In part one of this two-part blog series, we looked at some of the basics surrounding employers offering benefits to their employees, plus why quality benefits are so important in the modern workplace. From attracting and retaining talent to the tax advantages that come with good benefits and more, there are several reasons why offering robust benefits is important for employers – now how do you go about setting up these plans?
At WTA Inc., we’re here to help with a huge range of HR services for clients around Salt Lake City, including PEO employee benefits services, payroll services and more. Today’s part two of our series will offer some guidance and approaches to the process of setting up employee benefits offerings and packages, ensuring that you know how to arrange the important elements here.
Laying Out Objectives and Budget
As you first begin the process of considering employee benefits options, one of your primary goals should be laying out clear objectives and a budget for them. This may involve several steps in coordination with HR managers or other relevant parties:
- Determining what specific benefits you wish to offer, including medical, dental, vision, retirement and others.
- The extent of each benefit – such as which employee tiers are eligible for each, plus whether dependents will be covered as well.
- A timeline for implementation that works within your company’s overall financial planning.
Remember that offering benefits isn’t just about spending money on employees; it also helps attract top talent who are looking for a comprehensive package when evaluating job offers. As you set objectives and budget, consider incorporating input from current employees to ensure your offerings meet their needs and expectations.
Understanding Legalities
Once you have your objectives in place, it’s important to understand the legal requirements for employee benefits offerings. This may vary based on factors like company size and industry, so be sure to consult with an experienced HR professional or legal team. Some common areas of focus here might include:
- Compliance with state and federal laws such as the Affordable Care Act (ACA).
- Employee eligibility requirements.
- Tax implications for both employers and employees.
- Documentation and recordkeeping obligations.
It’s crucial to make sure all legal standards are met when setting up benefits plans to avoid potential penalties or lawsuits. Again, this is where working with a professional HR or legal team can be highly beneficial.
Employee Education and Communication
Once benefits plans are established, it’s important to effectively communicate them to employees. This involves not only providing clear information on what benefits are available, but also educating employees on how to use them and any necessary enrollment processes. A few tips for effective communication include:
- Utilizing multiple channels such as email, company newsletters, and in-person meetings.
- Providing easy-to-understand resources like FAQs or step-by-step guides.
- Offering opportunities for employees to ask questions or provide feedback.
Proper education and communication can help ensure that employees understand the full value of their benefits packages and are able to take advantage of them when needed.
Ongoing Evaluation and Adaptation
Finally, it’s crucial to regularly evaluate your benefits offerings and make necessary changes or updates. This may involve conducting employee surveys, analyzing enrollment data, or working with HR professionals to stay on top of industry trends and best practices. As the needs and expectations of employees evolve, so should your benefits packages.
At WTA Inc., we understand the importance of offering quality employee benefits and can assist in all aspects of the process – from setting objectives and budgets to ensuring legal compliance and effective communication. Contact us today to learn more about our PEO employee benefits services and how we can help your company thrive.