Start by identifying and working with a trusted benefits broker who can share some current research with you on the standard benefits offered by an employer of your size as well as in your industry and location. You DO NOT pay a benefits broker; rather they get their fee from the insurance companies. Be sure to work with a broker that has a more consultative approach and wants to work with you to develop a benefits package that makes sense for your company…versus just trying to sell you something. As you work with your broker, think through the benefits you want to offer based not only on the research, but also your budget AND what is important to your employees.
The most common forms of benefits include health, dental, and vision insurance; short and long-term disability; life insurance, 401k plans; accident and cancer insurance; and paid leave (vacation, sick, and holidays). Many of the insurance plans can be offered whereby you pay the premium or some portion thereof or the employee pays the entire premium. In addition, there are numerous other benefits that you can offer such as gym memberships, paid parking, telecommuting, flexible work schedules, pet insurance, flexible spending accounts, and tuition reimbursement.
Another great service that many benefits brokers provide for FREE is handling your employee benefit marketing, enrollments, changes, and terminations. Use these services to free up your time and resources and ensure benefits are administered in compliance with laws and regulations.
To be competitive with other businesses, you are going to need to offer some benefits…so be sure to work with a trusted benefits broker. Someone who will help you develop an offering that is affordable and attractive to your prospective and current employees.