Providing The Right Benefits

Whether or not you are required to provide benefits to full time employees, it can be an important part of your retention strategy. Health, Life, Disability, Vision and Dental plans usually come to mind for most people. Of course, Absolute Conclusions can help you provide those – and much more as explained below.

We all know that it can be hard to find the right person for a role. It is also time consuming to hire, and expensive to replace, an employee. Therefore, it is critical to have a retention strategy. A solid compensation plan with a reasonable amount of paid time off is the minimum required to get and retain quality people. In a competitive market, it is often necessary to also provide a variety of benefits.

Health Insurance is usually the first perk a business will add. Actually, for companies of a certain size, it is now mandatory to provide Health Insurance. There are a variety of plans, at a wide range of costs, and different employee cost-sharing strategies to choose from. Once we understand your needs and goals, we can simplify the process for you by presenting a few options that best meet your requirements, keep you in compliance, and minimize unexpected taxes or penalties that could be triggered by offering the wrong type of plan.

At the next level, various types of Disability and Life Insurance options are often made available. This would be an option to purchase coverage over and above any required by your state. Again choices abound, and we help make it simple – saving you time and money.

Since they are not usually given the same value from the employee’s viewpoint, Vision and Dental plans are usually the last type of benefits added to a benefits package in a typical business as it grows. This is because a prospective employee may turn down a job if there is no Health Insurance, but Vision and Dental would rarely be a “deal breaker”.

What about the exceptional employees? The few key people who add tremendous value to your business. Are there ways to reward and retain them, beyond the baseline program, without endlessly adding to your overhead? Glad you asked…

Very large companies often provide executive bonus plans, and permit deferred compensation plans to help their very high earners mitigate their tax burden and grow wealth. Unfortunately, most small and mid-size businesses do not realize that they can offer these premium incentives to their most valuable employees. Better yet, there are plans and products available that help you offer them at costs much lower than you might expect.

Imagine the type of talent you could attract by offering the type of bonus structure and benefits that Fortune 500 companies use to attract and retain their best employees. How much better would it be if offering those benefits was affordable and easy to manage?

At Absolute Conclusions, we’re committed to helping you provide the right benefits needed to attract and retain the right people for your business. We’ll help you create a competitive benefits package that is suitable to your industry. A cost-effective plan, with a solid employee cost-sharing strategy. We’ll help ensure you are aware of all applicable requirements for a business your size. If appropriate in your estimation, we’ll even help you craft executive bonus and deferred compensation plans for your superstars or key executives.

Our primary business is helping you grow and preserve your wealth. In reality, we offer the benefit planning and broker services partly as a courtesy, and partly to help ensure that you are not overspending in this area because benefits can quickly escalate and erode your bottom line. Unlike the folks who only provide benefit packages from a single provider to make their living, we work with you to understand the entire picture of your personal and business goals, and then provide the best options from a range of providers that fit your needs.

Make a positive difference in your employees’ lives so they are inspired to create lasting value for your business. Schedule a talk with Mark to secure their future.

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