Should I Be Offering Benefits to My Staff?

We’re going to cut to the chase. In a word, yes. We are finding companies are losing great talent for other opportunities that offer benefits. Offering benefits attracts and retains top talent, improves employee morale, and reduces turnover. But, benefits don’t have to be a big investment or expensive. Something is better than nothing.

Not sure if you want to offer benefits yet? The good news is there are many different types of benefits that you can offer, such as health insurance, retirement plans, paid time off, and more – and there’s no one-size-fits-all solution. You can find and offer benefits that are both beneficial to your employees, but also for you as a business leader too. 

Here are some benefits we see employers offer their employees:

• Health insurance

• Dental insurance

• Vision insurance

• Paid time off

• Retirement savings plan

• Life insurance

• Disability insurance

• Tuition reimbursement

• Employee assistance program

• Paid parental leave

Here are some of the factors to consider when deciding whether or not to offer benefits to your staff:

• Your Company Size: If you are a small business, you may not be able to afford to offer as many benefits as a larger company. However, there are still some basic benefits that you can offer, such as paid time off and health insurance. Keep in mind that under the provisions of the Affordable Care Act (ACA) any employer with 50 or more employees is required to offer a qualified Minimum Essential Care (MEC) plan or risk facing substantial financial penalties.

• Your Industry: The industry you are in can also affect your decision about offering benefits. For example, some industries are more competitive than others, and you may need to offer more benefits to attract and retain top talent.

• Your Budget: Your budget will also be a factor in your decision. You need to make sure that you can afford to offer the benefits that you want to offer. 

If you are considering offering benefits to your staff, there are a few things you need to do:

• Do your research: Research the different types of benefits that are available and the costs associated with each one.

• Ask your employees: Your employees will tell you the benefits they are interested or not interested in. Sometimes the easiest idea is to just open the door for conversation. 

• Call a professional: Work with a qualified Health and Life Broker or Agent to help you decide what plans will work best for you and your employees.

• Develop a benefits package: Develop a benefits package that meets the needs of your employees and your budget. Also, ensure that your benefits package meets the provisions of the ACA if you are a qualified employer.

• Communicate your benefits package: Communicate your benefits package to your employees so that they know what they are entitled to. Your Broker or Agent can assist you in making sure the employees have a full understanding of their benefits and how to use them.

Don't just attract talent, invest in it. Benefits boost morale, reduce turnover, and ultimately, fuel your company's success. Start building a winning team with a benefits package that works for everyone.