Businesses thrive when they have two things: the right people in the right positions, and when they take care of their employees. When businesses show they care about the well-being of their team, employees are more likely to remain loyal and return the investment in profit and sales.
If you are a small business owner or a human resource professional, understanding how employee benefit services can increase company value for your team is key to retaining employees and promoting business growth.
What are Employee Benefits?
Employee benefits are non-wage forms of compensation put in place by a company to help enrich and protect employees. This can include:
- Relocation assistance for employees moving for work purposes
- Paid time off and vacation days
- Paid sick leave
- Education assistance for programs relevant to company growth
- Medical, disability, and life insurance
- 401K and retirement benefits
These benefits are typically offered to full-time employees after reaching a specified milestone set by the company—typically employment for at least 6 months to one year. Employee benefit programs can help to draw in qualified applicants to fill vital positions as well as minimize employee turnover. In turn, you can invest in growing your brand and business rather than wasting money on hiring and training new people.
The primary reason many small businesses don’t offer employee benefits in Margate is because they view it as an unnecessary additional expense. That’s simply not true: not only does having benefit programs help your employees in times of need, they can also safeguard you against unanticipated expenses.
If you’re looking for employee benefit services in Margate, here are five things you need to look for.
It may be tempting to focus only on business costs rather than the actual coverage options, but this can do more harm than good. Poor coverage when it comes to medical, dental, or life insurance may lead employees to seek better options elsewhere. This is especially true for employees who have families which rely on their insurance coverage for their medical needs. Offering comprehensive coverage as part of your employee benefits plan gives your team a sense of security.
Not everyone needs the same coverage when it comes to insurance coverage. Offering a base plan with voluntary employee benefits in Margate could be the way to go, especially if your staff is small. Having customizable benefit options allows your team to get the coverage they need without extra baggage. This can lower costs for your business and employees.
Section 125 Plans
Also known as a ‘cafeteria plan’, section 125 plans allow employees transform taxable benefits (monetary compensation) into non-taxable benefits which are deducted before taxes. These plans may be used to cover medical insurance and child care costs. A premium-only plan (POP) pays for insurance costs with pre-tax dollars, saving employees money. Flexible spending accounts (FSAs) are another section 125 plan that allows qualifying out-of-pocket expenses to be paid from a pre-tax savings account. Consumer-driven healthcare (CDHC) is a credit system which allows one to cover qualified expenses which are then paid with pre-tax funds.
Payroll and HR Support
On the business end, employee benefit services in Margate help to create a more streamlined payroll process, saving you time and money each pay period. Through a payroll system optimized to automatically deduct the applicable funds, employment benefit services make it easier to HR representatives to manage employee compensation.
Business Continuation Plans
Is your business protected in case of an emergency like a natural disaster or other serious, business disrupting event? Employment benefit services in Margate can help you safe guard your business and profits against unforeseen events by creative systems for preventing business disruption and expediating the recovery process. This may include encrypted cloud coverage for important files, regular data back-ups and system maintenance.
By providing these services and more, Lewis & Palmer can help your company reach its full potential. Contact us today to see how our services can work for you.