Considering the competitive nature of today’s job market, for small business owners especially it’s important to try to stand out from the crowd. While competitive salaries, and a positive culture

are important, many individuals are beginning to look for even more. This is where employee benefits come into play! Offering your employees a comprehensive benefits package goes a long way in attracting skilled new hires, and keeping your current workforce at ease.

While the plethora of different available benefits may seem overwhelming, the good news is—there’s an option for everyone. Throughout our years of working in the insurance industry, we’ve gathered some tricks along the way and want to share them with you. That’s why we’ve created this brief guide, going through the process of obtaining benefits, explaining their importance, and offering some specific options. Let’s get started!

Understanding the Basics of Employee Benefits

What are Employee Benefits? 

Employee benefits are perks provided to employees from their employer in addition to their salary. Some examples of common employee benefits include: 

• Health coverage (Medical, dental and vision insurance) 
• Retirement plans (Pension plans, 401(k)s, etc.)
• Life insurance 
• Paid time off (Holidays, sick leave, vacation, maternity/paternity leave)
• Wellness programs
• Employee assistance programs

Why are Employee Benefits Important? 

Let’s face a simple fact in life—when someone’s basic needs are met, they are usually happier and more content. Makes sense right? Well, the same goes for employees when it comes to their jobs. Providing employees with benefits tends to increase their productivity, company loyalty and overall workplace satisfaction. Additionally, adding benefits shows employees that you care for them on a more personal level, which helps promote a positive work environment. On the other hand, companies who lack sufficient benefits offerings face the risk of losing talented employees to other organizations. According to a Forbes Advisor Survey, “40% of employers say workers leave their job to find a role that offers better employee benefits.”

Legal Considerations

Certain businesses are required to offer specific benefits in order to comply with state and federal laws. For example, in the United States any business with 50 or more full-time employees must offer health insurance according to the Affordable Care Ace (ACA). Another requirement for all businesses in

 most states is providing workers’ compensation coverage. To be safe, we suggest that you read up on your state’s specific requirements pertaining to employee benefits. Doing so will negate non-compliance issues, and keep your company sailing smoothly. 

Evaluate Your Business and Employee Needs

It’s crucial to have a plan of action when starting your search for an employee benefits package, but don’t over-complicate things. Before you do anything else, you need to evaluate your team, their needs and their wants. 

Look at Your Budget 

As we all know, running a business is a numbers game and it all comes down to your bottom line. Keeping this in mind, a good first step is to assess your budget to see what your company can afford. Fortunately, some benefits such as health insurance come with tax incentives. For example, companies with less than 25 employees may qualify for the Small Business Health Care Tax Credit, which can cover up to 50% of the cost of premiums. After you sit down and crunch the

numbers, you should have a better idea of what’s

feasible. 

Talk to Your Team

While the benefits your company lands on is ultimately your decision, it’s important to ask your employees what they think. Especially if your team is composed of employees with many different ages, it’s key to find something that’s suitable for the majority. Whether you simply have conversations with team members or issue an employee survey, their feedback is invaluable. 

Consider Your Business Objectives

Depending on the line of work you’re in, what’s important for your company is probably completely different from the company next door. With this said, try to align your benefits with the goals and values that are most important to the company. For example, in competitive industries, offering health insurance and paid time off is a must.

Picking the Right Employee Benefits

After you’ve thoroughly evaluated your business, its budget and employee needs, it’s time to decide which specific benefits are right for you. 

Health Insurance

Health insurance is the most common employee benefit and probably the most important. Without it, people are subject to high healthcare costs which can lead to debt and an array of other issues. Some common health insurance plan types include:

• HMOs
• PPOs
• POSs
• EPOs
• HDHPs
• HSAs

While we won’t go into detail about these plans, it’s important to know that they each come with their own set of pros and cons. We encourage you to read more about the options by clicking here.

Retirement Plans

Providing some type of retirement plan gives employees peace of mind knowing that they are planning for their future. Especially in today’s economy, retirement doesn’t seem as guaranteed as it used to be. But by offering something like a 401(k), employees are encouraged to keep working hard as they can see some light at the end of the tunnel so to speak. Another common practice is for employers to match retirement plan contributions. This is a great way to help your team members grow their savings. 

Additional Benefits

While things like health coverage and retirement packages are the most common, there are an array of other benefits you can offer. Some of these include:

• Dental and Vision Coverage (not included with health insurance)
• Life insurance coverage
• Wellness initiatives
• Flexible work hours
• And much more! 

Setting Up Your Employee Benefits Program 

Choosing a Provider

With so many different options, it’s hard to know which insurance provider to go with. Though we can’t tell you exactly who to choose, it mainly comes down to reputation and customer service. Research past customer’s experiences to ensure that the provider you pick is easy to communicate with and has a simple claims process. Lastly, consider the provider’s network and if it’s suitable for most of your team. 

Communicate with Your Team 

It’s critical to explain to your staff the specifics of the benefits package you choose. Think about holding informational meetings and offering resources that are simple to read and lay out the available options. For additional help, consider bringing in an insurance expert to speak with your employees and to answer any questions.

Enrollment Process

You’ll need to walk your staff members through the enrollment procedure. Make sure that they are aware of key deadlines, any paperwork that needs to be submitted and the steps to choose their benefits. As previously mentioned, bringing in an insurance expert is highly valuable in this scenario as they’ll provide employees with insights and suggestions to make the process easy. 

Managing Your Employee Benefits Program

Ongoing Maintenance

With a benefits package in place, it’s now time to shift your focus management and observation. Frequently touch base with your team and ask questions about how the plan’s working out for them. Additionally, ask if there’s anything that I feel is missing from the plan. For the sake of organization, write down notes about suggestions or downfalls that come up. Having this information on hand is crucial for making adjustments to the plan in the future. 

Review and Renew 

One thing you can count is the needs of your employees changing as the year goes on. With that said, it’s crucial to give yourself and your employees enough time to make the necessary adjustments during the company’s enrollment period. If you plan to make major plan changes, speak with your insurance advisor well ahead of time to understand what the landscape will look like for next year.

Employee Benefits in a Nutshell

Obtaining insurance for yourself, nonetheless for an entire team may seem like a headache, but it doesn’t need to be. With the proper planning and research, you’ll be able to land on a package that fits both your budget and your team’s needs. By following this practical guide, you’ll relieve yourself of stress knowing that you’ve checked every box. Not to mention, your employees will be happy and more motivated. 

So take the step today to secure a benefits plan for your team at group-health-quotes.com (GHQ). Our easy to use platform lets you compare plans side-by-side, and offers free competitive quotes to help you find the perfect fit. Not to mention, our dedicated team of licensed insurance experts who are on standby if you’re in need of any extra help. So don’t put it off any longer, get your benefits today! Just enter your ZIP code above, or give us a call at 888-571-0291.

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