Employee Benefits Packages for Small Businesses: How to Retain Employees with Attractive, Comprehensive Packages
As Ann M. Mulcahy said, “Employees are a company’s greatest asset – they’re your competitive advantage. You want to attract and retain the best; provide them with encouragement, stimulus, and make them feel that they are an integral part of the company’s mission.”
The good news is there are many ways to attract and retain employees who will take your company to the next level. One great way is to provide them with attractive employee benefits packages. With the right package, you will take care of your valued employees while giving them a huge incentive to stay with you.
Employee benefits is a vast topic – there are many questions surrounding it. For instance, what exactly are employee benefits? What does an attractive employee benefits package for small businesses consist of? If you decide to invest, how do you maximize your benefits packages?
What Are Employee Benefits?
Employee benefits are benefits offered to your employees above and beyond salaries and wages. They’re meant to protect employee health, income, and wellbeing.
There are several benefits that the law requires businesses to offer. These basic benefits include the following:
Employment taxes including Social Security, Medicare, and FICA
Unemployment insurance
Workers’ compensation insurance
Family and medical leave (FMLA) for covered employers
Your business may offer additional benefits to your employees to stay competitive. Some of these additional benefits include:
Retirement plans
Health plans
Dental plans
Vision plans
Short/long term disability insurance
Life insurance
Wellness programs
Medical spending accounts
Paid vacations, holidays, and sick leaves (sick leave may be required by local ordinances)
Some businesses include a few of these optional benefits in their packages while others include all of them to stand out from competitors. To make sure that you are offering benefits that bring the most value to your employees, design customized, comprehensive benefits packages for your employees that meet their needs. Conducting a benefits survey is a great place to start.
The Value of Offering Great Employee Benefits Packages
One of the most effective ways to attract and retain talent in your small business and to improve your company’s bottom line in the long term is to offer great employee benefits packages.
With these comprehensive packages, you’ll gain two huge advantages.
1. You’ll Attract and Retain Talent
While offering a higher salary than your competitors is going to get you more job applications, including attractive employee benefits will help you reel in top-quality employees and keep them in your company.
Employee benefits are considered a necessity to most employees and offering a solid package shows them that you are invested in their wellbeing and their future. This is the most effective way to achieve great employee retention.
Employee benefits packages help retain employees as well. According to a study by Work Institute, 9% of employees leave a company because of low compensation and benefits.
2. Improve Your Company’s Bottom Line
Small businesses that invest little in employee benefits may think they are boosting their bottom line. But while their bottom line may improve temporarily, more harm is done to the company’s chances of success.
One reason is health – when your employees are healthy and happy, you will reduce healthcare costs in the long run. Also, healthy employees are naturally more productive. Not only will your employees be pleased with how you’re investing in their health, but they will also feel fitter, better, and more energetic, bringing more to the table and improving your company.
While budgeting on your employee’s health benefits can improve your company’s bottom line temporarily, you will gain much more over time when you invest in them.
What Are the Elements Included in a Great Employee Benefits Package?
With the help of Benefit Concepts, your business can customize benefits packages for your employees based on their desires and needs. However, there are several benefits that should be considered standard. These include the following:
Health insurance
Paid time off
Short-term disability insurance
Long-term disability insurance
Dental insurance
Vision insurance
Life insurance
Retirement plan (401K)
Health Care Flexible Spending Accounts (FSAs)
If you are not sure which benefits to include in your customized packages, we can help. Simply tell us your needs, and we’ll get back to you immediately.
The Value of Guidance in Implementing Employee Benefits Packages
Of course, it’s up to you if you want help crafting your employee benefits packages. But if you want an easy, smooth process, you’ll find that professional guidance promises you four main benefits.
1. Maximize Your Investment in a Benefits Program
When you invest in a benefits program, you want your money to go as far as it can in protecting and satisfying your employees. That said, it can be difficult to design and implement your own comprehensive packages. With the help of a professional, you’ll maximize your investment with the right components in each individual package.
2. Compliance Updates
Employee benefits compliance rules are constantly changing. To ensure your benefits packages are always up-to-date, you need to set aside considerable time to find out the latest updates.
When you get professional guidance, you’ll get updates on all changes in benefits compliance, saving you time and stress.
3. HR Guidance
Knowing how valuable your employees are to your company, you want to guide them as a trusted HR advisor. With professional help, you’ll gain trust and build a stronger, lasting relationship.
4. Open Enrollment Support
Open enrollment season can be stressful for your company. This is especially true if many of your employees choose to change or select new benefits as part of their package. With a professional advisor, you can skip the stress and hard work plus give your employees a smooth path towards tweaking their packages.
Achieve Peace of Mind from an Experienced Service Team
Quality employees are essential to your company. Without them, you lack the foundation on which you can build a successful empire.
You may know how important it is to take care of them and provide them outstanding benefits packages – but it can get hard. You’re busy running your company, and don’t have time to spend studying how to maximize your investment or keep up with compliance updates.
If this is you, we’re here to help. At Benefit Concepts, Inc., we ensure you satisfy and care for your employees without doing the backbreaking work.
NOTE: This content is not intended to be taken as legal, benefits, or HR advice. Since regulations change over time and can vary by location and employer size, consult a licensed broker or HR certified expert for specific guidance.