09 Jun A Small Group Employee Benefits Strategy – Are There Reasonable Options?
What is a small company to do about health insurance?Until a company reaches 50 employees (FTE – full-time equivalent), health insurance is not a requirement. Therefore, not offering health insurance is an option for many small groups. Most business owners want what’s best for their employees, and a robust employee benefits package is attractive to most employees. When it comes to benefits, all companies face the dilemma of how to structure them, and smaller companies face the additional dilemma of limited choice. Total employee compensation Because of this limited choice, health insurance may or may not be a feasible option for a business. But all companies can put together a total employee benefits compensation package with their employees’ welfare in mind. Employee compensation takes many different forms. The first and most obvious form of compensation is salary, but here are some additional examples of employee compensation: Paid time offWork and company cultureFree and/or close parkingMeals, snacks, and coffee For many companies, the benefits package is second in costs only to salaries. Health insurance is the centerpiece of many benefits packages. If you want health insurance to be a part of your business’s benefits package, let’s look at what small group employers face when trying...