Many job applicants value the benefits a company offers even more than the salary.
Here are suggestions to help you create or update a company benefits plan that will attract top talent and keep your star employees on board.
Include the required benefits
By law, you must include certain line items in your benefits plan:
- Adhere to workers’ compensation requirements
- Withhold FICA taxes from employee paychecks
- Pay your own portion of FICA taxes and provide employees with retirement and disability benefits
- Pay state and federal unemployment taxes
- Comply with Federal Family and Medical Leave (FMLA) requirements
- Allow employees time off for military service, to vote and serve on a jury
Add the perks
There are benefits you are not required to give to employees, but many are perks they expect, and that may sway their decision to join your company or to remain onboard instead of seeking greener pastures:
- Healthcare plan
- Dental and vision plans
- Retirement plans
- Life Insurance plans
- Paid holiday, sick leave and vacation time
Most full-time employees expect to receive at least one and usually two weeks of paid vacation each year. In your benefits plan, provide details about how to request time off, including funeral leave.
Avoid mistakes
Make sure you include all employees in the benefits plan, including custodial staff and part-time workers. There are some exceptions so rely on legal advice in this area. Keep in mind that the government scrutinizes benefits such as healthcare and retirement plans. The Internal Revenue Service and the U.S. Department of Labor pay close attention, so an attorney’s review will ensure that you make no missteps and offer benefits that are attractive to both current and potential employees.
