Employment benefits have always been important, but in recent years, it seems as if they’ve become even more important. Some part-time jobs even offer employee benefits just to attract potential employees to the positions. And many people take lower paying jobs because they also offer amazing benefits, like sick leave, paid vacation time, or solid health insurance for you and your family. For smaller businesses, however, providing adequate small business employee benefits packages can be tough, especially when competing against larger businesses that have more funds and more attractive packages.
Why Do People Love Benefits So Much?
Think of benefits as added money to your paycheck, even if it’s not a regular feature. Although you’re likely paying into a health insurance plan (unless your company fully covers it) or paying for a 401(k) plan, that’s still money you’re saving and eventually going to recoup. Have an accident that requires an ambulance? Your insurance may foot a significant portion of the bill. Worried about saving for retirement? Take a peek in your 401(k) plan — you may be surprised. Need to take a day of because your kid or spouse is sick? Your paid leave makes it possible to stay home, take care of your family’s needs, and still get paid. These are all possible through employee benefits.
Even the government thinks they’re a crucial part of working — so much so that there are regulations guiding some aspects of benefit laws. FLMA (the Family and Medical Leave Act) protects workers who need to take leave for 12 weeks out of a year’s period because of a new child in the family, care for a spouse or someone else in the immediate family, or a medical condition. Their jobs are protected (meaning you can’t be fired while you’re on leave), even though they’re not paid for their time. However, they’ll still be able to come back to their jobs after their period of leave is up. Additionally, other laws like the Patient Protection laws and Affordable Care Act make it mandatory for organizations to offer the necessary health benefits to teir workers if they have 50 full time employees (part time employees count towards that number as well).
How Can Small Business Employee Benefits Packages Help?
For one thing, small business employee benefits packages can help make small businesses seem more attractive to potential employees. A good comprehensive package that is competitive might make a larger pool of applicants apply in the first place, giving the business more qualified people to choose from. Good small business benefits packages also can help keep employees with the company for longer — almost half of all workers say that their benefits are the primary reason that they stay with their current job.
Offering good sick leave and vacation time can be crucial — people want to be reassured that the business knows that they have lives outside of work and can take time in case of illnesses or emergencies without being punished for it (monetarily or otherwise). Good vacation time is also a great thing to offer employees — everyone needs a break once in awhile! It’s good for morale, a better work environment, and more positive and productive work time.
And although it may seem counterproductive, by offering small business employee benefits packages, you may actually be able to save some money by doing so. First of all, you may be eligible to claim a tax deduction annually. Secondly, certain employees may be willing to take a slightly lower salary for good benefits!
If you’re worried about how to juggle the various employee benefits for small business owners (it can seem overwhelming!), consider using employee benefits enrollment software. This can help streamline your HR process and make hiring (or firing) much easier on the benefits side of things.
Remember that benefits make everyone’s life easier. They help working class people make the bills for expensive oddities like medical care or family emergencies possible. They’ll also benefit you in the long run — happy employees mean a happier and more productive business!