Offering employee benefits as a business owner is a huge milestone. It not only speaks to the growth of the business. It shows that business owner has intentions to retain current employees and plans to attract more.
While it reads well on paper, offering employee benefits is not the easiest of milestones to achieve – not that any part of growing a business is. Group schemes are expensive and complicated to understand. Once you’ve signed up, company policies must change and align to labour laws. The taxman adds another complexity. Plus you have to make sure you can afford this month-to-month – not “may the best debit order win”.
Are you ready to be that employer?
Knowing you want to be a particular kind of business owner is one thing. Readiness is a whole other debate. Given the complexities, I’ve always thought there would be more effort to prepare small business owners to be employers. Some sort of prep class to guide the decisions. This will assist us to be better employers and lead to more hires.
Do you even know why you want to provide employee benefits?
When this question comes up and most people say “because it’s the right thing to do”. Turns out that’s not enough. Knowing why influences the structure of the schemes. Some companies started sooner and they continue to benefit. I like that there are new players in the market, making it less expensive.
Do this survey to get you thinking on “are you ready to offer employee benefits?”.