Beyond Perks
How Employee Benefits Drive Retention, Revenue, and Long-Term Success
In today’s business world, employee benefits are more than just perks—they’re essential tools for attracting and retaining top talent. But there’s a lot more to employee benefits than meets the eye, especially for small and medium-sized businesses.
I recently had the opportunity to chat with Kevin Donohew, FSCP with New York Life, who shed some light on what many business owners might be missing when it comes to offering benefits. Whether you’re a start-up founder or managing a growing team, these insights are invaluable for enhancing both your business’s success and the well-being of your employees.
4 Things You Didn’t Know About Offering Employee Benefits: Insights from My Networking Call with Kevin Donohew
1. Beyond Group Life: The Power of Comprehensive Coverage
Many business owners are familiar with common benefits like Group Life, Group Disability, and Long-Term Care insurance. But Kevin explained that the scope of benefits you can offer goes far beyond the basics. For instance, did you know that your business could also access the insurance required for succession plans and buy/sell agreements?
Succession planning is crucial for long-term stability, especially for small businesses. Buy/sell agreements ensure that your business can continue running smoothly in the event of an owner’s unexpected departure, providing financial security to partners or heirs. These benefits aren’t just about protecting employees—they’re about safeguarding the future of your business.
2. Even Small Businesses Can Offer Benefits
You don’t need to run a massive corporation to provide group benefits. In fact, Kevin shared that businesses with as few as three employees, including the owner, can qualify for group benefits.
This is great news for small businesses and startups, where every employee is critical to success. Group benefits for a team of three might seem modest, but it signals to your employees that you value their well-being and are invested in their long-term success.
3. The 2-Year Threshold: An Important Milestone
While it’s exciting to think about offering benefits to your team, there’s an important threshold you need to be aware of: your business must be established for at least two years before you can offer group benefits. This waiting period can feel like a hurdle, but it’s actually a prime opportunity to focus on growth and stability, ensuring that you’re ready to provide meaningful benefits when the time comes.
Reaching that two-year mark is often a make-or-break moment for businesses. Those who cross it tend to have a stronger foundation and clearer direction, making employee benefits a powerful tool for their continued success.
The Role of a RevOps Business Consultant: Maximizing Your Success
As a RevOps Business Consultant, I’ve seen firsthand how reaching that all-important two-year mark can be challenging for many businesses. The right strategies can make all the difference. My role is to help businesses streamline their operations, align their teams, and develop revenue-boosting strategies that get them to milestones like the 2-year mark faster and more efficiently.
By focusing on aligning your operations with your revenue goals, you can create a more cohesive business strategy that supports long-term growth. This, in turn, increases the likelihood that your business will not only survive but thrive—and allow you to offer meaningful benefits to your employees.
4. Retention Matters: Benefits Are Key
In today’s competitive job market, offering the right benefits can be a game-changer for employee retention. Kevin highlighted how employee benefits play a pivotal role in keeping your top talent engaged and committed to your business.
I pointed out to Kevin that often when I hear my RevOps Consulting clients say the cliché complaint, "No one wants to work anymore." My response is, "We all have to eat. The real, but uncomfortable, question we need to be asking is 'Why don't they want to work for you?'" Benefits can play a key role in answering that question effectively.
Why is this important?
Retention = Revenue
Employee turnover is one of the biggest hidden costs for businesses. When employees leave, it’s not just about replacing them—it’s about lost productivity, the cost of hiring and training, and the potential loss of institutional knowledge. By offering benefits that your employees value, you’re investing in their long-term loyalty.
It might surprise you to learn that improving employee retention is one of the easiest ways to increase your revenue. Retaining employees means reducing the costs associated with high turnover, including recruitment, training, and the loss of productivity during transitions.
When your employees stay with you, they become more skilled, more invested in your company’s success, and more aligned with your long-term goals. The result? A more stable, efficient, and profitable business. Benefits are a critical part of making this happen.
Consulting: The Affordable, High-Impact Solution
One of the most interesting insights that came out of my conversation with Kevin is how businesses often overlook the cost-effective solutions that can make the biggest impact on their revenue and success. While many turn to marketing and advertising to drive growth, looking internally at the business will generally get you 3x more revenue with 1/2 as much effort.
4 Easy Ways to Maximize Your Revenue without Making a Single Sale
Partner with a RevOps Business Consultant to review your business strategy and overall operations to identify places where you can improve your communications, customer retention, fullfillment, processes, procedures, and platforms. A good RevOps Business Consultant will net you more in monetary gains, risks and costs avoided, and saved time than you ever pay them in fees.
Offer better employee benefits to improve employee satisfaction, loyalty and retention.
Make sure your business operations and software apps are optimized for efficiency.
Document your processes and procedures to create repeatable events that are efficient and maintain the same level of quality across all employees. This reduces stress, reduces mistakes, improves customer satisfaction, and reduces employee onboarding time.
The Bottom Line: Benefits are a Game-Changer for Small Businesses
Offering employee benefits isn’t just a box to check—it’s a powerful way to enhance employee retention, improve business stability, and protect your company’s future. As businesses navigate growth and the challenges of staying competitive, understanding the value of benefits and consulting services like RevOps can make all the difference in achieving long-term success.
If you’re curious about how you can improve employee retention, increase your revenue, or reach that critical two-year milestone, let’s connect. It might be the most important conversation you have for your business this year.
Want to Know More about RevOps? I recommend this further reading…
Consulting services like mine help businesses streamline their operations, optimize their revenue generation processes, and create a more sustainable business model. In many cases, these efforts yield a higher ROI than traditional marketing and advertising campaigns, especially for small to medium-sized businesses looking to grow efficiently.
To learn more about what RevOps Consulting is and what it can do for you, I recommend these articles:
Caught in the whirlwind of the daily grind, many businesses make these 12 Critical Mistakes…
Why RevOps Consulting is the Unseen Game-Changer in Business Success
What is the difference between Coaching, Consulting & Fractional Services?
If you'd like more information about working with me, schedule a call and let's talk!
Want to Know About Offering Employee Benefits?
You can book a call with Kevin Donohew, FSCP, or reach him on LinkedIn.
Financial Services Professional
Agent, New York Life Insurance Company
Registered Representative offering securities through NYLIFE Securities LLC (member FINRA/SIPC), A Licensed Insurance Agency
The Library 📖 at the Business Witch Academy is a reader-supported publication. Knowledge is my product. Like you, I have bills to pay and loved ones to care for. If you ever have, or would, pay a college or university for sharing knowledge with you, and you find value in my writing, please consider a paid subscription so that I can continue with my work.
Book a 1 Time Q&A | Join the Support Group | Book a Guaranteed Results Call
Go on a Side Quest | Shop Ophelia’s Bazaar
DISCLAIMER
Some outbound links may financially benefit me and the page through affiliate programs. The affiliate relationship doesn’t influence my opinion, and I would never endorse programs, products, or services I didn’t use, approve of or feel familiar with. So If you use it, I will get compensated — but there’s no additional cost to you.