Employee Benefit Programs

Employee Benefit Programs

As the owner of a business in Indiana, chances are that you employ a number of people, or will employ people as your business grows and expands. One thing that can make your company more attractive to potential employees, and help you to maintain the best and brightest amongst them and make your company more desirable to work for when compared with your competitors, is to offer employee benefits.

At Harvest Financial Planning, LLC, we know that implementing an employee benefit program isn’t always easy, and as a business owner, you may have myriad questions about types of employee benefits, whether or not there are any benefits you are legally required to offer, what benefits your employees need and want the most, and how your business will afford to offer employee benefits. We help you to answer all of these questions and more, and develop comprehensive employee benefit programs that work for you and your employees.

Types of Employee Benefits

There a number of types of employee benefits that a company may choose to offer. These include:

  • Healthcare benefits;
  • Retirement benefits and 401(k) options;
  • Dental and vision plans;
  • Life insurance plans; and
  • Paid sick days, paid vacation time, and paid holidays.

In addition to the optional benefits listed above, state and federal laws also require that your business provide certain types of benefits, depending upon business size/type. These include:

  • Workers’ compensation benefits;
  • FICA tax withholding and payment of FICA taxes (to provide employees with retirement and disability benefits);
  • Compliance with FMLA (Family Medical Leave Act);
  • Provide time off work without retaliation for things like jury duty and voting; and
  • Pay unemployment taxes.

Your business may also choose to implement a number of its own other employee benefits, such as certain bonuses, employee discounts for company products, and more.

How to Create an Employee Benefit Program that Works for Your Business

Creating an employment benefit program that is attractive to employees and is affordable for your business takes planning and strategy, but is certainly not impossible to do. We guide you through the steps of creating an employee benefit program, including determining:

  • Your business’ goals as they pertain to employee benefits (How important is employee comfort and happiness to you?);
  • Your business’ budget, which can be a limiting factor for many companies;
  • Your employees’ needs;
  • What federal and state benefits you are legally required to provide; and
  • Your employees’ wants and desires, as well as what you need to do in order to retain employees.

We can also help you to determine what types of employee benefits are appropriate for your business type. For example, restaurant businesses may have very different employee benefit programs in place than do law firms; employee benefits are often dependent upon business type, size, and objective.

Contact Us Today for Counsel in Creating Employee Benefit Plans that Work

When you contact Harvest Financial Planning, LLC, our goal is to help you to put in place an employee benefit plan that works, which means that it meets your business’ goals and objectives, is successful at retaining employees, and fits within your business budget. To learn more about how we can help you, our experience, and why you should take steps to implement an employee benefit plan today, call our Schererville office now at 219-864-5050. We look forward to working with you!

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