Getting great employees on board is half the battle, what is the other half? Getting them to stay! One way to ensure you have a long and happy relationship with your best and brightest is by offering a good benefits package.
Many small-business owners mistakenly believe they cannot afford to offer benefits. But this is not true. There are plenty of ways to offer benefits with minimal impact to your bottom line. Offer the right benefit, and your business may just jump-start its growth. If you give employees the benefits they value, they’ll be more satisfied, miss fewer workdays, be less likely to quit, and have higher commitment to meeting the company’s goals.
Soon to be a legal requirement, a must-have benefits is medical insurance. See the following sites for updates and requirements under the Affordable Health Care Act (Obamacare)
25 or fewer employees – link to this website http://www.sba.gov/content/employers-with-fewer-25-employees
25-49 employees – link to website http://www.sba.gov/content/employers-with-up-to-50-employees
50+ full time employees – link to this website: http://www.sba.gov/content/employers-with-50-or-more-employees
What are your Employee Benefit Options?
Here is a list of benefits that can be offered under a “Cost Sharing”, where the employee and company share the cost of a selected plan.
- Health Plans (Medical, Dental, Vision)
- Retirement Plans (401k)
- Life Insurance
- Paid Vacations, Holiday or Sick Leave
- Short or Long Term Disability
- Long Term Care Insurance
- Aflac (cancer or accident insurance)
- Gym Memberships
- Pet Insurance
- Employee Wellness
Paid Time Off
Most full-time employees will expect one to two weeks paid vacation time per year. There are no legal obligations requiring employers to provide funeral leave, but most do allow two to four days’ for deaths of close family members.
Most employers provide paid holidays for:
- New Year’s Eve (1/2 day) and New Year’s Day
- Memorial Day
- Independence Day
- Labor Day
- Thanksgiving day and the day after
- Christmas day and the day after