Employee Benefits on a Small Business Budget

From flexibility in the workplace to growth opportunities, there are similarities across generations working in a multitude of industries when it comes to benefits desired by employees. An attractive benefits package is a great way to recruit and retain quality employees, and benefits can help set you apart as an employer-of-choice. It’s important to realize that benefits are not one-size-fits-all, but there are options available to fit any size company.

Healthcare

One of the most sought-after benefits in the workplace is healthcare. There are small-employer options, as well as large-employer options, but the task of deciphering all the pros, cons, stipulations, and possible penalizations can be daunting. If your budget allows, an insurance broker can help navigate the maze of health insurance.

Non-traditional healthcare options like association health plans are on the horizon as an option for a set of individuals to band together for the simple purpose of health insurance discounts. Concierge medicine, like Atlas MD here in Wichita, is another non-insurance option where patients can pay a monthly fee for medical care, if needed, as an alternative to insurance.

If you offer health insurance to your employees, a Healthcare Flexible Spending Account (FSA) is another benefit add-on to consider. An FSA is a pre-tax benefit account that employees can use to pay for eligible medical, dental, and vision care expenses that aren’t covered by a health insurance plan.1

Internal Benefit Options

External Opportunities

When it comes to the success of your business, your employees are your most important asset. Take care of your most valuable resource by making the most of employee benefits on a small business budget.

1. http://empowerflex.com/how-it-works/
2. http://empac-eap.com/about

Any reference obtained from this article to a specific product, process, or service does not constitute or imply an endorsement by Emprise Bank of the product, process, service, or its producer or provider.