Offering your employees an excellent benefits package will help you recruit and retain an outstanding workforce. Many employees value benefits almost as much as salary, so it’s important to choose benefits that are desirable yet affordable.
Employers with a large number of employees are generally required to offer health insurance, so it’s one of the most essential employee benefits to budget for when you’re building a benefits package. Typically, an employer will pay a percentage of an employee’s coverage costs in a group plan.
In the event that an employee is unable to work due to an illness or injury, disability benefits can compensate them for the time that they need to recover. Short-term disability will address absences that aren’t significant in duration and long-term disability can cover absences that are greater than six months.
Many employers can affordably provide life insurance policies to their workforce. Policies can be for a set amount or they can be equivalent to an employee’s annual salary. The policies will remain in effect for the duration of someone’s employment.
In order to build an attractive benefits package that will fit into your operating budget, you should work with an insurance provider who is experienced in serving businesses in your area.