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SmallBiz Employee Benefits – Top 11 questions Owners should ask themselves

By October 11, 2016 No Comments

swimmer

Before you start swimming, you need to figure out whether or not you are going to enter the pool by testing the temperature of the water and entering cautiously or, are you just going to jump in and hope for the best?

Same goes for the SmallBiz owner who is looking at adding a Benefits Plan.

Part of the Benefits Implementation decision-making process for the SmallBiz owner will be answering at minimum, these 11 questions:

  1. Why do I want a benefits plan?
  2. How much does it cost me to replace an employee?
  3. How do I want benefits to fit into my Compensation strategy?
  4. Who is my competition and what level of benefits are they offering?
  5. What tax-advantages will I see by implementing a benefits program?
  6. What tax-advantages will my employees see, if I implement a benefits plan?
  7. Do I offer a benefits plan to all of my employees?
  8. Do I offer the same level of benefits for all categories (Salaried, Hourly, Executive, Management, etc…) of employees?
  9. Do I want a benefits plan because I have key employees or a key employee that say they need benefits or they’re going to leave?
  10. I have a rough idea of how much it costs to implement a benefits plan but how much will the cost change in the future?
  11. What kind of budget do I have?

Sitting down with a group insurance specialist and going through these questions will help you determine whether or not you want to go all-in and provide a “deep dive” benefits program or a “dip your toe” one.

Located in Cambridge, ON Sharkey Group Insurance  provides independent Employee Benefits advice & counsel for Small Businesses across Ontario.