As an employer, Betsy is considered one of the best around. She pays more than minimum wage and offers extra benefits like medical, dental, and savings programs. What might providing all these things do for Betsy’s business?
Help lower her personal health insurance costs
Help her attract and keep great employees
Help her reduce her overhead costs
Help her keep her social media following to a minimum
Providing all these things can help Betsy's business in multiple ways:
1. Attract and retain great employees: By offering higher wages and additional benefits, Betsy can attract talented individuals who value financial stability and job security. Moreover, providing medical, dental, and savings programs shows that she cares about her employees' well-being, making them more likely to stay with the company long-term.
2. Improve employee productivity and morale: When employees feel valued and taken care of, they are more motivated to perform well. Offering benefits and higher wages can create a positive work environment, improving productivity and boosting employee morale.
3. Reduce turnover and hiring costs: By providing competitive wages and benefits, Betsy can decrease employee turnover. With low turnover, she can avoid the expenses associated with recruitment, training, and onboarding new employees, which can be both time-consuming and costly.
4. Enhance company reputation: Offering above-average wages and comprehensive benefits can improve the company's image and reputation. This positive perception might lead to more job applications from qualified individuals, further increasing Betsy's chances of hiring talented employees.
5. Increase customer satisfaction: Happy and motivated employees are more likely to provide exceptional customer service, leading to higher customer satisfaction levels. Satisfied customers are more likely to become loyal, repeat customers and recommend the business to others, helping Betsy's business grow.
It is important to note that providing these benefits might not directly affect Betsy's personal health insurance costs. However, by ensuring her employees have access to medical and dental programs, it can contribute to a healthier workforce, potentially reducing the overall healthcare costs for the company.