Payroll, Here Are Your Articles for Wednesday, January 08, 2020
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How to Choose Employee Benefits

 

When it comes to employee benefits, most companies have a very difficult choice to make. Small businesses don't often have a huge budget for additional employee perks, so do they have a smaller profit margin or offer fewer benefits? Keeping your employees happy and healthy is an important part of running a successful business. Here are some things you can consider when deciding how to provide benefits to your staff.

  • Health care contributions. Many employers feel that they have to pay 100 percent of the employee health care benefits or not offer them at all. However, many plans offer the ability to pay a portion and have the employee pay the rest. This may still make it more affordable for your staff.
  • Retirement plans. The 401(k) is the most common form of retirement plan offered by an employer. Most of the time, this is a no-lose proposition because the employee makes the entire contribution. However, some companies offer matching plans, meaning they add money based on how much the employee adds. These contributions typically vest over time.
  • Short- and long-term disability. Even small businesses like to offer the option for short-and long-term disability. This means that if an employee is out of work for even just a short period of time, they have the option to collect from the insurance plan, which protects them and encourages loyalty.  
  • Additional perks. There are other ways to offer additional benefits to your staff beyond health care and retirement. Maybe your corporate culture places a high value on health. If so, you could offer a gym membership or discount. Or you can provide additional vacation time or the ability to bank time off.

What benefits do you offer and are you considering a change?

 

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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