Job Benefits – The Basics
Employers Resource helps every business at all stages with growth and development. Find out why we offer the best Cheap Business Health Insurance and much more! Call us today at (800) 559-2350.
The current day market is very competitive when to comes to running a business as well as with reference to retaining employees. So, once you have a great team on board your company, what is the best way to ensure that they don’t jump ship? A number of small business owners are under the impression that they will not be able to afford offering job benefits to their employees.
It’s About Profitability
It’s true that when you don’t offer your employees job benefits, its gives a distinct boost to your bottom line. But this benefit will be evident only in the short run. What you should be focusing on is long-term prosperity. Good employees everywhere feel that there are certain benefits that their employers should be giving them. The minute you start offering these to your employees, you will notice there is a boost in your profits too. This may not be evident right away, but growth and profitability will be consistent and steady.
When you give your employees the kind of job benefits they truly value, they will be very satisfied and will be absent from work less often. They will also be more committed to meeting the objectives and goals of the company. By law, employers are requiring to provide their employees certain benefits. The things that you should be offering are:
- Give employees time- off when they perform military service, serve on a jury or go to vote
- Comply with the workers’ compensation requirements
- Withhold the FICA taxes from your employees’ paychecks & pay your own part of FICA taxes
- Provide employees with retirement & disability benefits
- Pay the federal and state unemployment taxes and provide benefits for unemployed workers
- Contribute to the state short-term disability programs where these exist
- Comply with the FMLA- Federal Family and Medical Leave Act
Benefits you Aren’t Required to Provide
You are not required to provide:
- Health plans
- Retirement plans
- Dental/vision plans
- Life insurance plans
- Paid holidays, vacations or sick leave
The Costs Involved
Though this is the case, a large percentage of companies, big and small offer either some/all of these job benefits in order to stay competitive. The one thing that you as a business owner have to understand is that meeting the needs of your employees and being in-line with the existing laws, isn’t cheap. These types of job benefits can add 30-40% of base pay to most of the employees.
Make the Right Choice
This makes it crucial that you get the most value for your money. Get some good advice from a financial and company advisor and make the right job benefits choices. That is the one way to ensure that your employees stay happy, work hard and stay committed to you- this in turn will up your profitability levels as well. In the long-term, you will find this to be a sustainable choice and one that will lead to consistent profitability.
Employers Resource helps every business at all stages with growth and development. Find out more! Call us today at (800) 559-2350.
Our Orange County Office
Our San Diego Office
Copyright by WebVisable Web Presence Professionals