WEDNESDAY, JANUARY 27, 2021
 Your employees do a lot for your business, and they’re also protected by numerous labor laws and workplace safety standards. As a result, you have a duty to give them as much respect and consideration as they give their jobs. One of the ways you can do so is by offering them a strong benefits package.
The law recognizes how important it is for employees to have support in the workplace, and therefore both states and the federal government require employers to provide various benefits. However, business owners have a lot of opportunity to offer benefits above and beyond what the law requires of you, and your employees will often thank you for it.
Required Employee Benefits
Both federal and state laws require certain minimum benefits to be provided by most businesses. Those that are most required include:
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Health Insurance: Most employers have to offer most (if not all) of their full-time employees health insurance benefits. These packages usually must meet standards set forth in health insurance law. Whether the employee takes this coverage is up to them, but the employer must at least offer it.
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Workers’ Compensation: An employee who sustains an injury or disability on the job might be unable to continue to work. As a result, their income might drop, and they could face insolvency as a result. To help them recover, employers usually must offer them workers’ compensation insurance that can cover their medical bills, lost income and other financial needs.
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Overtime Pay: Depending on local regulations, employees might be entitled to overtime pay if they work extra hours past normal time on the clock.
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Minimum Wage: Federal and state law require some or all employees to receive pay at a minimum level.
Though federal laws set minimum standards for these benefits, state laws can vary considerably in the types and amounts of benefits they mandate. Check your local statutes for more information on the benefits you must offer.
Optional Benefits
If you offer a strong benefits package, then you are making an investment in your employees and your business overall. Better benefits are proven to improve retention, performance and overall employee satisfaction. As a result, it’s a good idea to offer as optimized a benefits package as you can afford.
Optional perks to consider offering include:
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Paid holidays
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Club memberships for gyms or health spas
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Tuition reimbursement for continuing education
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FSAs and HRAs
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Life insurance and retirement accounts (some states might require this coverage)
When it comes time to set up your company's benefits plan, your benefits agent will be there to help you out. They will make sure that not only do your benefits meet proper compliance laws, but also that you offer as effective a safety net to your employees as possible.
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