Any forward thinking business will acknowledge that their employees are their most important asset. They practically carry everything on their shoulders and need more than just a basic package as compensation. This is where the idea of employee benefits comes in; to provide due compensation to employees for their services rendered.
With so many common myths circulating about employee benefits, here’s the truth you should know.
Myth 1: It Costs Too Much Money
It is a commonly held belief that employee benefits are too expensive for smaller business to offer. This couldn’t be further from the truth. Employee benefits are like anything else. You have to do your due research to find the right deal that is made just for you and is affordable. It can be argued that employee benefits are just like regular insurance, such as homeowner’s insurance and car insurance.
That being said, there are a few benefits packages that actually are very expensive. Some of these are a little unnecessary, whether it is employee discount programs, poorly designed wellness programs, or a free hair cut.
Myth 2: Employees Will Choose Pay Over Benefits
As long as their regular paycheck is competitive, employees will not place too much emphasis on their salary. Most workers expect employers to provide benefits such as health insurance, a fully-fleshed out PTO program, corporate wellness programs, and more – ideally it should be free of charge. Because the truth is, health insurance on average is too expensive, and most employees, if not all, are willing to sacrifice a higher salary for affordable health insurance.
Myth 3: Employees Only Want Health Insurance
Speaking of health insurance, there’s a commonly held belief that employees only seek health insurance in terms of benefits packages and nothing more. But the tight labor market necessitates that employers go above and beyond to offer more than just health insurance, and extend their plans to include vision and dental coverage. We are talking flexible scheduling, remote work, and more.
Myth 4: You Need a Minimum Number of Employees for Benefits
In any competitive environment, the number of employees has no bearing on whether the company should or should not provide benefits packages. As a general rule, if you have employees, you can have benefits. In fact, it can be argued paying a salary is one of the benefits being paid to employees. This is true whether you have 1 employee or 1000 employees. You’re only repeating the same process for each employee.
Myth 5: You Can Use the Benefits Plans for Everyone
Some companies use a one-size-fits-all rule when it comes to employee benefits and apply them to all employees. Employees must not be treated like they’re a singular entity, different people have different needs. Chances are, you’ve got multiple generations under one roof. Some are healthier and seek flexible benefits that support their lifestyle. By comparison, employees who are closer to their retirement will want a more comprehensive health benefits plan.
Different folks, different strokes a they say.
Here at JS Benefits Group, we can provide you with a customized benefits plan for all your employees. Click here to learn more.
