Many workers consider one thing the difference between a “grown-up” job and a temporary gig: a decent benefits package. This includes everything from vacation days to health insurance to retirement planning and severance. Although only a few things are legally the obligation of the employer, building an employee benefit package that goes above and beyond can make a major difference in the operation of your business.
Major Benefits (to You!)
- You become more competitive in your niche, attracting talented employees who can contribute great things to your business.
- You have higher employee retention, which means that employees grow along with your business and you have less turnover to worry about and impede your growth.
- By showing your employees that you care about them and their health, you create a stronger rapport between workers and the company itself. As a result, you’ll experience higher morale and productivity.
- Compliance with government policies can be a complex business, as federal and local policies are often shifting regarding when you need to provide employees with things like maternity leave and health insurance. However, if you have a strong, competitive package from the get-go, instead of the bare minimum, you don’t have to worry about changing it with each change in the political weather.
- Thanks to tax breaks and group discounts and policies, you can often provide more value to your employees through a benefits package than the exact amount that you pay out.
Why You Shouldn’t Handle It Alone
Benefits packages can be a complex business. For one thing, it’s one of the biggest pressure points that leads employees to leave the company, or cry foul when a problem arises (especially one dealing with disability or unemployment.)
For another, compliance with government standards isn’t something you can simply figure out through a quick search online. The things that your company will be required to provide to employees will differ depending on what kind of workplace it is, how many employees you have, which state you are based in, and even local regulations. In order to ensure that you’re in compliance with all government standards, it’s important to contact an experienced professional.
Last of all, working with an experienced business-oriented CPA is important because it can help ensure that you get the best pricing options and tax benefits from what you provide for employees. Many expenses that go towards employee benefits are payable before taxes. Others can give you a tax credit each year.
If you’re a small business owner, call us today so we can help you set up everything you need to help your business run smoothly, from professional bookkeping to benefit setup.