Benefit Plan Offerings What Every Small Business Should Address
Most businesses would agree that employees are a company’s greatest asset. Attracting and retaining top talent is paramount to success but with that comes the responsibility of offering a competitive (and compliant) benefit package. Whether 30 local employees or 500 nationally, the exercise is the same and can be daunting. To start, here’s a short list of questions an HR manager or business owner should ask:
- Have you addressed all annual or ongoing required notices and mandatory filings?
- Is your broker thinking outside of the box?
- Are you up-to-date on the latest “hot” topics impacting benefits?
- What is the correct way to calculate the full-time equivalent (FTE)?
- Have you considered putting your company through a mock DOL Audit for ERISA?
No matter how well a company is informed and compliant, the benefits plan is only as well as it is communicated to employees. Do you have the right employee communication system in place?Is there an up to date employee handbook and current written policies in place to protect mutual interests? For these and other benefits related issues, a trusted broker is an invaluable resource and partner.