Sure, benefits just add to your costs. So you might think you’re saving money by not offering them. But did you ever consider that you’re losing out on better employment candidates because you don’t offer them? And how that could be causing you to lose out in the long run?
These days, employees expect that certain benefits will be offered and certain things will be covered. If you don’t provide a good benefits package along with a competitive salary, you can’t compete. Still not convinced? Consider this:
- A benefits package that includes good health insurance helps attract—and retain—quality employees.
- Employees will usually accept better benefits in lieu of a higher salary.
- Companies that offer health insurance see decreased absenteeism and improved employee health and morale.
And from a financial standpoint, you get the tax advantage of deducting plan contributions, and you can probably get your own benefits through the company for less than if you purchased them privately.
What benefits are you required to offer, and which are nice to have?
The law requires employers to:
- Give employees time off to vote, serve on a jury and perform military service.
- Comply with all workers’ compensation requirements.
- Withhold FICA taxes from paychecks to provide employees with retirement and disability benefits.
- Pay state and federal unemployment taxes, which provide benefits for unemployed workers.
- Contribute to state short-term disability programs.
- Comply with the Federal Family and Medical Leave (FMLA).
There are other basic benefits that modern employees are seeking, which you are not required to provide, but that will increase your chances of hiring and retaining top talent:
- Retirement plans
- Dental or vision plans
- Life insurance plans
- Disability insurance
- Paid vacations, holidays or sick leave
- Opportunities for professional development and training.
You may need to offer some or all of these benefits to stay competitive. Just remember, if you give employees the benefits they value, they’ll be more satisfied, miss fewer workdays, be less likely to quit, and have higher commitment to meeting your company’s goals.
What are some other, more intangible benefits employees want?
Employees are also seeking benefits that won’t cost you a thing!
- The ability to use vacation time without guilt.
- The ability to use sick time without having to prove they’re sick.
- The ability to telecommute when the work allows it.
- Flexible schedules that allow people to more easily juggle work and home.
Offering a comprehensive benefits package tells job candidates and employees that you care about their health and financial well-being, as well as their lives outside of work—and that’s the kind of employer people are looking for.
Any questions? Call or contact Synerfac, anytime. We’d be happy to help you evaluate what you can offer potential employees.