Maximizing a company’s employee benefits is important to help keep the employees happy and retain them in any type of business. Offering only health benefits is shortsighted and not likely to be able to recruit new employees to work in the business. An impressive benefits package is also a great way to recruit and retain employees through the world’s ever-changing circumstances. The benefits that employees are searching for have both changed but become more important during the COVID pandemic. What benefits are keeping employees happy and engaged at work?
Here are some tips to help improve your benefits package.
Health Insurance Options with Tax Benefits
Besides offering access to affordable health services, group coverage also helps employers in ways relating to employee retention and tax benefits. Purchasing a group policy can benefit a business and the business’ employees. Expenses an employer accrues related to health insurance are tax-deductible as ordinary business expenses, on both state and federal income taxes. It is also possible to set up the health benefits so that employees will save tax money too. With some extra paperwork on the employer's end, an employee can contribute to the cost of health insurance on a pre-tax basis. Meaning the employer can deduct the cost of the premium from the employee’s paycheck before state and federal taxes are calculated and deducted. This will allow the employee’s take-home pay to increase and lowers the amount of the employee’s taxable income.
Make Life Insurance A Priority
A popular employee benefit for both employers to add to their packages and employees to opt into is life insurance. Offering it is worth considering if your employees can benefit from the possible lower rates of insuring a group. Not only can life insurance benefits help cover final expenses, it can also provide your employee’s family with a financial safety net by helping to replace income.
Matching Contributions on Retirement Plans
One of the most important benefits an employer can offer is contributions to an employee’s retirement plan. Some employers match on employee 401(k) paycheck deferrals, while others make contributions to retirement plans without requiring employees to make contributions. These plans can help set up employees for future success. Employer contributions to retirement plans are powerful tools in saving for the future. They provide compensation to employees above and beyond their salaries which ends up being a great tool in employee retention.
Seamless and User Friendly Enrollment and Benefits Management
Finding great benefit enrollment and management companies is not as easy. Employers need to find a solution that works for their organizational needs. They want to make enrollment easy for employees and adhere to industry standards. There are an overwhelming number of benefit enrollment platforms, which is why working with a qualified benefits professional is so valuable. By working with an insurance broker you have their expertise in finding the right software and benefits management that will be just right for employer and employee as every organization is unique.
At LHUI in Seattle, WA, our team of insurance brokers can help you decide and develop a comprehensive employee benefits package for your employees. No matter the size of your business, we will work alongside you to meet all of your coverage needs with creative solutions and expert guidance. Schedule a consultation with us today!