SIXTH TIP: EMPLOYEE BENEFITS
The next tip for those who own, or want to own, a small business: make sure you are promoting your employee benefits to your company’s advantage.
There are many types of benefits that employers can offer to employees. Insurance is usually the first one that comes to mind, such as medical, dental, vision, life, short-term disability, and long-term disability. There are other benefits as well, which include: paid sick; vacation and/or personal days; paid holidays; 401(k) matching programs; etc. A small business owner’s main concern when deciding on what benefits to offer to employees is: “How much is it going to cost me?” This is a valid concern that has to be considered in conjunction with obtaining and retaining employees. For instance, if you offer no benefits at all, will you continually have turnover with your employees because they are taking jobs elsewhere with better benefits?
I think small business owners sometimes forget to consider the importance of “employee relations” or the “spin” that can be put on what they have to offer their employees. I am a mother of three young children and have learned the importance of the “spin.” If I tell my kids they can have a “little bit” of ice cream for dessert, they cry and scream. But, if I tell my kids I am giving them “a lot” of ice cream (especially if I put the ice cream in a small bowl), even though it’s the same amount I would have given them in the first scenario, they happily eat their ice cream. The same rule applies in the workplace. It may sound simple, but if you have staff lunches and the company picks up the tab for everyone’s lunch, promote that event as a “company sponsored” or a “company paid for” event. Or, if you offer health insurance to your employees, consider letting the employees know how much you are paying to offer that benefit to them.
And, don’t forget the benefits you can offer that do not cost you anything! For instance, some employers offer their employees short or long-term disability insurance or identity theft protection. These “benefits” are fully paid for by the employee, but the employee gets the benefit at a cheaper rate through a group plan offered via the employer. The employer’s obligation only comes in deducting the premiums from the employee’s paycheck and transferring that money to the vendor.
At Hymson Goldstein & Pantiliat, PLLC, we have experienced employment law attorneys who can help you review your benefit policies to ensure they meet the needs of your company and your staff.
The information contained herein is general information not legal advice, and does NOT establish an attorney-client relationship with Lori Brown or Hymson Goldstein & Pantiliat.
Posted on September 17, 2013, in Employee Benefits, Employees, Employment Law, Employment Policies, Insurance and Taxes, Small Business Series and tagged employee, Employment, EMPLOYMENT LAWS, employment policies, Insurance and Taxes, Law, Lawyer, Scottdale Employment Law, Scottsdale Business Law, Scottsdale Lawyer, small business, tips. Bookmark the permalink. Leave a comment.