Creating a Competitive Employee Benefits Plan

Employee benefits plans are an important part of any business owner’s company structure. Part of attracting and retaining talented employees is offering them a competitive benefits package. Some benefits are required by law, while others can be offered simply to boost your company’s appeal. Creating a competitive benefits package is about finding the balance between what is required, what you can afford and what will make your employees happy.

Employee Benefits Requirements and Extras

The law requires that employers provide their employees with certain benefits, including:

Social Security taxes
Unemployment insurance
Workers compensation
Disability insurance
Leave benefits (required by the Family and Medical Leave Act)

Optional employee benefits and incentives include health insurance plans, retirement plans and pensions, flex time, free financial wellness programs, and corporate memberships. However, most companies offer at least a few of these benefits given that many job seekers feel that they must have them in order to apply for a job.

To create an employee benefits plan that works well for your company and your employees, start by including all of the benefits required by law, then add from there. Most employees feel that they must at least have health insurance, and many others desire a retirement plan, disability insurance, and more. Add in the benefits that have become standard in most companies, such as health and life insurance, and consider adding other benefits based on your budget.

It may also be beneficial to survey your employees about what benefits they desire, or you may try to find out what benefits your competitors offer.

*Investment and Insurance Products are NOT Bank Deposits, NOT FDIC-Insured, HAVE NO Bank Guarantee, NOT Insured by any Federal Government Agency, May Go Down in Value.

———
Sources:
SBA: https://www.sba.gov/content/required-employee-benefits

Share:

You may be interested in...

Bank Accounts for North Carolina Businesses If you’re running a business, you want to make sure your finances are in good order. First Bank* offers North Carolina businesses the bank accounts and merchant services tools needed for success. Financial Services at First Bank First Bank is headquartered in North Carolina and boasts over 80 locations across the Tar Heel State. We got our start in the town of Troy, NC, back in 1935. With an array of business bank accounts and other services, we make it our business to help yours. First Bank has multiple business checking options and business savings accounts. A First Bank account was named one of the “Best Bank Accounts for Small Businesses” in 2019. North Carolina businesses utilize First Bank merchant services for operations including online payments, payroll direct deposit, and more. Put your business in the hands of First Bank can increase efficiency, satisfy customers, streamline operations and elevate your bottom line. Start by comparing our business bank account offerings, and contact your nearest First Bank location for more information. First Bank’s Business Bank Accounts Not all businesses are alike, nor are all business bank accounts. At First Bank, we are proud to offer multiple types of business checking and savings accounts so every company can find the financial foundation it needs. Business Checking Accounts in North Carolina Business Essentials If you are self-employed or own a small business, a Business Essentials account may be right for you. This basic account was named one of the “Best Bank Accounts for Small Businesses” by WalletHub in 2019. Business Interest Why not get a little more out of your business earnings? Our Business Interest account offers all of the same features as the basic Business Essentials, while also allowing you to accrue interest on your account. Business Advantage If your business processes a higher volume of transactions, the Business Advantage account might be a good fit for you. Commercial Analysis Larger organizations need more financial resources and that’s where our Commercial Analysis account comes in. In addition to the basic features of Business Essentials, you’ll also have access to custom programs for your large business needs and can offset service fees with a monthly credit that is earned on your balance. Business Savings Accounts in 12 min read

The 5 Types of Customers You’ll Meet on Social Media If you’re like many businesses, you probably use Facebook and Twitter to talk to your customers. But what happens when your customers use Facebook and Twitter to talk to your business? 3 min read

Where to Get Mobile Payroll Solutions In today’s on-the-go world, you can do just about anything from a mobile phone, tablet or laptop. If you run a business in this tech-driven environment and have employees to pay, you might be wondering where to get mobile payroll solutions. First Bank has more than 100 locations in the Carolinas, but you don’t need to physically visit one to satisfy your payroll or banking needs. With free online and mobile banking for all of our business checking and savings accounts, First Bank is with you and your employees wherever you go. Mobile Banking Options First Bank provides customers with two easy ways to bank on the go. With a wireless web connection, just log into your account through our website to access your money 24 hours a day, making it easy to process your payroll during off-business hours. If you have an iPhone, iPod touch or Android device, just download our LocalFirstBank mobile app* and access your account with one touch of the screen. Mobile Payroll Benefits First Bank is the go-to place to get mobile payroll solutions. We offer a number of advantages associated with digital banking. By being able to make direct deposits from any location at any time, our business customers can: Cut Costs. Stop spending money on printed checks and postage and avoid fees associated with stop payments and reissues for lost or stolen checks. Improve timeliness. Nobody likes waiting for their paycheck and with our direct deposit service you can easily distribute checks to absent or off-site employees. Eliminate the time required to print, sign and mail checks. Reduce risk. Eliminate check fraud by eliminating checks altogether. Provide added convenience. Allow your employees to split their deposits between checking and savings accounts and reduce trips to the bank. Get Mobile Payroll Solutions with First Bank Learn more about why First Bank is where to get mobile payroll solutions and how you can even use payroll cards to make direct deposits to employees without bank accounts. *While First Bank does not charge for mobile banking, check with your mobile service provider for web access fees. iPhone®, and iPod Touch® are registered trademarks of Apple, Inc. Android™ is a trademark of Google Inc. ——— Sources: Investopedia: http://www.investopedia.com/terms/d/directdeposit.asp Investopedia: 2 min read

The Changing Face of the Retail Experience For while retailers face seemingly infinite choice, competition, and technology, retail is still at its strongest when it is focused on the basics: people, service, and relationships. 5 min read

Creating a Competitive Employee Benefits Plan

Ready to talk to an expert?

Employee Benefits Requirements and Extras

Ready to talk to an expert?

You may be interested in...