Small Business? You Can Still Create an Employee Benefit Program to Fit Your Needs 

Small Business? You Can Still Create an Employee Benefit Program to Fit Your Needs 

Date: October 21, 2021,
In: About Us

Many small business owners would love to be able to provide benefits for their employees, but worry that doing so will be too costly. In most cases, though, even small businesses can create employee benefit programs that fit their needs. At Harvest Financial Planning, LLC, we can work with you to create an employee benefit program aims to helps you to retain quality employees and that works within your budget. 

What Is an Employee Benefit Program?

An employee benefit program refers to benefits that are maintained by the employer for the benefit of the employee, such as health insurance, life insurance, paid time off, retirement accounts or pension plans, and other benefits. Developing an enticing employee benefit package is important for employers who want to attract and retain employees. Today, healthcare coverage isn’t just an expected part of an employee benefit program—as well as one of the most essential—but it’s also one of the most basic; most employees also are looking for paid time off and other non-wage benefits. Putting together a robust employee benefit program is one way to show your employees that they really matter and are valued. 

What Employee Benefits Do Small Businesses Usually Offer?

As mentioned above, employee benefits are becoming the norm in workplaces today, and are an important part of employee retention for businesses who want to remain competitive. Benefits that are common or even expected often include:

  • Health-related benefits, such as health insurance, a health savings account (HSA), and other wellness benefits.
  • Retirement benefits, such as employer contributions or a pension plan.
  • Flexible benefits, such as the ability to work remotely, ability to flex hours, paid time off, paid sick leave, etc.
  • Personal benefits, such as parental leave, short-term disability insurance, and professional development opportunities. 
  • Other perks and benefits. Benefits that may fall into the “other” category include things like bonuses, profit sharing, free meals, product discounts, and more. 

How Our Team Can Help You Set Up an Employee Benefit Program

If you are interested in setting up an employee benefit program but are worried about the costs of doing so, our team at Harvest Financial Planning, LLC can help. We’ll work with you and your business to navigate your finances and the costs of various employee benefit program structures, ultimately working to find a solution that works for your budget and your employee attraction and retention goals. To learn more, call our team directly today for a free consultation.

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