Employee Benefits 101
Are you interested in employee health benefits for your small business but don’t know where to begin? Look no further! I’ve provided all the information you need to start this journey.
Why you even need employee benefits
Employers offer employee benefits for various reasons. It is essential to understand your employee population and reasons for offering benefits. Some of the most common reasons employers opt for group benefits include:
Attract and retain top talent
Protect the greatest business asset-the employees
Enhance and maintain business productivity
Enjoy better worker morale
Tax benefits for the business owner and employees
What is typically offered?
Employee benefits refer to additional compensation employers offer to cover employees for services other than salary or wages. There is no one-size-fits-all plan for these benefits. You have to look for a plan with your organization in mind. Some of the common benefits include:
Health insurance
Dental/Vision
Disability
Life insurance
401K
Supplemental insurance – policies that provide additional coverage for accidents, cancer, heart attacks/strokes and hospitalizations for any reason.
Tuition loan reimbursement
Flex Savings Account
These plans also cover your employees’ dependents (spouse and children). The cost of insurance premiums is also reduced when offered to a group of 2 or more.
The importance of employee benefits
A recent study found that 50% of businesses with fewer than 50 employees offer health care benefits, and 96% of businesses with over 100 employees do. 40% of employees will leave a company to work for a company with a more competitive benefits package (I heard this from another broker but couldn’t find this statistic).
Can you add a few points from this article? I think it would be good to highlight the great recession and the benefits that are attracting top talent.
The right employee benefits motivate employees, boost engagement, promote a healthier workforce, and attract new talent to your organization. The benefits are a win-win for both employers and their staff.
Partner with mat health & financial solutions to create a comprehensive and customized employee benefits package.
Choosing employee benefits is an important decision. Every company is unique, and employee needs are diverse. Let’s meet to discuss the needs of your employees and organization today and create a plan that’s going to grow with your company into the future.