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Setting up employee benefits you think you cannot afford

As you launch your new company, you may be looking at employee benefits with something of a money-saving mentality.

However, while you might initially save money by choosing not to include company benefits, you could cripple the prosperity of your business in the long run and risk losing employees you had hoped to keep.

What the law requires

There are certain laws you must adhere to and benefits that you must provide to your employees. These include the following:

  • Meet workers’ compensation requirements
  • Manage the withholding of FICA taxes from employee paychecks and payment of your own FICA taxes to provide retirement and disability benefits
  • Pay state and federal unemployment taxes
  • Comply with the Federal Family and Medical Leave Act
  • Provide employees with time for military service, to serve on a jury and to vote

What you do not have to provide

There are many employee benefits you are not required by law to provide. However, to remain competitive with similar businesses and to retain good employees, you should consider at least some of the most popular plans:

  • Group health plans
  • Dental and vision plans
  • Retirement plans
  • Life insurance plans
  • Paid sick leave, vacation time and holidays

How your company benefits

All employees look forward to enjoying company benefits and many will not sign on unless a company offers benefits like a group health plan and a 401(k). These benefits can make a big difference in the success of a business. Employees are less likely to quit, they will miss fewer work days, they will have a stronger commitment to company goals and they will feel happier and more satisfied with their jobs.

If you think you cannot afford to institute certain plans, remember that when you establish good employment benefits early in the life of your company, the business will have a greater chance to thrive.

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