Employee Benefit Plans

Employee benefits plans are a good way to attract new employees and to keep the employees you already have. Read on to learn more about how you can develop a sought after benefits package.

While hourly wages and salaries are important, they are not the only thing good employees are looking for. Nowadays, an employer must also offer comprehensive employee benefit plans if they want to maintain a low turnover rate.

Some business owners refrain from offering benefits because they feel a formal plan will be too expensive to maintain. While it is always a good idea to watch the bottom line, not offering employee benefits could turn out to be a costly mistake. There are some benefits that good employees feel they simply cannot go without. If you don't have them, they'll look elsewhere.

Federal law dictates that you must offer certain benefits to your employees. There is no choice in the matter. Benefits that must be offered by every employer include:

• Time off to vote
• Time off to perform military service
• Time off to serve on a jury

In addition to offering these benefits, employers must also:

• Comply with the Family and Medical Leave Act (FMLA)
• Withhold FICA taxes from an employee's paycheck to provide employees with retirement and disability benefits.
• Comply with all worker's compensation guidelines and requirements
• Contribute to short-term disability programs in states where such programs exist and are required by law.

Though you don't have a choice when it comes to offering the benefits shown above, you do have a choice when it comes to developing your own employee benefits plans. Some of the most common benefits to offer include:

• Retirement Plans
• Health Insurance Plans or Health Savings Accounts
• Dental and/or Vision Plans
• Life Insurance Plans
• Paid Vacations
• Paid Holidays
• Sick Leave
• Profit Sharing
• Incentive Bonuses

The benefits that you offer should fall within the realm of affordability. While you may want to give your employees a wide range of benefits, you must also make sure that you can still turn a profit afterwards. If you can't, everyone will be out of a job—and that includes you.

To make sure you and your employees can make the most of your efforts, it is recommended that you educate yourself prior to creating and implementing employee benefit plans. Take time to look through resources on the web, and most importantly, take time to shop around to ensure you get a fair shake when it comes to benefits like health insurance and retirement plans.

You may also want to consider hiring an insurance consultant who can guide you through the process. These professionals are well versed on the subject of employee benefits plans and will be able to help you develop a comprehensive package that is affordable for all parties involved.

Here are a few other tips to help you save money and still offer your employees the benefits they deserve:

• Speak with your accountant before setting up a retirement plan. Some plans offer more tax benefits for employers than others.
• Many trade associations offer discounts on health insurance to small business owners. Consider approaching one or more of these associations to determine how much a policy will cost you.
• Always compare prices before choosing a health plan, retirement plan, or other benefits that will cost you out of pocket.
• Contact the Better Business Bureau to make sure the companies you are working with are reputable.
• Talk to other business owners and get referrals when you start shopping for benefit providers.
• If you can't afford to offer lots of benefits, consider offing personal days, extra paid vacation, or voluntary time off without pay.

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