5 Tips for Offering Employee Benefits on a Limited Budget

So you’ve successfully piloted your small business past the startup phase and have reached the point of growth. Congratulations. You’re ready to hire your first employee or expand your skeleton staff.

And you’re wondering: When should you start offering employee benefits to recruit and retain top candidates, and can you afford it?

The short answer is now and yes.

Why Are Employee Benefits Good for Your Bottom Line?

Providing attractive employee benefits can result in big payoffs for small businesses, especially if raising wages or paying cash bonuses is not financially feasible. Instead, offering tax-advantaged employee benefits, also called fringe benefits, can boost employee satisfaction and company morale without busting your budget. 

Satisfied employees tend to be loyal, motivated to produce high-quality service and products and inspired to portray your company in a positive light—all outcomes that benefit your profitability.

Consider this: More than 50% of employees say they’d accept a job with a lower salary but competitive benefits packages. 

5 Tips for Offering Employee Benefits on a Limited Budget

The message is clear: You can’t afford not to offer employee benefits.

Still, they commonly account for one of the major expenses for business owners. So how can you afford them?

Here are 5 tips:

1. Think positively. Small businesses often have greater flexibility than large companies to tailor their benefits packages depending on their employees’ needs and priorities, especially group insurance. You may be pleasantly surprised.
2. Review your finances and determine a realistic benefits budget.
3. Involve a seasoned professional, such as a consultant from your local small business administration office, an insurance broker or a Human Resources specialist, to advise you. As experts, they can coach you about employment trends and workforce preferences. They will also be able to explain your options and suggest money-saving ideas you’d never think of on your own.
4. Focus on the most popular benefits. Start by offering everybody’s Number One request: Comprehensive health insurance, including medical, dental and vision. And not just the basics: Nowadays, employees are asking for expanded dental and vision coverage.

   We have to toot our horn at this point: Delta Dental offers a variety of dental and vision insurance plans designed for small businesses to meet your price point and needs.

5. Consider cost-shifting by providing employee benefits on a voluntary basis. That option means that your employees pay 100% of the monthly insurance rates. This arrangement reduces employer costs while preserving the 3 key advantages of group medical, dental and vision insurance for your employees:

1. affordable access to group rates and tax-savings
2. convenience through regular payroll deductions
3. protection against financial loss caused by health care expenses

Before you ask: Yes, Delta Dental of Arkansas offers voluntary benefit options.

Competitive Wages + Attractive Benefits = Top Talent

If you want to hire and keep the best and the brightest employees, offering competitive compensation and attractive benefits will set you apart from your competitors. You’ll become known for your commitment to the well-being of your employees and a positive company culture.

The Delta Dental Difference® Offers Valuable Benefits at Affordable Rates

Check us out for your group dental and vision insurance benefits. Since 1982, we’ve supported Arkansas businesses with a comprehensive portfolio of dental and vision insurance plans to suit any company budget and size.

And you’ll benefit from:

• Simple applications
• No underwriting
• Convenient online benefits management