Floating holidays, 401k matching, and free health insurance are excellent benefits. If you're a business owner, they probably sound expensive, but to an employee, they signify a place they want to work. It can be overwhelming to decide what benefits to offer your employees. That's why we're here to help you.
The first step in deciding what benefits to offer your employees is familiarizing yourself with laws in your area, and putting together a basic benefits plan that complies with those employment laws, and finally, deciding what extras you want to add.
Free lunch Fridays are fun, but you should concentrate on meeting your employee's needs outside of the office before you add in more secondary benefits. Medical coverage is far more important than a soda bar or ping pong table.
What's the Best Medical Coverage?
You can offer to help pay for personal health plans or provide group options that cover your employees and their families. If you have mostly younger single workers, individual plans are fine. However, if you employ people with families, group plans can be a better fit and offer tax advantages that individual arrangements don't.
Keep in mind you don't have to pay for the entire plan. Sharing means you can supplement the cost as a business expense and have your employees contribute as well on a pre-tax basis.
Offering dental and vision coverage is the cherry on top for health insurance benefits. Giving your employees the peace of mind that they will have help offsetting costs if their child needs glasses or braces, keeps their mind on their work instead of their bank accounts.
Speaking of peace of mind, life and disability insurances while less often used, are an excellent addition to your employee benefits packages. Especially for employees who are the sole provider for their families, knowing their loved ones will be supported if they can't work is incredibly valuable.
Once you get your main benefits in place, you can decide if you want to add in some smaller perks. A health and wellness program for your office can pay for itself by keeping your employees happy, healthy, and mentally engaged.
Flex spending accounts allow employees to offset medically-related expenses with pre-tax dollars. A great benefit that can pair nicely with a wellness plan by encouraging employees to get chiropractic services and other self-care outside of the office.
What to Offer?
When deciding what benefits to offer your employees, consider your goals. Who do you want to attract? What kind of company culture do you want to have? Then set up benefits that align with those goals.
Think of employee benefits as an investment in the future of your company. You want to offer benefits that attract high-quality workers and incentivize them to stick around. Employee turnover is expensive and can be avoided by providing the right benefits.
If you want to offer better employee benefits or review what you are offering now, give us a call at 916.984.3000. We can help you establish a personalized benefits package that aligns with your company goals.