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Discover the Best Small Business Employee Benefits to Offer This Year

Small Business Employee Benefits You Should Offer in 2024

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Highlights:

  • To stay competitive, small businesses need to offer a comprehensive employee benefits package that goes beyond the basics.
  • A strong HR benefits package should include a mix of financial and non-financial elements, such as flexible work arrangements and tuition reimbursement.
  • At EmPower HR, we offer our partners access to Fortune 500-level benefits, and we manage them for you. Contact us to learn how we can help your business!

In today’s competitive hiring market, crafting a strongemployee benefitspackage is crucial to attracting and retaining top talent — especially for small businesses. Gone are the days when basic health insurance and retirement plans were enough. Today’s employees seek a comprehensive benefits program that goes beyond the paycheck, supporting their well-being in all aspects of life.

Considering a refresh for your small business employee benefits this year? Let’s dive into the key offerings that can help you build a strong and happy team.

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Why Small Businesses Need Better Employee Benefits

For small businesses (with 100 employees or fewer), offering premium benefit packages can be a game-changer. Here’s why:

  • Attract and Retain Top Talent. By offering better employee benefits, small businesses can compete with larger companies for the best candidates and keep valuable employees from jumping ship.
  • Boost Employee Satisfaction and Productivity. When employees feel valued and supported, they tend to be happier, more engaged, and more productive. Offering benefits that address their financial well-being, health, and work-life balance can have a significant impact on employee morale and overall company performance.
  • Enhance Employer Brand. Small businesses with a reputation for offering competitive benefits packages are seen as more attractive employers. This positive perception can lead to a wider pool of qualified applicants and a stronger employer brand in the community.

Top Small Business Employee Benefits to Offer this Year

From essential healthcare and financial security options to wellness programs and work-life balance boosters, these are the top employee benefits that your small business should offer this year:

Health Insurance

This should be a top priority for employers. However, a recent survey shows that 94% of small employers find it challenging to manage the cost of offering employer-sponsored health insurance.

Partnering with a Professional Employer Organization (PEO) can make it easier and more affordable for small businesses to provide health coverage. Because PEOs have a larger pool of clients, they can negotiate significantly lower rates with insurance carriers, often resulting in substantial cost savings for your small business.

Beyond cost savings, PEOs handle the administrative burden of health insurance, including enrollment, claims processing, and COBRA administration. This frees you up to focus on running your business while ensuring your employees have access to quality health coverage.

Retirement Saving Plans

Employers that contribute to or sponsor their employees’ retirement plans offer matching contributions up to a certain percentage to help with their employees’ retirement goals. This contribution is an attractive way for employees to save for their retirement, knowing that they have the additional financial resources from their company to reach their goals faster.

Retirement plans provide peace of mind, reduce stress, and ultimately allow your employees to be happier and more satisfied at work:

“9 in 10 of the small business owners offering a retirement plan said that the main reason to offer a plan is the positive effect on employee attitude and performance.”

Employee Benefit Research Institute (EBRI)

Tuition Reimbursement

This benefit allows employees to pursue further education relevant to their field, with the company reimbursing a portion of the tuition costs once they complete the course.

This is a win-win situation for both businesses and employees. Employees gain valuable skills and knowledge that can be directly applied to their work, increasing their productivity and expertise. This can lead to improved problem-solving, innovation, and a deeper understanding of the industry.

Additionally, employees who feel their employer values their personal and professional growth are more likely to be engaged, satisfied, and loyal to the company.

In the long run, businesses save money by reducing turnover and training costs, while also having tax-deductible expenses.

Paid Parental and Elderly Care Leave

Companies can help employees balance their work and family responsibilities by offering paid parental or elder care leave. This type of leave allows employees to take time off from work to care for a young child or elderly parent without losing their income.

Paid parental or elder care leave can help reduce absenteeism and turnover and improve morale and productivity, while also being a valuable tool for promoting gender equality in the workplace. Businesses that provide paid parental or elder care leave commit to supporting their employees and families for today and in the future.

Wellness Programs

These programs can include gym memberships, discounts on health services, and mental health resources.

Wellness programs not only help improve employee health and well-being, but they can also lead to reduced healthcare costs for your business.

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Craft a Winning Benefits Package for Your Small Business

For small businesses seeking to attract and retain top talent, offering a competitive salary is important, but having a strong employee benefits package is even more crucial.

Struggling to offer Fortune 500-level benefits with a small business budget? At EmPower HR, we help bridge the gap. Our extensive client network allows us to secure these desirable benefits at a fraction of the cost. Beyond finding the perfect employee benefits for you, we can also handle the ongoing administration. This frees you up to focus on what matters most: running your business.

Ready to simplify HR and make your business more attractive for employees? Contact us today to learn more about our employee benefits and HR services.


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