How Much Do Benefits Cost Per Employee?

Posted March 18 2021


Portrait of a group of confident businesspeople standing together in an officeThe working world is ever changing, especially given the events of the past year. While businesses are performing self-analyses to see where they can save money such as working from home, less travel, etc., one area that should be reinvested in is employee benefits!

How much do benefits cost per employee?

There is no one answer to that questions and are based on many factors, however according to the Bureau of Labor Statistics, the average cost of employee benefits for employers in December of 2020 was $12.07 per hour. As you know, there are companies that have extensive packages, and some that offer the bare minimum, so the real questions should be, “How much am I willing to spend on benefits for my employees?”

What benefits are critical?

The short answer, all of them! However, we understand that businesses and companies have a budget, and in order to give a proper recommendation, we would have to understand what your overall goals are, and what you are trying to accomplish. Are you trying to limit employee turnover? Are you trying to attract high level candidates? How much of an investment is it to fully train a new hire? These are just a few questions you can ask yourself in order to get a better understanding of where you currently stand, and how you can potentially improve. After all, the best prospect is an existing client, the same can be said about your employees!

That being said, while health insurance is a given, the other most critical benefit to include in your benefits package is disability insurance. Protecting your employee’s well-being in the event that something happens to keep them from being able to perform their job is increasingly being viewed as a necessity.

What benefits are a bonus?

Something that is pretty cost effective for the benefit it provides to your employees is Group Life Insurance. While most businesses that offer benefits to employees have a well-rounded approach, life insurance is an option that protects more than just your employees, but their loved ones as well. Offering life insurance can definitely be a way to set your business apart from the competition.

How Can I Obtain a Benefits Package for My Employees?

Give us a call! Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.