It’s easy to think of benefits as something strictly related to “big business”. Most small business owners think that offering benefits will be too costly and that they’ll eat into profits. Yet in a tight labor market, offering benefits can be a key differentiation in the battle to attract top talent. Reducing turnover rates and retaining staff members helps to create a more profitable business in the long-run and benefits are a cornerstone to this strategy.
The good news for small business owners is that benefits are available in many sizes and shapes. They can be custom tailored for a small office and they can be modified as a company grows. A good strategy is to build a benefits plan that will be attractive to the talent you want to hire and retain.
Popular benefits plans include:
- Dental Insurance
- Life Insurance
- Pet Insurance
- Increased time for paid leave
- Short-term disability
The kinds of benefits advantages you can offer to your team are really unlimited. Finding the right combination of benefits is part of a well-constructed benefits strategy… something an independent insurance agency can help with.
A Note on Compliance and Oversight .
Managing a benefits plan requires paying attention to potential IRS and Department of Labor guidelines and requirements to ensure your benefits plan remains fully qualified. Working with a benefits specialist will help you avoid unwanted entanglements. For more information and insights on constructing a solid benefits plan, reach out to us. We’ll be happy to help!