For some small business owners, creating their company benefit packages is a scary proposition. They worry about providing the perks most attractive to employees, funding all of these incentives, and complying with federal regulations regarding things like medical leave and fair wages.
Fortunately, companies can eliminate some of the guesswork by consulting human resources associations and websites, and the employer sections of the federal agencies that oversee employment regulations. Benefit packages are an important part of setting yourself apart from other employers, and of attracting and retaining the most qualified people.
Things you may want to include in your benefit packages list:
- Education assistance / tuition reimbursement
- Health savings accounts
- Stock options
- Life, health, vision, dental and / or disability insurance
- Retirement plans
- Compensation packages that include both financial benefits and quality of life benefits
Find out what must legally be included in your benefit packagesEmployers have a great deal of freedom in designing company benefit packages that suit both them and their employees. However, there are some benefits, such as various types of medical and family leave, that are legally required. Before you put together your employee benefit packages, start with a quick check of federal guidelines, and make sure you stay current on them so you can alter your compensation packages as needed.
U.S. Department of Labor. At the wages section, you can review which benefits you're legally mandated to provide. To keep on top of legal compensation and benefits information, subscribe to HR Hero's Benefits & Compensation Law Alert.
Include the latest benefit trends in your compensation packagesMany prospective employees consider benefit packages information with just as much importance as what kind of salary a company offers. And employee benefit packages are much more diverse than they were 20 or 30 years ago. To be competitive today, you need to provide more than a retirement plan and vacation days; more flexibility and incentives are important elements of a benefits package. Many companies now offer benefits like flex time, paid time off to volunteer, and employee assistance programs that offer help in times of personal or professional crisis.
Use a third-party benefit packages providerPutting together and administrating employee benefit packages may require more time and personnel than some small businesses can spare. By outsourcing to third-party administrators, you ease the burden on your staff, and entrust this responsibility to someone with more experience. And, these administrators can help you find benefit packages that are attractive to employees, but don't take too large a chunk out of your finances.
- To save money, and make sure your company benefit packages are relevant to your employees, ask them what they'd like to see included, and what they think is unnecessary.