Types of Benefits Every Business Needs
When you start a business, you make countless decisions, from where your office is located to how many employees you’ll need to hire. One big decision you also need to make as a new business owner is the type of benefits you’ll offer workers.
As you grow your business and attempt to hire new staff members, these potential employees will look into the job benefits your company offers when making a decision. With an attractive benefits package, you’ll entice top talent to help your company grow and succeed.
There are other considerations to make when you start a small business, such as the insurance policies you may need to purchase to avoid risks and lawsuits. Review the different types of benefits you could provide to help identify what you’d like to offer your employees.
Health, Dental, and Vision Insurance
Healthcare costs are astronomical and continue to rise. The average cost for a routine doctor’s visit without insurance is $300 to $600. Health insurance is a benefit that many companies offer employees to ensure they can pursue the healthcare they need without breaking the bank.
Some employers also offer health insurance packages that include dental and vision insurance. A comprehensive insurance package with several options is more enticing for potential employees because they won’t have to pay as much out-of-pocket for healthcare.
The costs for you as an employer vary, depending on the health insurance options you want to provide. In most cases, employers share the costs of health insurance with their employees. However, the higher the premium you’re willing to cover, the more attractive the insurance package is for potential employees.
If you work in an industry that allows workers to have flexible schedules, it may be a good idea to offer this benefit. Many employees find a flexible schedule is an attractive perk because they can still take care of their families, make appointments, or tackle personal business during the workday as needed.
Before you offer a flexible schedule to current and potential employees, ensure your workers will remain productive, even with this freedom. You may need to implement a time tracking software program or more strict deadlines for projects.
It’s important to hold your employees accountable, even while offering flexibility in their schedule. You may need to set core hours when all employees must be available so it’s easy to maintain open communication. As an employer, offering a flexible schedule only makes sense if your business can still thrive when your employees work different hours.
Workers Compensation Insurance
Depending on the size of your company and the state you operate in, you may be required to obtain worker’s compensation insurance. However, even if you’re not legally obligated to have coverage, your company may be more attractive to potential employees if you do have it.
Employees are compensated with non-taxable income through worker’s compensation insurance when they’re injured on the job. When attempting to attract potential employees, a comprehensive worker’s compensation insurance policy may be a motivating factor, especially if the job you’re offering is in a dangerous industry, such as construction or warehouse work.
Worker’s compensation may cover all or a portion of an employee’s medical expenses, rehabilitation, and wages. The cost for worker’s compensation insurance varies, depending on the coverage you choose and the number of employees you need to cover.
Paid Time Off
Depending on where your business is located, your employees may have the right to paid time off, including paid sick leave or vacation days. It’s unhealthy for employees to allow their job to take over their lives and personal time off is important. When you offer a generous paid time off policy, employees know you value their personal lives and want them to remain energized and balanced.
The costs your company incurs to offer paid time off varies depending on your policy. However, with a liberal paid time off policy in place, you’re likely to attract and retain more high-quality employees who are dedicated to helping your business succeed.
Most employees take on a job with the goal of retiring at some point. When you offer assistance with a financial retirement plan, it shows you’re an employer that supports this plan and invests in your employees’ futures.
It’s common for employers to offer 401(k) or IRA in their benefits package to attract more job candidates and encourage employees to remain with the company long-term. You may also consider matching your employees’ contributions to these plans as an additional benefit.
A robust wellness program shows you’re invested in your employees’ health. To implement a wellness program, you may offer:
- Gym membership reimbursement.
- Contributions to a Health Savings Account (HSA).
- Covered nutritional counseling.
- Access to stress reduction programs.
Consider what’s important to your employees and how you can keep them happy and healthy when planning your wellness program. The cost of this additional benefit varies depending on what you include and the size of your company.
Childcare can be a challenge for employees, especially if they have a demanding workload. If your company can afford to offer free childcare or childcare reimbursement, it can make it easier for employees to commit to working long-term. While free childcare isn’t an expected benefit, it can add value to your company. If you don’t have many employees who need to take advantage of this offer, it may be a cost-effective perk.
Education and Training
It’s not uncommon for companies to offer free education and training related to their field. With this benefit, employees have access to the resources they need to elevate to new positions within your company.
It’s also important to offer financial assistance for education that’s not necessarily directly related to your company. When you provide education and training to help employees develop leadership skills or learn a new trade, you’re showing your dedication to their future and solidifying their relationship with your company.
Short-term and long-term disability insurance offers financial assistance to employees. With this insurance, you show potential and current employees that you care for their well-being.
As an employer, you may choose to cover the entire premium for this type of insurance or split the cost with your employees. Many companies offer disability insurance as an inexpensive extra benefit for employees.
When considering what types of benefits to offer employees, analyze your budget, and determine what will entice top talent to join your team and stay long-term. When you add these perks to your benefits package, you’ll show current and potential employees that you’re invested in them and their future with your company.
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