You must pay for certain legal benefits like Social Security, worker’s compensation, and unemployment insurance.
Health insurance, life insurance, disability insurance, retirement plans, flexible compensation, and paid leave are typical components of a comprehensive benefit plan. Additional benefits could include bonuses, tuition reimbursement, awards, or other perks.
Before implementing your benefit plan, determine how much you’re willing and able to spend on it. Find out which benefits are most important to your employees and prioritize those benefits. And finally, decide whether you will manage the plan, or leave plan management to an insurance broker.