To offer or not to offer – that is the question.
Should my company offer employee benefits? This is a big question that you should consider carefully.
Large companies offer employee benefits programs for a reason – improved ability to recruit and retain the best employees. Period.
Unfortunately, not all growing companies have the financial resources that the big players have. This is where some growing companies stumble and fall. If your operation is not in a financial position to fund an employee benefits package (pay for all or part of major medical, fund a matching 401k plan, or foot the bill for voluntary benefits), there is still a way.
A fantastic stepping stone to funding employee benefits is the uncommonly known ability to offer Voluntary Benefits packages in an employee-funded environment. Believe it or not, the company can make certain benefits, such as life insurance, cancer insurance, and short-term disability available at steep discounts to their workforce at no cost to the company.
Your employees will love it because the insurance is useful and rewarding to carry. Not to mention, they will be getting the insurance at a huge discount because they are part of your organization.
One of my clients puts it best when he says, “If I make it available and they don’t want it – that’s on them. If my guys end up needing insurance and I did not offer it – then they think I don’t care.”
The real question should not be to offer or not to offer. The real question should be whether or not you as the employer should pay for all or part of the insurance, or should you allow the employee benefits programs to be employee-funded?
In the end, the best thing for both you and your employees is to work smarter, not harder.