Square wants to bet big on small businesses by giving them access to big employee benefits. The fintech firm was founded by Twitter CEO Jack Dorsey, specializing on giving small businesses access to free point-of-sale systems. The app is using its payroll platform to offer various perks such as employee benefits and retirement savings to employees.
Small businesses can now gain access to high-quality and affordable benefits that are simple to use, flexible, and integrate within the current infrastructure of the Square Payroll.
The main idea is to remove the various administrative hurdles that make it difficult for businesses to offer employee benefits. Square also rolled out a new feature to help companies attract talent and retain them for the long haul. Businesses can seamlessly reduce their tax payroll with their employee benefits, without incurring any extra costs.
“With today’s launch, Square Payroll is giving small businesses access to ‘big company’ benefits”, said Caroline Hollis, the head of Square Payroll.
Some of the benefits available to businesses through the Square Payroll app include retirement savings, workers’ compensation, health insurance, and tax expenditure. In order to make the highly ambitious task possible, Square Payroll formed strategic partnerships with technologically centric companies like Alice, Guideline 401 (k), AP Intego Insurance Group, and SimplyInsured.
Members can select desired benefits that fit their business models and budgets from a number of available options. A one-time registration fee will allow businesses to access these features, which will automatically integrate with Square Payroll and help companies make business contributions and employee deductions on an accurate basis.
To sign up with SimplyInsured, employers will need to navigate to the Benefits section of their Payroll dashboard. Click on “Get Started” under the “Health Insurance” tab. Then simply click on “Start Setup”. This allows Square Payroll to sync SimplyInsured with your business information, giving you an instant quote that is tailored to suit your business.
Businesses will be given several options. If you’re confused about choosing the best option, you can get in touch with Square consultants directly or visit their website to learn more.
After the process is approved, employees will be given an invitation to enroll by visiting the online Square Payroll Employee Dashboard.
At present, businesses are required to contribute at minimum 50% of the premium that will be paid on a monthly basis. The great feature about SimplyInsured is that it doesn’t cost an additional dime to the company. Plan prices are exactly as they would be if you were to directly subscribe to a health insurance carrier.
Companies can easily add and remove employees to the payroll by visiting their dashboard at Square Payroll.
Giving employee benefits is extremely important in highly competitive markets. Research conducted by the Employee Benefit Research Institute found that at least 83% of surveyed employees think of health insurance as an important deciding factor when it comes to choosing a job. 73% of employees felt the same way about retirement benefits.
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