40 hours and you wind up with almost exactly $1/hour.

Now  you’re probably thinking the fallacy is this calculation is that you can’t buy a quality health insurance plan for $175 month. And you would be right.

But if you double this amount, you can find some good group plans that you can offer to your employees. If employees paid half, employees could become insured for a payroll deduction of $40.38 per week.

If you would like some exact number for your group, call 904-295-8498 or use the contact us form.