Employee Benefits: Small Business Approaches

As many companies have sought to keep expenses in line with decreasing revenues, the cost of talent quickly has gotten attention. The benefits package comes under scrutiny prior to pay cuts. While cutting benefits may not be a preferable choice for balancing the budget, current circumstances should give owners pause to evaluate their current offerings. This evaluation will include a look at both the value of the benefits from an employee perspective as well as the actual costs of the total compensation package per employee.

This month’s paper addresses the three main approaches that small businesses take towards offering benefits to their employees:

1. No benefit plans
2. Offer a benefit plan choice
3. Subsidize a benefit plan

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