Grow Your Benefits
Most established businesses offer group benefits, and most employee’s expect them. For a growing business with a tight budget, you might wonder if it’s worth the cost. Investing in a good benefits program helps attract and keep top employees. It can greatly enhance the prestige and success of your business.
For a workforce of roughly 5 employees, you may want to offer coverage for health and dental expenses. Long-term disability benefits are typically offered in companies with 10 to 15 staff.
As your company grows to around 20 employees, you might begin a pension plan. You’ll want to create a stable workforce to support your success. A defined contribution pension plan will help you achieve this. The employee pays into the plan and the company matches the contribution. Your FORTAX Financial Advisor can show you how this cost-effective structure works.
For a health plan or a pension plan, your cost for these group benefits is fully tax deductible for your company. These are considered allowable business expenses; however, disability insurance is usually not. As your business grows into an established, larger firm, group benefits become essential. You cannot be competitive in the employment market, and attract quality employees, without them.
Whether your company is big or small, your business will benefit from benefits. Ask your FORTAX Financial Advisor to help you develop a rewarding plan.