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