Providing employee benefits is a question that small business owners toss around constantly. Does an employer bite the bullet on cost in order to retain and attract better talent? How does an employer offer benefits without putting their business at a financial risk?
There are three main questions to consider:
- What are the typical employee benefits offered?
- Budget is an important factor. How much can an employer afford?
- How can an employer set up a benefit package for their employees?
Healthcare, specialty insurance and retirement may be benefit offerings to consider:
Health insurance is the most favored benefit, however, the most costly. What it will cost does not have a simple answer as the cost is dependent on plan type, carrier, and demographics. The minimum required employer contribution is 50% of the single premium.
Specialty insurance (group life, disability, vision, dental) are also great options – many times overlooked. These benefits are affordable, and may be offered as voluntary benefits (paid by employee). Specialty insurance helps to expand the range of options and provide a well-rounded benefit package for all.
Retirement benefits also play a role in helping a company retain and attract top talent. A top question from a new hire is “Do you offer a 401K and is there a company match”.
While offering benefits is totally optional for small businesses – it continues to be a differentiator from the competition. The best way to put together a benefit package is with the assistance of a broker – let JA Counter provide you with that assistance.
For more information on benefit packages for small businesses contact us today at (715) 246-3811.