Any small business looking to attract and retain good talent should be offering some form of voluntary benefits to its staff. Voluntary benefits come in many shapes and sizes, from disability and life insurance plans to indemnity coverages that help protect employees from out-of-pocket medical expenses as well as dental, vision, etc. There are so many options available.
Voluntary Benefits Are Free
The main reason that all small businesses should offer some type of voluntary benefits to their employees is this: they are FREE! Offering voluntary benefits does not cost the employer anything. The point to understand as a small business, whether you currently offer benefits or not, you are giving your valued employees access to benefit options that they could not otherwise get without you.
Show Appreciation
With voluntary benefits, employees feel more motivated, appreciated, and valued. This, in turn, will boost overall productivity as well as employee
morale. Voluntary benefits can be paid for by the employee via payroll deduction, which means payroll tax savings for the employer as well as a reduction in taxable wages to the employee.
The Bottom Line
Whether you are a small business with 2 employees, 10 employees, etc. it does not matter — you can and should make these options available to your employees.
WMAG LLC provides trusted insurance advice to small business owners and seniors in Northern New Jersey. For more information on employee benefits, call (973) 500-4034.
Thomas M. Brzezinski is one of the founding partners of WMAG William & Michael Advisor Group LLC and Jersey Insurance Solutions. He has been involved in the insurance industry for over ten years and specializes in developing client relationships that last a lifetime.
