Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

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, 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.

Once you have a basic idea of the employee benefits plan you want to offer, call First Bank Insurance Services* at (910) 692-5754 to get started. First Bank Insurance Services are available in North Carolina only,** and we can help you build an employee benefits package that works for your business.


*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.

**Please note: First Bank Insurance Services available to North Carolina residents only.

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

Trending Topics
Banks With Hassle-Free Checking Accounts If you’re like most people, you probably want a checking account with all the perks but none of the stress. First Bank has nearly 100 locations throughout North Carolina, South… Get a Flexible College Savings Account at First Bank in Albemarle, NC Nestled in the Piedmont region of North Carolina, Albemarle, NC, is home to sprawling hills, streams and forests. Whether you’re attending local Stanly Community College or you’re planning on leaving… High Yield Savings Account – Jacksonville NC Save your hard earned cash with a high-yield savings account at First Bank in Jacksonville, NC. Whether you are saving for college, saving for retirement, or just saving to take… Apply for a Flexible Small Business Loan in Jacksonville, NC This year, Forbes named Jacksonville, North Carolina one of the best small places for businesses and careers. Families, retirees, and business owners alike are continuously drawn to Jacksonville, making it… High Yield Savings Accounts in South Carolina It’s no secret that travel can make you happier, but did you know that it can also improve your social skills, help you accomplish goals, make you more patient, and… Compare First Time Mortgage Rates with First Bank When you’re ready to buy a house, it’s easy to get caught up in all of the excitement of shopping and forget about the financial aspect. Once you’ve found the… Where to Get 15-Year Mortgage Rates If you’re ready to buy a home, you’re probably wondering where to get 15-year mortgage rates, or you may just be wondering what a mortgage is. First Bank will go over… Remodeling Loan in Aberdeen, NC If you live in Aberdeen, NC, and are tired of your floors, kitchen counters, or anything else in your home, consider a remodeling loan from First Bank. First Bank offers… Personal Loan Application – Apply for a Personal Loan When you need to apply for a personal loan, the application process shouldn’t be complicated. Avoid confusing and complicated personal loan applications at First Bank. Our application process is easy… Best Personal Checking Account Near Me If you're looking to open a checking account near you, visit your local First Bank today. Whether you want a basic checking account or a premium checking account with benefits, First Bank…