Maintaining a competitive advantage is the way to keep your business afloat. And any franchisor knows that at the heart of your business are your franchisees and their employees. So how do you keep the best employees and attract premium talent to your business? Simple! By offering the most attractive health benefits for franchisees in your industry. 

Franchisors have avoided providing health benefits for franchisees. This is because it’s difficult to create consolidated health benefits across states lines and ERISA. Additionally, providing health benefits for franchisees and employees can become ridiculously expensive.

Is there a way to simplify the process of getting health benefits for franchisees? We have put together an easy guide on why and how you can offer health benefits for franchisees and employees. 

Why You Should Provide Health Benefits For Franchisees

Benefits can become the annoying itch that shows up every month on your bank statement. So, cutting costs by not offering health benefits for franchisees makes financial sense. 

By offering health benefits for franchisees, you show your franchisees and their employees that you care about their health. Additionally, you get to take care of your employees if any health issues arise. This means it takes them less time to seek medical attention. With health benefits for franchisees, they don’t have to worry about burning a hole in their pocket when they or their employees need medical attention. 

What does that mean for your business as a franchisee? Less sick leave, fewer sick employees, and increased productivity. So, by simply offering health benefits for franchisees and employees, the overall health and wellbeing of your organization improves.

What Are The Basic Benefits That You Need To Provide?

By law, there is a minimum set of benefits that you need to provide for your employees. These include:

• Time off to serve jury duty, vote, or carry out military service
• Be compliant with all worker compensation requirements
• The ability to pay for state and federal unemployment taxes
• Contributing to short-term disability programs. This depends on whether this is a requirement in your state.
• Complying with Federal Family and Medical Leave (FMLA) regulations

As a franchisee, these are the benefits that you are not obliged to cater for:

• Vision or dental plans
• Holidays, paid vacations, or sick leave
• Life insurance plans
• Retirement plans
• Health plans (unless you live in the state of Hawaii)

Although you really don’t need to provide these benefits for your franchisees, you stand to improve the lives of everyone in your business if you do. When it comes to health benefits for franchisees, these are the pros and cons of offering them to your franchisees and their employees. 

The important thing to consider here is what your competitors are doing. To make sure you have the best talent in town, you need to create a package that attracts the talent and keeps them. Health benefits for franchisees is one of the ways that you can do this. Look at what your competitors are offering and look at whether it is financially feasible to match or surpass their packages. 

As a franchisor, you need to give interested franchisees a reason to pick your franchise over any others. Something as simple as health benefits can make that decision easier for a franchisee. If you offer health benefits that extend to the franchisee and their employees, that does two things. One; it gives the franchisee an added reason to pick your franchise. Two; it allows the franchisee to attract the best talent to work for your franchise. So, when it comes to offering health benefits for franchisees, everyone wins!