How employee packages can help your business grow and expand
What’s in a Comprehensive Employee Benefits Package?
In addition to a generous salary, an employee benefits package, or employee benefits plan (EBP), is a part of a worker’s total compensation. Start-ups usually offer fewer components in the EBP – and, sometimes, no benefits at all, as they are focused on getting their organization going and making it a successful company.
Providing employees with no benefits whatsoever certainly means fewer expenses in the present moment for your business, but in the future, it may have a negative effect on your employer brand and your business in general. By offering nice benefits, you will attract new talents and keep the staff that you have. Besides, you will be able to make an impression of a solid and mindful employer.
Small businesses that are developing and extending must design a comprehensive EBP so that their current and potential employees want to work or keep working for them. In short, a solid benefits package leads can lead to your business’s success.
A recent study showed that nearly two-thirds of employees would stay with an employer who provides a comprehensive benefits plan, whereas 68% of job-seekers said they would accept a job offer if the employer offered an appealing EBP.
As a rule, big corporations offer their staff a great benefits plan. Employers can modify benefits packages depending on what their employees really need and want, yet there are a few standard perks that should be provided by all companies.
What Is a Benefits Package?
An employee benefits package (EBP) is a list of non-wage perks that supplements a worker’s compensation. These employee packages are designed and regulated by employers themselves, and they often vary between workers depending on what they need for their job in particular.
It should be noted that certain benefits may be taxable, so it is essential to talk with your accountant first to figure out what applies to your situation. For additional peace of mind, HR professionals at Lanteria can provide you will all the information regarding your benefits packages.
What to Include in an Employee Benefits Package
Below, we’ve included two main types of benefits: required and optional.
Setting aside a safe, clean work environment with access to restroom facilities and legally specified breaks are all examples of the bare minimum that employers all across the US must provide. In addition, depending on which state your company is based in, you might be legally required to provide some additional benefits.
Required benefits include:
COBRA (The Consolidated Omnibus Budget Reconciliation Act) health insurance
Federal Family & Medical Leave (FMLA)
Workers’ compensation (benefits for people who have been injured at work or become sick due to their work)
Social Security Disability Insurance (SSD or SSDI)
Accommodations for disabled employees
Unemployment benefit program
There are many optional perks that can be included in an EBP. Of course, you don’t have to implement each and every one of them, but you might want to think about how these benefits would comply with your organization’s rules and company culture.
Benefits that you could provide your staff with include:
Health care plan (medical, dental, and vision insurance)
Disability insurance (short-term and long-term)
Life insurance (basic, voluntary, and AD&D)
PTO (paid sick days, personal days, public holidays, vacation days)
Cell phone plan
Additional compensation (sales commissions, performance rewards, lump-sum gifts)
Free food and snacks
Training and development programs
Transportation allowance benefit
Retirement/pension plan, such as 401(k) plan
Develop a Comprehensive Employee Benefits Package With Lanteria
Providing your staff with good benefits and perks is very important, as it shows that you, as their employer, not only care about their work productivity but also their general wellbeing. Clearly, if you want to offer a bigger bag of free cookies as an employee perk, you probably need to reevaluate your strategy; only real benefits will make your company stand out from your business rivalries.
Besides, healthy employees lead to reduced medical services costs for your business. The healthier the worker is, the fewer sick days they are going to take, which means they will stay longer with you and invest more energy into their work.
Lanteria’s adaptable software will help you figure out what financial implications introducing these benefits may have on your business and if the expenses of the perks you’re willing to implement are actually reasonable and beneficial for both parties. With the help of our platform, you can keep your staff motivated and focused on organizational growth and create a positive, healthy company culture.