An increasingly diverse workforce means that one-size-fits-all benefits plans are no longer an option. Benefits offerings must be flexible and progressive in order to appeal to today's workers and their families. (Credit: Andrey Apoev/Adobe Stock)
Your employees are a key part of keeping your small business going — so are employee benefits. Although it can be difficult for smaller employers to compete with large organizations when it comes to recruiting and retaining employees, offering the right employee benefits can level the playing field.
There is a wide spectrum of employee benefits that small and medium-sized businesses can tailor to their specific market, industry, and employee population. In addition, many states also offer state-sponsored retirement plans and other benefits to employees of small businesses. This means it's imperative that business owners stay up to date on regulations around those plans, as well as labor and employment laws.
Types of employee benefits for small businesses
An increasingly diverse workforce means that one-size-fits-all benefits plans are no longer an option. Benefits offerings must be flexible and progressive in order to appeal to today's workers and their families, and it's up to employers to ensure they are keeping up with the needs and desires of employees and job-seekers. This can vary widely based on the industry, employee demographics, location, and competitors' offerings. However, here are examples of frequently offered employee benefits:
- Health insurance
- Dental and vision coverage
- 401(k) plan
- Wellness programs
- Voluntary benefits (life, disability, critical-illness and accident insurance, pet coverage, ID theft protection, legal services, etc.)
When researching and planning your employee benefits strategy, it's imperative to work with a benefits adviser as well as a retirement adviser. They can offer options, advice and strategy, help you keep updated about industry trends and regulations, direct you to vendors and partners that cater to small businesses, and help educate your employees on the benefits options you choose to offer.
Join our LinkedIn group, ALM's Small Business Adviser, a space where small business owners can gather to network, have discussions and keep up with the trends and issues affecting their industries.
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