Every business comes with its own strengths and core competencies, but ultimately, it’s your employees that make or break your success. To attract and retain the best talent, a competitive employee benefits program is essential. Discover the options available at King Street Agency to build your small business employee benefits program, and speak with one of our knowledgeable agents today to get started.
Employee Benefits Keep You Competitive
When you’re considering the expenses required to successfully run your business, the benefits you provide for employees may not be first on the list. Many small business owners forego these benefits until they reach a certain number of employees.
But once you’re able to provide employee benefits, it’s a smart move to do so as soon as possible. The reason is that not all employees are created equally. A business thrives or fails by its employees, and savvy employees are going to apply to companies that offer the best combination of salary and benefits.
By offering appealing employee benefit options, you can attract top employees that will help your business thrive.
Retention is a Consistent Challenge
In today’s business world, many employees are always on the lookout for better options. When an employee is working for a job where they know that they’re not getting the best benefits, it may be only a matter of time before they start applying to work for your competitors.
By ensuring that your company offers appealing benefits, you’re far more likely to keep that top talent instead of losing them to competitors. The right benefits program can help you to keep the best people around and put your business in an optimal position to grow.
Common Benefits Offered By Small Businesses
Some employee benefits are required by law while others can be offered as extra advantages that set your company apart from competitors. Consider which of the following options may be most appropriate for your business:
Benefits that are Typically Required
Although different states have their own requirements, these are the benefits that are most often required by law:
- Family and Medical Leave (FMLA). FMLA is a benefit that allows employees to take 12 weeks off in the event of various medical and family situations.
- Workers Compensation. Workers compensation is extremely valuable for employees, and each state has its own regulations regarding how much is required.
- Unemployment Insurance. Employees that work for you for a certain minimum period of time are entitled to unemployment insurance if they lose their job.
- Disability Insurance. While not required in every state, disability insurance provides compensation for employees who become injured or ill while away from their workplace.
Common Employee Benefits
Many other benefits are available to help you attract and retain top employees. Consider offering the following as part of your small business employee benefits program:
- Health, Dental, and Vision Insurance. Businesses have a variety of options for providing medical and dental insurance for their employees. Our knowledgeable agents can help you select the best options for your organization.
- Life Insurance. With life insurance, employees can typically choose between a 30-year term life insurance plan or one that lasts for the rest of their lives.
Group Health & Life Insurance Plans
At King Street Agency, we can help you identify the best group health and life insurance plan options for your needs. We will work closely with you throughout the year, identifying needs as they arise in order to plan ahead, making changes that keep your policies in sync with your business goals and values.
King Street Agency works with most of the major group insurance carriers. We are licensed with:
- Blue Cross
- Blue Choice
- United Healthcare
- National General
Other Perks to Consider
Here are some other office perks to consider offering your employees:
- Telecommuting Options. Jobs that can be done from a computer in a home office may offer telecommuting options when applicable. Your employees will appreciate the flexibility.
- Relocation Assistance. Sometimes, finding the right employee is worth paying for their moving expenses. Consider relocation assistance if getting the perfect employees is worth the cost.
- Tuition Assistance. While particularly appealing to young employees, assisting with college tuition is also valuable for any employees who are driven and want to enhance their education.
- Fitness Allowances or Gym Memberships. The desire to live a fit lifestyle has never been more popular. Companies can offer gym discounts and other exercise-related benefits.
Set Up an Employee Benefits Program with King Street Agency
Our knowledgeable insurance agents at King Street Agency can help you create a competitive small business employee benefits program. Get in touch to schedule a consultation today.