As a small business owner, you need to ask yourself some pretty tough questions in regard to employee benefits. Can you afford to give people health insurance? Dental care? Vacation time? Annually salary increase? These are a few common questions we hear from businesses that we want to take a moment and address. There really isn’t a right or wrong answer, but rather some general guidelines and things to consider to help you make the right decision.
Not all employees are created equal, but the benefits you offer them should be. You can’t provide health care to one employee and not the other. So how do you determine which benefits you offer and to whom? If you have worked closely with your staff, then you probably know what they need more than anyone. Health care should be a priority, regardless of their current health condition. Anyone can experience a tragedy at any time, and having the proper health insurance in place to cover those expenses will be vital for them and you.
Beyond health insurance, what’s next? The answer to this question may not be as easy as one might think. This is why hiring an HR firm might be the best choice you can make for everyone. You can find some great HR management resources at Paycom Payroll LLC, and outsourcing to a company of this magnitude will provide you with all the HR solutions you need. The experience and guidance they can provide are extremely valuable. Getting an outsider’s perspective on the internal working of your operation may also help open your eyes to aspects of the business you were unaware of. Treating people right is how you retain a core group of employees, so outsourcing this responsibility to an HR firm might be the best option for you and your staff.
These HR companies usually provide additional services to businesses, including payroll and accounting. While these can also be considered as they onboard you as a client, don’t forget you can revisit these service plans and add-ons as you grow.
Employees are people, and treating them respectfully and fairly is how you will retain them for many years. Good workers deserve excellent benefits, and it’s not always obvious which benefits you should offer initially. Health insurance tops our list, but from there we would suggest holding a meeting with your staff to determine which benefits they feel are important to them. You can make a decision based on the feedback you receive.