Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

Creating a Competitive Employee Benefits Plan

Running A Business 2 min read

Ready to talk to an expert?

Find A Location Get In Touch

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

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Image for tile. Banking on Business: Webinar Replay, Recap & Takeaways Our recent webinar was an engaging roundtable that brought together financial experts and community business leaders to discuss essential strategies for business growth and financial management. Moderated by Joe Diggs, SBA Sales Leader at First Bank, the discussion covered vital topics, including bank relationships, cash flow management, credit strategies, and fraud prevention. 4 min read
Best Small Business Bank – North Carolina If you’re looking for the best small business bank in North Carolina, the search ends with First Bank. First Bank’s doors first opened in 1935 to serve farmers and local businesses when the small town of Troy, NC, lost its local bank. Since then, we have continued to help small businesses thrive all over North Carolina. Small Business Options at First Bank In fact, First Bank was one of five institutions to receive a cash infusion from the U.S. Treasury’s Small Business Lending Fund in an effort to further increase small business loan offerings. “Not all businesses are the same, and we are a community bank with community values that strives to anticipate and meet your needs. Small business owners will find that we offer multiple banking options to fit their needs.“ There are a number of reasons why First Bank is among the best small business banks in North Carolina. With locations throughout the state, your business can count on us for: Business loans. Get a lump-sum business loan for equipment, supplies, inventory, vehicles, or anything else you need.* Credit lines. Open a line of credit to borrow and repay as needed or utilize a First Bank business credit card to be used at any time.* Commercial mortgages. First Bank can offer you a competitive mortgage for your place of business. Construction loans. We’ll give you a helping hand in our construction and professional loans program to build new construction, remodel, renovate or expand.* Merchant services. First Bank can help with accepting credit cards for payment, check collection, and more. Checking and savings accounts. We offer several business checking accounts and 3 business savings accounts, each designed to meet the unique needs of a variety of businesses. Credit cards. The First Bank Mastercard Business Card with Rewards provides you with the freedom to make business purchases as needed and pay them off in a convenient and secure way. Online & mobile banking. With a First Bank business account you can quickly and easily manage your funds from your computer or mobile device with our online and mobile banking services.* Treasury services. We offer a wide range of solutions to reach your optimal cash flow efficiency. Find a First Bank Near You Small businesses make 4 min read
Small Business Loans for Women in North Carolina If you live in North Carolina and you’re looking for small business loans for women, your local First Bank can help. We offer a variety of small business loans that can help female entrepreneurs start or expand their North Carolina Business.  First Bank’s Small Business Loans for Women The costs of running a small business come in many shapes and sizes and that’s why we offer a number of different options for financing a business.* Commercial Mortgages — If you need a storefront, warehouse, office or other location for your business, consider a commercial mortgage to finance an existing location. Construction Loans — Maybe you need a construction loan to build a place of your own or perform remodeling or expansion on an old one, we can help! Business Loans — Startup costs can be taken care of with a lump sum business loan from First Bank. Whether it’s equipment, supplies, inventory or other needs, we can get you off and running. Lines of Credit — Starting and running a business doesn’t come without everyday, unforeseen costs to keep things afloat. Our business line of credit is a great way to manage these expenses. Business Credit Card — First Bank’s Mastercard Business Card with Rewards is a great way to make everyday and monthly business purchases while earning rewards points—all with no annual fee. SBA Loans  — A government-sponsored loan from the Small Business Administration (SBA) can help you grow your small business when traditional bank financing may not be an option. Check out our small business loan options in more detail when you stop by your nearest branch today! Resources for Women Business Owners in NC North Carolina has plenty of business development resources for women, including: The Women’s Business Center of North Carolina — this center offers “tools and support to establish businesses, stabilize their companies, generate sustainable profits, strategize for future growth and contribute to the growth and economic development of the community.” Center for Economic Empowerment and Development — CEED has a history of helping women and families through specialized programs, and their mission is to “promote growth, productiveness and well being through peer counseling, education, information, and advocacy programs.” N.C. Department of Administration’s Office of Historically Underutilized Businesses — 3 min read
Business Spotlight: Little Black Dressing Video Business Spotlight: Little Black Dressing Co. Kissie Stroup started High Point-based Little Black Dressing Co. simply to “provide something for [her] family” but it has become so much more. The dressing is now carried in supermarkets across the region and was even the official dressing of the 2014 U.S. Open in Pinehurst. Video Transcript Kissie Stroup: I think my grandmother passed onto us taking care of the household. Families don’t do that anymore. You know, they’re off to baseball and then they’re off to football and they’re off to tennis or they’re at dance and the home life now seems to have lost its family orientation. And that’s what I think she did. She, and my mom, provided that for us. And that’s what I wanted for my kids. It’s a lost art. Stroup: I am Kissie Stroup and I started a food business called Little Black Dressing. We produce four flavors of refrigerated, all-natural salad dressing. I just wanted to provide something for our family. You know, my husband’s worked hard, the fabric furniture industry was not good during there in the crash seven years ago, and I thought to myself, “What can I do?” Stroup: I don’t have anything that anybody else really has, and I think that’s the key. You’ve got to give them something different. Food seems to be the thing that you come back to. You entertain, you eat around the table…it seems to be when we’re the happiest and when everybody gets along. So, we gathered around food. Stroup: I’ve had a lot say it’s the best dressing they’ve ever eaten and it’s because its fresh and its different. It’s unique. I’ve got four different flavors and I don’t do anything like the other flavors that you see in the refrigerated salad dressing section. Stroup: Why would I want to compete with those large companies? I don’t. I don’t want to. I want to do something different. I’m going to give you what I grew up eating and they’re unique, they’re different. Success: Is it making a lot of money? Because I’ve yet to do that. Is it that’s it’s in every grocery store in the nation? I don’t know. I don’t know what the success of it is. I feel successful that I 3 min read