Is It Time to Start Thinking about Employee Benefits?

It's easy to make the case that the number one priority of a small business owner is to maintain profitability. Beyond profitability are the dual goals of growth and expansion. Making it all work requires having a staff of dedicated employees who share the owner's vision and passion. So how do you find those staff members? More importantly, how do you retain them once they are on board? Part of the answer lies in employee benefits.

BenefitMall offers benefits administration in addition to online payroll processing. We work with reputable partners offering hundreds of different plans and services that are customizable to individual employers. One of the things we have learned through our participation in benefits administration is just how valuable those benefits are in hiring and retaining top-notch staff.

With all of that said, here's a question: is it time for your small business to start thinking about employee benefits? If your company is not offering any benefits at all, getting started with something basic can be very helpful in developing the kind of staff you need to facilitate growth and expansion. If you already have benefits in place, there's never a bad time to review your offerings to see if there is room for improvement.

How Important Are Benefits?

Business owners hear about the importance of benefits all the time. Unfortunately, the perceived advantages of offering them are not always immediately tangible, thereby resulting in employers viewing benefits packages in a more abstract way.

The simple truth of the matter is that employee benefits packages are what separate those companies able to hire and retain top-notch staff from those just barely managing to get by. We should point out that benefits packages are not limited to things like health insurance and 401(k) plans. Yes, there are some benefits that directly affect payroll. But there are many more that are in no way considered direct financial compensation.

According to the 2017 Employee Benefits survey from the Society for Human Resource Management, nearly one-third of U.S. organizations have increased their overall benefits packages over the last year. In addition to health insurance, companies are now offering things like meal reimbursements, flexible scheduling, free coffee, full or part-time telecommuting, free financial advice, and signing bonuses.

No Need to Fear Employee Benefits

It is understandable that small business owners are somewhat fearful of starting new benefits programs or expanding existing offerings. After all, benefits cost money. We want to assure you that there is no need to fear employee benefit packages. If you are willing to at least consider it, there are lots of ways you can offer benefits to your employees without breaking the bank.

There is also no need to be afraid of running into payroll and compliance issues by starting or expanding a benefits program. One of the advantages of working with BenefitMall for payroll processing and benefits management is that we take care of all the compliance issues for you. Our customized solutions ensure not only that payroll is processed efficiently and on time, but also that your company is in complete compliance with all applicable laws.

An employee benefits program can mean the difference between having the staff you need to facilitate growth and expansion and just getting by with a workforce that seems disinterested at best. You owe it to your business to investigate the benefits options that can help you compete for the best and brightest in your industry. We can help you make your choice of benefits work for your company through our comprehensive benefits administration service.

Sources:

SHRM – https://www.shrm.org/about-shrm/press-room/press-releases/pages/2017-shr...