Small business owners have an obligation to offer their employees certain benefits under federal benefits laws. Yet, these companies often struggle when putting together an attractive benefits package for employees because of a lack of knowledge and costs. Here are some helpful tips to make it easier for companies offering small business employee benefits in Rogers, AR.
Make Sure All Federally Mandated Benefits Are Included.
Small business owners with 50 or more employees must provide their employees with the following five benefits mandated by federal law:
• Medicare and Social Security
• Unemployment
• Workers’ Compensation
• Health insurance
• Family and medical leave
These are the main benefits that most employees expect to receive as part of their employee benefits package. Small businesses should also check with their state to make sure they meet state requirements too.
Benefits that Go Beyond the Standard Package
In today’s competitive marketplace, small business owners have to compete with large companies and their customized employee benefits packages that offer some interesting perks. Some of these benefits include paid time off (PTO), retirement and 401(K) benefits, Employee Assistance Programs (EAP), and maternity/paternity leave. Additionally, some companies offer their employees more modern benefits such as PTO volunteer hours, commuter benefits, adoption assistance, fitness reimbursement, student loan repayment, child care assistance, and even pet insurance.
Putting together an attractive benefits package to attract and retain employees is an important part of running a small business. It’s a process that gets overwhelming and many small business owners find it’s made easier by hiring advisors to help them with small business employee benefits in Rogers, AR.
Disclaimer:
Securities are offered through Avantax Investment Services℠, Member FINRA, SIPC. Investment advisory services are offered through Avantax Advisory Services℠.
Insurance services are offered through an Avantax affiliated insurance agency.
