Benefits administration company, Clarity Benefit Solutions, shares how startup companies are approaching employee benefits.
Startup companies face so many challenges as they navigate the new-business waters that employee benefits may not be high on the to-do list. However, in order to attract and retain top talent, employee benefits should not be overlooked. The following tips should help startup companies implement employee benefits.
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First, begin with the basics. Health insurance, dental insurance, and disability insurance are the ABCs of employee benefits. This will ensure employees won’t take a financial hit from the flu, a cavity, or a visit to the ER. Once a business is financially stable, perks such as gym memberships, company lunches, and 401(k) plans can be added to the mix.
When it comes to health insurance, offer a solid plan that will appeal to younger, healthier employees—which are likely to comprise the bulk of startup employees. They probably won’t have to visit healthcare professionals often, so a network plan will be sufficient, which will also keep employer costs down. And, while disability insurance might be overlooked due to the age of typical employees that work at startups, there is a slight chance that younger employees may be unable to work due to an injury or illness. Thus, disability coverage will provide them with added peace-of-mind.
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Employers need to consider what they can realistically afford their employees in terms of benefit offerings coupled with employer/employee cost sharing. This should be built into the cost of each new employee and should not be changed. Under no circumstances should employers reduce the amount of health insurance they cover—especially in the case of startup companies. Employers should also focus on benefits that promote a healthy lifestyle and make sure they are serious about fostering employees physical and emotional well-being.
Finally, startup employers should consider utilizing a broker to help them navigate the complexities of benefit offerings. They will take the guesswork out of the entire process and streamline it. Employers can free themselves of the time-consuming, mundane tasks such as paperwork and filing—and therefore focus on more important startup business tasks.
Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward
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