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Keep good employees on board with a good benefits package

| Apr 29, 2020 | Business Planning |

Perhaps you have lost one or two super-star employees to the competition and do not want to see any others go out the door.

One way to keep good employees happy and disinclined to leave your company is to provide the kind of benefits package that keeps them on board.

What employees want

To many top job applicants, the benefits a company offers are as important as the salary, sometimes more so. However, you may be among the small business owners who feel that offering benefits over and above what the law requires is an expense you cannot afford. Employers must take into account that the success of the business depends on employee loyalty and commitment to goals. Employees satisfied with their jobs will be less likely to move on, and you will not have to incur the expense of hiring and training replacements.

What the law requires

There are certain basic benefits the law requires:

  • Time off for employees to vote, perform military service or serve on a jury
  • Compliance with the requirements for workers’ compensation insurance
  • Withholding FICA taxes from paychecks and payment of your own portion so as to provide retirement and disability benefits to employees
  • Payment of state and federal unemployment taxes
  • Compliance with the federal Family and Medical Leave Act

What benefits matter most

Popular benefits that you are not required to provide but that employees value most include company health care plans, dental and vision plans, retirement and life insurance plans plus paid vacations, sick leave and holidays. When you are preparing your employee benefits package, be sure to define your vacation policy and explain how far in advance employees should make vacation requests.

What matters to your business

A good benefits package will help you retain good employees. However, in offering benefits such as health care and retirement plans, remember that these will attract government scrutiny, and you must be careful not to make any legal missteps.