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Providing Employee Benefits

Which Benefits Will Benefit My Employees?

In today’s labor market, businesses of all sizes are competing for the best employees. One way to attract the top talent is to offer the best benefits. On top of recruitment, benefits can increase employee morale and reduce turnover. But what benefits are the most beneficial to your employees? Here is a guide to the different benefits you can provide.

Benefits to Consider Offering

There are a variety of benefits you can consider adding to your overall employee benefits package, each with their own associated costs and advantages for your employees. When creating a unique benefits package that best suits your employees, be sure to factor in your budget and explore the most affordable options for your business.


Some of the common benefits that employers can offer are:

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Health Insurance

Health Insurance is a large incentive for employees, and it’s often difficult to hire full-time employees when you don’t offer it. As a small business owner, you can utilize the Small Business Health Care Tax Credit. 

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Retirement

If you want to stand out as a business, consider offering retirement benefits for your employees. There are an increasing number of programs and tax credits that provide incentives for employers to provide retirement benefits, including some that are facilitated through state governments.

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Paid Leave

Paid leave is becoming a more and more common benefit provided by employers. Offering paid leave allows you to expand your pool of hiring talent, including non-traditional workers such as working family caregivers.

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Life and Disability Insurance

Life insurance and disability insurance may not be a common benefit provided by most small business owners, but they are high in demand from the labor market. Life insurance and disability insurance benefits are particularly attractive to prospective employees if your business is prone to accidents and hazards. 

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Other Benefits

There are several other benefits that you can provide to your employees, making your business a more attractive landing spot including:

  • Overtime pay
  • Financial wellness programs
  • Business-related driving reimbursements

Provide Benefits to Your Employees

After you’ve decided which benefits to provide your employees with, the next step is to set those plans up. There are a number of options that you can choose from for each specific benefit including:

For certain benefits, you can go ahead and set up the programs yourself (i.e., offering paid leave to your employees). Just be sure to consult with your accountant and set up a fund using your budgeted amount to create your program.

 

Also, be sure to research the small business tax credits that are available in your state for providing certain benefits. Many states offer tax credits for providing paid leave or retirement benefits to your employees, which will allow you to reimburse and fund your programs.

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