Whenever someone considers whether or not to apply for or accept a job, the factor that is likely at the very top of his or her list is the benefits being offered by the prospective employer. The term “benefits” refers specifically to anything an employee receives aside from basic cash wages. There are some benefits that you as a business owner are required to provide to your workers to comply with federal and state laws. Additionally, there are other benefits that are up to you as to whether or not you want to offer them. These optional perks are great ways for you to make your business more appealing to job candidates who are at the top of their fields. However, it is important that you strike a balance between appeal in the job market and your company’s financial stability. A business that doesn’t make profits will not be in business for long. Here is some basic information that every business owner should know about benefits.
Checking the Right Boxes
Before you start openly advertising all the great optional perks you are offering to your employees, it is of vital importance that you first make sure that your business is up to the standards issued by the federal government as well as those issued by your state and local area.
- Social Security: This long-running federal program serves as a kind of social insurance. It was created with the intent to ensure that hard-working Americans who remain employed for a certain number of years and who are of a specified age are able to retire from the workforce without being at risk for dipping below the poverty line.
- Minimum Wage: This is the minimum amount of money that you are required to pay to your workers in order to be considered a legitimate business. There is a base figure mandated by the federal government that applies to all American businesses, and this amount may increase depending on which state your business is in.
- Workers’ Compensation: Workers’ compensation is something of a four-letter word in the minds of many business owners, as it ostensibly represents nothing but a loss for them. However, it is an ethically conscious benefit to provide. If an employee is made ill or sustains an injury because of his or her work conditions or because of the negligence of a supervisor or owner, the owner is then legally required to pay for the individual’s medical bills. Employees covered by this policy also cannot be fired for days missed because of the problem.
Getting the Right People to Apply
Once you have met the government’s benefit requirements, you can then start to think about the optional benefits that you are going to offer. Some of the most popular ones include retirement plans, workplace wellness programs, corporate memberships, life insurance and paid leave.
At first, the notion of spending any more than you have to on your employees’ benefits may seem completely unnecessary. However, these optional benefits represent an investment in the marketability and future of your company. If you can afford to offer even one additional benefit to your workers, your open job postings are going to be looked at by more of the better people in the industry. When these people come aboard, they come up with ideas that drive the company to the top of the field, which in turn makes your company even more attractive to high-level jobseekers.
Hitting the Ground Running
When you take the time to make sure that all government-mandated benefits are provided, the path forward for your business will be much smoother. If you sweeten the pot with additional perks, your company can only improve with the talent you will attract. Click to view more Human Resources
The content on our website is only meant to provide general information and is not legal advice. We make our best efforts to make sure the information is accurate, but we cannot guarantee it. Do not rely on the content as legal advice. For assistance with legal problems or for a legal inquiry please contact you attorney.