EMPLOYEE BENEFIT SOLUTIONS
Employee Benefit Solutions for your business
Group benefits are employee packages that include extras such as health insurance, retirement savings plans, paid vacation days and more addition to their salary compensation. Employers offer employee benefits to attract and retain top talent, as well as improve employee productivity and engagement. These are important because studies have shown that employees who feel valued and appreciated by their employer are more likely to stay with the company and be more productive. Some benefits are even required by law.
WHY EMPLOYEE BENEFITS MATTER?
Attract the most talented employees.
If you want to hire the best employees―talented, motivated workers who can help your company succeed―then a solid employee benefits package is a great place to start.
In other words, to be competitive with hiring, you really need employee benefits. Otherwise, you’ll probably lose the best candidates to businesses that offer a well-tailored benefits package. Because for many workers, a benefits program can be a deciding factor in choosing where to work. It’s an important part of their overall package.
When your business offers benefits, it shows that you believe in your company, that you have strong enough finances to afford benefits, and that you want to invest in your workforce. In other words, benefits suggest you’ve got what it takes to be a great employer―which in turn attracts great employees.
Minimize employee turnover.
A good benefits package can keep your workers from getting swayed by other job offers. And when you offer benefits, you’ll help your employees feel the company (and their employment) is stable and secure, so they’re less likely to start putting out resumes.
That means you’ll save money on hiring and training, because you won’t have to do either of those as often. It means you’re less likely to have projects and clients fall through the cracks when employees leave. And it means you can build a knowledgeable team that can quickly and expertly tackle all sorts of problems that would trip up a newer team―all thanks to the employee loyalty you’ve built with benefits.
If you want to keep employees around for the long haul, you need a benefits package that makes people want to stay.
Keep workforce healthy.
You probably know firsthand that when you feel better, you are more productive. For example, if you offer dental insurance, a minor cavity never has to become a complicated root canal that distracts your employee and forces them to take several days off work. The same is true of vision insurance and medical insurance. Healthier employees can lead to a healthier business.
Boost employee productivity.
A well-designed benefits package will give your employees the mental headspace to stay productive too. Your workforce won’t feel as worried about affording health care, saving for retirement, taking care of their children, or other concerns that benefits can address. That means they have more brain power and motivation to put to work for your business.
Enjoy better worker morale.
A good benefits package can improve employee morale, leading to a better workplace overall. Providing employee benefits will help your employees feel you care about their personal needs. Happy, loyal employees will speak highly of your business, making it easier for you to attract talent when you have job openings. For great employee satisfaction and the morale to go with it, you’ve got to have good benefits which fit into your business.
EMPLOYEE BENEFITS EXAMPLES
Not sure what you should include with your benefits package? We can give you some ideas.
A basic benefits package might include the following:
- Medical insurance
- Dental insurance
- Vision insurance
- Life insurance
- Disability insurance
- Retirement savings plan
- Sick leave
- Vacation time
- Parental leave
We can tailor your benefits program to your business. For example, your company may choose to offer not just a 401(k) retirement savings plan, but also well designed matching contributions. Or some businesses will choose to offer all paid benefits for their employees, while other businesses may ask employees to share the cost of their medical and ancillary benefits with them.
Medical, Dental and Vision Benefits
Health insurance plans vary in terms of the services covered, the deductibles and copayments required and the premiums charged. Health insurance plans can be offered by employers, health insurance companies or the government.
Dental insurance usually pays for preventive measures, such as teeth cleanings and X-rays, as well as common procedures such as fillings or a tooth removal. Some dental insurance plans also cover major procedures, such as crowns and bridges.
Vision insurance helps cover the cost of caring for your eyes, particularly routine eye exams, prescription glasses and contacts. Some plans may also offer discounts for corrective surgery, such as LASIK.
Life insurance provides financial assistance to the beneficiaries of an employee who dies. Benefits may cover the cost of funeral expenses, debts and other final expenses. Employer may offer additional voluntary coverage which premium is deducted from employee’s payroll.
Disability insurance provides financial assistance to employees who are unable to work because of a serious injury or illness. Disability insurance pays workers a percentage of their paychecks, helping them remain financially stable until they can return to their jobs.
THE BEST PRACTICES FOR YOUR EMPLOYEE BENEFITS PACKAGE
When designing your employee benefits package:
- Make sure the benefits you offer are ones that your employees will actually use and appreciate. Offering benefits that meet the needs of your employees will make them more likely to use them effectively.
- Consider the benefits are affordable for your business. Offering too many expensive benefits can strain your budget.
- Be sure to communicate the details of your employee benefits package to your employees. They should know what benefits are available to them and how to take advantage of them.
- Some benefits may be legally required in your state for the size of business you operate.
While offering employee benefits may cost a bit more initially, the long-term advantages can greatly outweigh those costs and contribute to your overall success. Your benefits will attract better employees and keep them around for the long haul. Simply put, an employee benefits plan is worth the cost. And remember, you don’t have to offer all the benefits right away. Your small business can always start off with essential benefits (like medical insurance) and expand the employee benefits program as your workforce grows.
But whether you start big or small, we think that your business will benefit when your employees stay healthier and financially sound. We are here to help!
QUALIFIED RETIREMENT PLANS are important part of the employee benefit package -they help employees save for retirement. There are two types of retirement plans: defined benefit and defined contribution.
Defined contribution plans (401k, 403b, SEP-IRA etc.) allow employees to contribute a set amount of money to their retirement account each month. The employer may also make matching contributions to the employee’s account.
Defined benefit plans, such as Cash Balance Plans on the other hand, provide a source of income for retirees that is typically based on their years of service and salary history. This income is paid out in regular monthly payments.
See also Small Business Retirement Plans