Wellman Shew dives into the what and why employee benefits.
Small businesses need to offer their employees a variety of benefits. Not only does this help to attract and retain talent, but it also helps businesses by increasing productivity and employee satisfaction.
Some of the most popular benefits that small businesses should offer include: health insurance, 401(k) retirement plans, disability insurance, life insurance, paid vacation time (at least one week), paid sick days (at least 10), and paid holidays (at least 8).
Wellman Shew says that a small business is not required to offer health insurance as an employee benefit. However, it can be a great way to attract and retain employees.
Health insurance
Wellman Shew explains that It can be challenging to find a plan for employers and employees. For example, some programs may have high deductibles or too many out-of-pocket expenses. This could make it hard for employees to afford their care needs, leading to them quitting their jobs.
The best way for a small business to offer health insurance as an employee benefit is by looking at all of the options available in their area or state. Wellman Shew says they should also consider the number of employees they have to find a plan that will work for them financially and help them.
401(k) retirement plans
401(k) retirement plans are a type of employee benefit that offers employees an opportunity to contribute a portion of their pre-tax earnings to an individual retirement account. These contributions provide many benefits, including tax-deferred growth and tax-free withdrawals in retirement.
Disability insurance
As the workforce grows, employers need to offer more benefits as an incentive for employees to stay with their company. One benefit that employers may want to consider is disability insurance, which provides a financial safety net if the employee becomes injured or sick and cannot work for some time.
Budget-friendly employee benefits
Wellman Shew adds that you can offer many different benefits to your employees, but it’s best to start with those that don’t cost too much money. These include:
– Flexible work hours
– Paid time off
– Work from home days
Why small businesses should provide employee benefits
According to Wellman Shew, employee benefits are one of the most important aspects of hiring, retaining, and motivating employees.
Some of the advantages that come from employee benefits include:
– Employee retention: Benefits can help retain employees by providing them with a competitive edge over other companies.
– Motivation: Employees are motivated when they feel their employer cares about them and wants to provide for their needs.
– Employee satisfaction: Employees feel more satisfied when they see that their employer invests in them and their future.
– Productivity: A happy employee is a productive one, so it’s essential to ensure that your employees have all the resources they need to succeed at work.
-Employees are more committed to the company they work for.
-The staff feel more valued by their employer.
– Workers may have a better work-life balance.
-Staff turnover rates decrease: They’re less likely to leave the company for other opportunities or companies.
-It’s a cost-effective way of attracting new candidates and retaining current employees.
Employee benefits are the incentives employers provide for their staff to attract, motivate and retain them.
Wellman Shew has been in the insurance for over four decades. As President and Agency Manager of Shew & Company Inc. for over 17 years, he is a specialist in employee benefits, Section 125 plans, health savings accounts, long-term care, 401k plans, life insurance, and disability insurance.