Having a good benefits package is the key to recruiting and retaining the best employees for your business. Here’s what you need to know about creating your benefits package.
If you think a benefits package isn’t in your business’s budget, then you are thinking too short-term. While a good benefits package does require some investment, it will benefit your business in the long run. Offering a good benefits package can attract the best workers and can even persuade a prospective employee to choose your business over a higher paying position. Re-thinking your position on benefits packages? If so, learn the basics of building a good package for your business.
The first thing you should know is that there are a couple of mandatory benefits you are required to provide for your employees. These benefits include time off to vote, serve on a jury, and perform military service. Additionally, you must be compliant with the FMLA (Family Medical Leave Act). The FMLA provides leave for medical and familial situations such as the birth of a child or a serious health condition. Employers are also required to comply with worker’s compensation and other tax-related responsibilities.
Benefits such as retirement plans, health plans, and paid sick days are not required, however they are very common. Many companies offer these benefits in order to stay competitive. Other popular benefits include vision and dental plans, paid vacation days, and paid holidays. Many employers also go the extra step to offer time off for religious holidays and leave for the death of a family member or friend.
It’s important to know that at the very least, most full-time employees consider one to two weeks of paid vacation time and medical, vision, and dental plans must-have benefits. So, if you can only offer your employees a few benefits, focus on these offerings.
Keep these basics in mind as you’re creating your benefits package. Remember, building your package doesn’t need to be a stressful experience. For help with your business’s benefits package, contact the professionals at Fullhart Insurance Agency. Serving all of Waldport, Reedsport, Sisters, and Tigard, Oregon, and the surrounding areas we serve all your employee benefits’ needs.