What Is a Small Business Benefits Package?
When people think of employee benefits, they may think of a salary. However, compensation packages include things that go beyond a paystub, such as health insurance, paid time off (PTO), retirement plans, other types of insurance (such as disability or life), and more. Luckily, there’s no one-size-fits-all program for building a comprehensive benefits package. And the best part? A PEO can help you build one. So, if you’re looking to give your employees something to boogie about, below we share what a complete benefits package can include.
What To Consider Adding to a Small Business Benefits Package:
Health Insurance
This one may seem like a no-brainer, but small businesses can set a precedent for their workforces and talent pools by offering health coverage. Employer-provided health insurance coverage attracts new talent and is crucial for retention rates. And going the extra mile by offering dental and vision coverage can really ease the financial burden of seeking comprehensive care—which may inspire an employee to stay or seek employment elsewhere. On MonsterQuoter, you can shop for the perfect insurance coverage for your employees in only a matter of minutes!
Other Insurance Options
While you’re at it, why not consider additional insurance coverage for your employees? This is particularly attractive if your employees face inherent risks while on the clock, like janitorial or construction positions. Life and disability insurance options can help your employees rest assured that you have their backs. Thankfully, MonsterQuoter helps give your employees and their families some peace of mind. With our tools, you can add different types of insurance options while you shop for health insurance.
Different Kinds of Leave
If your small business is thriving, why not reward your employees with different types of leave? PTO (paid time off) can range from paid personal days, vacation days, sick days, half days, and more. Your small business can be trendy by providing leave such as mental health days, or more traditional with standard PTO days. Either way, your employees will surely be thankful you’ve implemented a fair PTO policy as part of their benefits package. If you have a lot of employees, it surely will be hard to keep track of everyone’s PTO. That’s where a PEO can step in and help you take care of the busy work.
It’s important to note that some leave is mandated by law. The Family and Medical Leave Act (FMLA) requires employers with 50 or more employees to provide up to twelve work weeks of leave in a year for specific family and medical reasons: such as maternity or paternity leave, personal medical issues, or to attend family medical issues. This leave can be unpaid, and employees become eligible for leave if they’ve worked at your company for at least a year and 1,250 hours within those twelve months.
Retirement Plans
As much as your employees are awesome, they most likely won’t be an employee forever. In fact, most employees think of having solid retirement plans as an ideal end to their careers. So why not allow your employees to plan for the future by setting up benefits to help them retire? Companies can match employee contributions to a retirement plan, such as a 401K or other plans.
With so many ways to set up your employees for success, there’s no limit as to how a small business can build a competitive benefits package. And with the aid of MonsterQuoter, we can help you find the perfect insurance coverage for your employees. From health insurance rates to PEO quotes, MonsterQuoter makes running your business a smooth ride. Connect with our team of unbiased insurance experts to shop for quotes or hop on and use our quoting tools today!
