Small business benefits package is as important as big business benefits package. The juicy benefits are among the important ways to keep the employee to stay in the company. It’s like the way to reduce the risk of losing the best employees. Among the main small business benefits that entrepreneurs have to provide are health insurance, retirement saving plan and other insurance including life and disability insurance. These benefits should be included in the package right from the beginning the employee starts to work.
Health insurance is a must small business benefit. The most common choice for small businesses to pick is the traditional health insurance that is often known as managed care. This traditional plan usually comes with wide selection of hospital and doctors and high premiums. Meanwhile, the managed care plan comes with smaller menu of providers and lower premium as well. These two different plants are sold by various insurance companies. The thing that often discourages employees is the fact that they should buy the insurance 100% by themselves. So, what the small companies should do is to share the premium with the employees. This way, the employee will feel more relieved and glad to join the company.
Another small business benefit included in the package is retirement plan. The most common choice is a plan called defined contribution plan which is also known as pension. It always encourages employees to save some of their own funds to be invested into the retirement plan. With this retirement plan, the employees are able to do investment with their money via future income stream or array of mutual funds. It allows employee to have their money saved so they can use it for future need when they will be no longer able to work. And, it is the company’s task to choose the right partner to manage the retirement plan.
Some small businesses are even confident enough to offer some other specialty benefits. These additional benefits are proven to be effective attracting new employees and keeping the old employees to stay in the company. The benefits include life insurance, disability insurance, vision and dental coverage and other insurance. With these benefits, the satisfaction among the employees who have been working in the company will increase. At the same time, the employees have more choices of what investment or protection they can get for their life all thanks to small business benefits package.