Episode 36: What Benefits Do I Need To Offer?
June 1, 2021
Salary is only part of the overall compensation package. Potential hires often rank benefits as one of the top factors impacting their decision to accept a job offer. Today I'll tell you about how to figure out what you want to include in your benefits package so that you can recruit and retain quality staff while being financially responsible.
When you are considering which benefits to provide, recognize that there are certain benefits that are required either by state or federal law:
- Social Security
- Medicare
- Unemployment insurance
- Workers’ compensation
- Others:
- Uniforms
- Employment Training Tax
- Several states require compensating employees for time spent voting or serving on a jury
- Several states have health insurance required by law
Voluntary benefits:
- Health insurance
- Paid holidays
- Paid time off
- Retirement plan
When you are deciding on which benefits to offer, you will need to understand their costs. Each benefit, regardless of whether it is mandated by law or voluntary, can affect the profitability of your business. Make sure to assign a dollar value to each benefit when you are doing your financial projections.
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