Protecting your businesses’ biggest asset. Perhaps what I love most about my business is helping other small business owners feel empowered to make insurance and financial decisions that will make their lives better. It scares me, however, that a number of small businesses that I talk to provide no employee benefits, or only health insurance to their employees. When surveyed, employees list benefits as one of the top two or three reasons they take jobs with their employers, or leave one employer for another. With all the uncertainty in the world right now, employees are looking for protection more than ever. It's imperative for small business owners to be competitive in the benefit marketplace, yet many are leaving themselves exposed.
Why don’t businesses offer protection to their people? When asked why, I never hear: "Because I don't care about my employees!" It's quite the opposite I find. Small business owners realize that employees are the lifeblood of their business and treat them like family. Would you leave your own family without protection though? What I do here is: "Employee benefits are confusing, we don't have enough staff to offer them, or we'd love to offer something, but it's just too expensive!"
It’s less expensive than you think. Most employers are often surprised to find that they can offer many benefits to employees at no direct cost to the employer. Through what’s called a cafeteria plan, they can allow employees to choose several benefits that they may desire to be paid through one simple payroll deduction. Supplemental insurance like disability, critical care, and dental and vision, even retirement plans can be offered without an employer contribution of any kind. As a bonus, every dollar coming out of these plans reduces the employee and the owners’ payroll tax costs. It's never made more sense to provide these options to employees.
It’s easier than you think. Technology has made it easy to process one payroll deduction for each employee for all benefits provided. Between advances in payroll technologies (Quickbooks is just one example), efficiency in record-keeping with cutting-edge benefit tech providers, and increased focus on improving and streamlining user experience by the carriers, offering an integrated solution is easier than ever. It can be as easy as your employees logging on and checking a few boxes. If you could offer benefits at no cost, and with only minimal time allocated to establishing, enrolling, and handling deductions for a benefit plan, why wouldn’t you? If you are still not convinced...
It could save you money on taxes, or earn tax breaks for your business. Not only can employers offer these options with no direct expense, and save money on payroll taxes, but in some cases they can earn tax credits of up to $5,000. Our firm is committed to helping protect small business owners and their employees, and we would be glad to answer any questions you may have regarding costs, tax benefits, and implementation of additional benefits. Your employees deserve the benefits, and you, as a business owner, could use a break...A tax break that is! Let's start today!