When you’re running a business, whether you’re a small company or a larger corporation, every single department must work together like gears in a clock. While spending money on ensuring that products are of quality and distributed promptly is important, you shouldn’t skimp out on other aspects of the company, especially taking care of your employees. After all, your employees are the ones who help you run the business.
Think of your workers as machinery that need regular maintenance and repairs to ensure that they keep functioning properly. This is why providing employees with several benefits beyond mere salary is important. An article in Entrepreneur.com says that
Many small-business owners mistakenly believe they cannot afford to offer benefits. But while going without benefits may boost your bottom line in the short run, than penny- wise philosophy could strangle your business’s chances for long-term prosperity.
Furthermore, Entrepreneur.com writes that employee benefits can come in different forms. Some benefits required by law include time off for civil duties like voting or serving in a jury when needed, as well as strictly complying with the compensations agreed upon between the employer and employee. In Virginia, other benefits like vacation and sick leaves, holidays, and retirement plans aren’t required by law, but could grant you tax credits.
Another benefit most companies consider giving to employees is a good health insurance plan, where companies can help their employees pay for medical fees. Although this isn’t required under state law, Obamacare is set to change things by 2014 (which could be delayed until 2015 according to studies) by requiring companies that have more than 50 full time employees to give them health insurance or contribute to their federal tax returns.
Giving out benefits, however, isn’t as easy as telling employees about the things you are willing to help them out with. In fact, there are professional VA employee benefits advisers like those from Financial Brokerage Services Inc. that can help you with the intricacies of integrating them into your policies as well as checking if they comply with what the government requires. For example, Entrepreneur.com writes that if the IRS finds anomalies in the benefits you’re supposedly providing, they can take any tax benefits away as well as impose penalties.
Acquiring Virginia group benefits plans may seem like an added entry to your long list of expenses, but these are things that could help you keep your employees happy and satisfied. A happy employee works better and stays loyal to his or her company.
(Article and image excerpt from The Basics of Employee Benefits, Entrepreneur.com)