Employee benefits are an important part of your business. When properly designed, they provide a solid foundation to assist you in growing your business. The complexity of choices makes it difficult to navigate the ever-changing landscape. Our advisors can assist you in designing a competitive package that can help you attract and retain your personnel. 7
Because employee benefits play a critical role in the lives of employees and their families, the benefits you offer could be a deciding factor in a potential employee’s choice of whether or not to accept your offer of employment.
Almost all employers are required by law to offer Social Security benefit, unemployment insurance and workers' compensation insurance. Employers with more than 50 employees are also obligated to offer employees an unpaid Family and Medical Leave benefit. Optional benefits can add 30 to 40% to the base pay for most employees and, in order to stay competitive, are offered by most businesses. These programs include, but are not limited, to the following:
Key benefits such as health insurance and retirement plans are subject to government regulations. The most common mistake made by employers is excluding some employees from the plan, which can cause the plan to be disallowed.
Because health insurance is one of the benefits most popular with employees, businesses should consult with a specialist to explore the several options for setting up a plan. Our team of advisors regularly helps companies with contract negotiation, benefit plan design, regulatory compliance and employee education.
7 Insurance services are provided by Woodforest Financial Services, Inc., which is not affiliated with RJFS.