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 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 you need to think about for your company’s employee benefits package:
- What types of benefits am I required to provide? The first thing you need to consider are the state 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 have to think about what you can afford to give your employees. It may be impractical to offer more than two weeks of vacation time 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 afford.
- What types of benefits am I expected to provide? Prospective employees will expect you to provide certain employee benefits based on the type of business you own, the size of your business, where your business is located, and many other factors. If you are a new business owner, research what other businesses in your field 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? 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. 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.
- Who will handle the paperwork? This is usually your human resources department’s responsibility. However, you may not have the resources to handle all of your employee benefits if you are a small or new company. We suggest that our clients prepare themselves for the inevitable.
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.