Square has been on a tear of late, with seven consecutive quarters of strong revenue growth. Long known for its credit card processing platforms and analytics, the company continues to add services that manage additional elements like inventory and employees. As their stocked climbed 186% last year and another 102% in 2018, observers like The Motley Fool were inclined to dub Square “one of tech’s biggest winners over the past two years.”
And now, according to a new release, the company has added employee benefit offerings to their Square Payroll product. Designed for small businesses, it will provide access to affordable benefits such as retirement savings and health insurance.
This new feature will easily integrate with Square Payroll, remedying the usual complexity and headaches that come from providing employees with benefits. The idea is to help businesses attract more talent through benefit offerings, while also saving some businesses money by shrinking their payroll tax burden.
“With today’s launch, Square Payroll is giving small businesses access to ‘big company’ benefits,” said Caroline Hollis, Head of Square Payroll. “We’re empowering businesses to provide their employees a comprehensive set of benefits and the financial security that comes with having them.”
Of course, coming up with a product like this requires collaboration. Square Payroll partnered with businesses like SimplyInsured, Alice, Guideline 401(k), and AP Intego Insurance Group to integrate the various components. Small business owners can handpick the benefits that best match their business and budget. You can take an à la carte approach, or opt for the whole lot. Following a one-time benefits enrollment, the chosen benefits sync automatically with Square Payroll.
“With Square Payroll we are able to simply and affordably provide employees with the benefits they need and reduce administrative time in the process,” said Shatisha M. Wilson, the owner of a therapy and counseling center in Georgia. “Options we looked at before had employee minimums that prevented us from qualifying, but with Square Payroll the benefit plans are designed to meet the needs of businesses my size.”
Not only can Square Payroll simplify administrative efforts for owners, but it can also help attract and retain employees. According to data from the Employee Benefit Research Institute, more than 80% of employees say that health insurance is “very important” or “extremely important” when they’re choosing a new job or staying at a current one. And 73% of employees say the same about retirement benefits, suggesting that a value-added product like Square Payroll could make a solid impact on your bottom line.