Building Employee Well-Being: A Guide For Small Businesses

As a small business owner, you wear many hats.

From managing the day-to-day operations to ensuring your business stays profitable, your plat is full. Amid all these responsibilities, one aspect that takes priority is your employee’s well-being.

Happy, healthy employees are the backbone of your business’s success. But providing the resources your team needs to support their health and wellness can seem daunting. Especially when you are working on a fixed budget and worrying about rising costs and inflation.

Finding the right balance is important and can provide your team with the supports they need to help your company thrive.

Here are 5 benefits tips to ensure your team’s well-being this fall.

‍The Importance of Employee Wellness for Small Businesses

‍Let’s start by addressing why employee wellness should be a priority for your business.

Your team is your most valuable asset, and their well-being directly impacts your business’s success. Studies have shown that a happy and healthy workforce is more productive, more likely to stay with your company, and can even help attract new talent.

By investing in your employee’s, your investing in the long-term success and strength of your business.

‍Tailor-Made Solutions

‍There is no one-size-fits-all solution that small businesses can employ to invest in their team.

Each company, team and team member are a little different, and has different needs that must be balanced.

This means flexibility is key. Fortunately, there are a number of flexible and customizable solutions that companies can utilize to support their teams including digital benefits solutions like the BeniPlus Wallet.

These solutions were designed with small and medium-sized enterprises (SMEs) in mind. They allow you to tailor your benefits package to the specific needs and budget of your business. Whether you have 2 employees or 50, you can create a benefits plan that fits your budget and headcount.

‍Healthcare Spending Accounts (HSAs) and Wellness Spending Accounts (WSA).

‍HSAs and WSA are a powerful tool for small business owners.

They allow your employees to access medical and wellness services while giving you complete control over the cost.

With an HSAs, your employees can use a set budget of funds for any eligible health and wellness expense including dental, vision, prescriptions, and even massage therapy.

Likewise, with WSAs, your team can dedicate some or all of their benefits budget to investing in wellness services like exercise, sports, or even professional development.

These empower your team to prioritize their health and well-being without straining your budget.

‍Cap and Control the Cost of Benefits

‍Managing and controlling the cost of employee benefits is vital for small businesses.

Traditional benefits make managing and predicting the cost of benefits difficult. Prices can go up depending on usage, inflation, and other unpredictable factors.

That is why Flexible Spending Accounts (FSAs) like the BeniPlus Wallet are such a great option for SMEs.

With FSAs, you set a fixed budget for each employee which cannot be exceeded. Even better, costs can’t go up unless you raise the budget. This gives small businesses complete control over their benefits and the peace of mind of knowing that costs won’t go up.

‍Save money for you and your team with great tax advantages!

‍There is nothing that a small business like more than saving themselves and their team a lot of money.

Benefits are a great and tax effective way to provide for your team and save money.

Benefits are tax deductible for businesses and depending on the type of benefit they can provide substantial tax savings.

For example, HSAs use pre-tax dollars to pay for medical expenses. This means that any expense through an HSA is not subject to income tax. Depending on your tax bracket this could provide up to a 50% savings for the user.

Promoting employee well-being in your small business doesn’t have to be expenses or complicated. With the right benefits strategy and a focus on employee wellness, you can create a supportive work environment without breaking the bank.

Tailor-made digital solutions and cost effective control measure can make all the difference in ensuring your team have access to the supports they need to thrive.

Investing in your employee’s well-being isn’t just a cost; it’s an investment in the success and longevity of your small business. By prioritizing the health and happiness of your team, you’re laying the foundation for a thriving and sustainable future.

For more information about the BeniPlus Wallet, speak with one of our benefits experts today!