Dave has a secret. He is a business owner with 12 employees and hyper focused on keeping his overhead expenses down. He doesn’t bother with benefits. Way too complicated, the average new hire lasts 6 months and he is not required to give benefits as they all work part-time.
Dave recently found out about discount benefits. He gives all his employees (and their families) free telemedicine visits, discounted dental and vision for about $2,500 a year. He can start and stop coverage at any time with a 30-day notice so he worries less about high employee turnover.
Discount benefits are not insurance – but they do provide a level of care that many part-time employees want. A visit to an urgent care center for a minor ankle sprain or a sinus infection would cost a week of take-home pay. Plus, many workers cannot afford to miss 3 hours of pay to see a doctor. Telemedicine can solve those dilemmas.
Dave reports that his turnover has slowed. He has less issues around training new hires, understaffing or costly overtime. And with employees staying on the job longer, they have become more productive. He calculates saving $25,000 a year in payroll.
Pretty good ROI he says.
Please don’t tell anyone – it’s Dave’s secret.