5 Things for Small Companies to Think About When Offering Employee Benefit Programs
If you are in the labor market today and trying to recruit for some great employees, you know how difficult it is to engage with top talent. Small companies have an even greater challenge trying to keep up with large organization's benefit programs when putting together enticing and competitive compensation packages. But we have some good news! Working as a small employer has many advantages, and offering benefits CAN be something your company can do as well. Small companies may be smaller in size, but they are still mighty! Below are some things to consider when looking at putting an employee benefits program into your organization.
Assess your need for a benefit program. Ask if you need to offer this type of benefit to your employees. Or better yet, you can ask them! Surveying your employees is a great way to get information directly from them about what is important to them and what they would love to see as added benefits for their lives.
Decide what your strategy is. Are you planning to offer coverage as an employer plan and contribute to the cost? Will you provide health insurance, or start with something more simple such as dental, vision or maybe some supplemental products like Aflac or LegalShield?
Work with an expert. This is key to being successful. As a small company, you are already fulfilling the role of sales, accounting, distribution and janitorial services, don't add more to your plate. With the help of an expert, you can easily maneuver through the ins and outs of the insurance world, without the heartburn of having to learn all of the ins and outs of the industry.
Consider implementation and administration. Often times your broker can help with this piece in some ways, but there are also organizations you can partner with who can help with a lot of the heavy lifting, while keeping you in the loop. Sure, this could be an additional cost, but for an investment on that end, you can free up your time to do what you do best - grow your business!
Determine your budget. Have an idea of what you can spend on new benefits programs, and find the solution that works best to support your people AND keep you in the green for profitability. Keep in mind, this small investment for your employees, could be a great retention tool and keep them engaged and happy. Engaged and happy employees always measure positively in production ratios for a company.
Want to Learn More?! We had an opportunity to sit down with Michael Shirazi, from Shirazi Benefits, to speak about options that small employers may have to stay competitive in this labor market. In our interview with him on our YouTube channel at Short Stop HR, we dive into different options and strategies, as well as some compliance pieces which employers should be considering when putting in benefits programs.
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