You may not consider employee benefits the most important part of your businesses, but remember that they are important to the people you employ. We understand how crucial employee benefits are and so we urge you to seek professional help to put together the right package of benefits for your employees.
Employee benefits include, but are not limited to the following:
- Health and dental insurance
- Life insurance
- Paid sick/disability leave
- Paid funeral leave or time to grieve
- Time off to vote or serve on a jury
- Retirement plans
- Vacation time
- Paid holidays
Some of these benefits are required by law, such as time off to serve on a jury. However, you should not settle for a “bare bones benefits.” Not only will a full benefits package provide security for your employees, but it will show them that you truly care about them.
Here are some things that you need to think about when you put together your company’s employee benefits package:
- What types of benefits am I required to provide?The first thing you need to consider is the states and federal laws regarding benefits.States have different laws regarding employee benefits. We suggest that you enlist the help of a professional to make sure that you meet all of these requirements. You probably know that you are required to provide time off for certain holidays, but do you know which holidays those are. A professional will be able to answer your questions.
- What types of benefits can I afford to provide?You also have to think about what you can afford to give your employees. It’s alright to admit that you can’t provide every type of benefit. It may be impractical to offer more than two weeks of vacation times to your employees or you may not be able to provide a retirement plan for your employees. Think about what you want to do for your employees, sit down with a professional to decide what you can do, and put together the best employee benefits package that you can practically afford.
- What types of benefits am I expected to provide?Prospect employees will expect you have to provide certain employee benefits based on the type of business you own, the size of your businesses, where your business is located, and many other factors. If you are a new business owner, research what other businesses in your field of expertise pay their employees. You may run away prospective employees if you do not offer something that your competitor offers.
- How can I make sure that my employees are involved and informed?It’s important to let your employees in on everything involving their employee benefits. Tell them things like exactly what they expected to pay for health insurance or how much vacation time they will get and when they can use it.Write it down in a manual and hand one out to every new employee. If you want to go one step further, offer your employees some choices. People love choices and flexibility. Using the examples above, you could give them a few choices of when they can use their time off or what level of health insurance they want. Let your employees know if you are planning on changing their benefit packages. Involve your employees in every step of the process.
- Who will handle the paperwork?This is usually your HR department’s responsibility. However, you may not have the resources to handle all of your employee benefits if you are a relatively small or new company. We always suggest that our clients prepare themselves for the inevitable. You could reach out to a company that specializes in helping companies manage employee benefits and other HR concerns or you could turn to the professionals at SOGO to assist you.
Your employees deserve the best benefits package that you can offer. Let us help you evaluate what you can and should include in your company’s employee benefits package. Contact us today.