Do you need to provide Employee Benefits?
It can be hard to find good employees. So when you do, it’s important that you keep them. One way to accomplish this is to offer a good benefits package.
An attractive benefits package includes:
- Paid vacations, holiday, or sick leave
- Retirement plans
- Life insurance plans
- Health plans
- Dental or vision plans
The belief that not offering a benefits package will increase your bottom line is short-sighted. Not providing a package is not a good long-term strategy. Offering a Benefits package, will be advantageous for you. It will keep your company competitive, your employees happy, and save money normally spent on training new hires as a result of turnover.
Employee Packages range in price and are usually customizable to fit your company’s needs. There are certain benefits that the law requires Employers to provide. Those include:
- Contribute to state short-term disability programs (where programs exist)
- Comply with Federal Family & medical leave (FLMA)
- Pay state & federal unemployment taxes
- Withhold FICA taxes from Employee’s paychecks and pay your own portion of FICA taxes
- Give employees time off to vote, jury duty, and military service
- Comply with all Worker’s Compensation requirements
A benefits package may seem to be a cost burden, but it’s important for retaining good labor. By providing a few benefits such as a health insurance or life insurance could make all the difference. If you’re interested in learning more or have additional questions about benefit packages, reach out to TSIB today and speak with our Employee Benefits team.
TSIB’s Risk Consultants are currently servicing the following locations:
East Coast: New York City, NY; Bergen County, NJ; Philadelphia, PA
Texas: Austin, San Antonio, Houston, Dallas
California: Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego County
Image credit: Dragon+Images/shutterstock.com
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