Custom Tailored Benefits Strategies Are Better For Business
Three items consistently top the list of concerns for small-business owners: time management, income over expenses, and hiring and retaining qualified employees. Benefits consulting companies, such as Sonus Benefits, can create customized employee benefits strategies that add value to each of these three areas. Sonus supports small businesses by utilizing its 100 years of collective experience and expertise to specifically tailor strategies to each of its clients. Every small business is unique and needs a teammate that is both trustworthy and approachable. Here is a simple explanation about customized employee benefits strategies and how they provide value to small businesses.
What is an employee benefits strategy?
Employers have a wide berth in the variety of benefits they offer to employees. While some benefits are mandatory, most are not, but all employee benefits come at some cost to the employer. Sonus devotes its expertise to helping small-business owners understand their options and strategize for their companies’ future. An employee benefits strategy is a roadmap for reaching the owner’s goals for employee benefits at specified benchmarks. Many businesses think in terms of three- or five-year goals and sometimes even longer.
What does it mean that Sonus provides a custom-made strategy for each of its clients?
There is no one-size-fits-all when it comes to employee benefits. Sonus recognizes that every small business is unique. Many employers are primarily concerned about the costs of providing employee benefits, whereas others place emphasis on the employees’ needs and wants. In either case, clients can select from a wide variety of benefits, including but not limited to the following:
- Medical and Dental Insurance (Fully Insured and Self-Funded)
- Vision Benefits
- Life Insurance
- Voluntary and Worksite Benefits
- Wellness Programs
- Consumer-Driven Health Plans
- Flexible Spending Accounts (FSAs)
- Health Spending Accounts (HSAs)
- Tuition Assistance
- Pension Plans, Profit Sharing, Deferred Compensation and Qualified Retirement Plans
- Executive Benefits
- Benchmarking and Strategic Planning
How does this benefit my small business?
Time and money are always at a premium for small businesses. One study from January 2015 found 52% of small-business owners work more than 60 hours per week. Additionally, 54% of those same owners have used personal savings to support their businesses. A customized employee benefits strategy allows small-business owners to spend valuable time on making money rather than spending it on unnecessary or overpriced benefit packages.
Crafting a strong benefits package can also help to attract and retain more talented employees. The NFIB’s Report on Small Business Economic Trends in February 2015 reveals that 14% of small-business owners cite qualified labor as their top concern. Small businesses need to remain competitive with their larger counterparts in order to draw qualified candidates. Benefits can also help to boost or maintain employee morale, often leading to higher productivity.
Optimism about the growth of small business is currently at its third highest point since 2007. It’s a good time to be a small-business owner, and Sonus wants to partner with you to make it even better. We can help educate your team and create a customized benefits strategy that can grow with your company. Contact us today for more information.
