{"id":2423,"date":"2022-03-03T12:40:00","date_gmt":"2022-03-03T07:10:00","guid":{"rendered":"https:\/\/www.plancover.com\/insurance\/?p=2423"},"modified":"2022-04-13T14:14:28","modified_gmt":"2022-04-13T08:44:28","slug":"employee-benefits-for-small-business-owners-a-guide","status":"publish","type":"post","link":"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/","title":{"rendered":"Employee Benefits for Small Business Owners &#8211; A guide"},"content":{"rendered":"\n<p>Employee Benefits for Small Business Owners &#8211; A guide&nbsp;<\/p>\n\n\n\n<p>Giving benefits to employees makes a small business more attractive to top talent. Expert professionals find it beneficial to work for the company. When a small business offers a series of assured benefits in terms of insurance policies and other types of compensation to its employees, it becomes more competitive. Before going to the list of benefits, it is crucial why such benefits are offered.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f3db7bbfe9d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f3db7bbfe9d\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Why_employee_benefits_are_offered\" title=\"Why employee benefits are offered?\">Why employee benefits are offered?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#The_health_insurance_plan_is_the_most_important_employee_benefit\" title=\"The health insurance plan is the most important employee benefit\">The health insurance plan is the most important employee benefit<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Paid_holidays\" title=\"Paid holidays\">Paid holidays<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#RemoteFlexible_work_options\" title=\"Remote\/Flexible work options\">Remote\/Flexible work options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Life_insurance\" title=\"Life insurance\">Life insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Retirement_benefits\" title=\"Retirement benefits\">Retirement benefits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Scope_of_professional_development\" title=\"Scope of professional development\">Scope of professional development<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Incentives_for_a_healthy_lifestyle\" title=\"Incentives for a healthy lifestyle\">Incentives for a healthy lifestyle<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Employee_assistance_plansprograms\" title=\"Employee assistance plans\/programs\">Employee assistance plans\/programs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Protection_against_identity_theft\" title=\"Protection against identity theft\">Protection against identity theft<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Maternity_benefits\" title=\"Maternity benefits\">Maternity benefits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Childcare_benefits\" title=\"Childcare benefits\">Childcare benefits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Benefits_for_loan_repayment\" title=\"Benefits for loan repayment&nbsp;\">Benefits for loan repayment&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Incentives_for_improving_home_office\" title=\"Incentives for improving home office\">Incentives for improving home office<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Sign-on_bonuses\" title=\"Sign-on bonuses\">Sign-on bonuses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Performance_bonuses\" title=\"Performance bonuses\">Performance bonuses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#There_are_two_broad_categories_of_employee_benefits\" title=\"There are two broad categories of employee benefits\">There are two broad categories of employee benefits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Employee_benefits_those_are_organizational-oriented\" title=\"Employee benefits those are organizational-oriented\">Employee benefits those are organizational-oriented<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Employee_benefits_those_are_consumer-oriented\" title=\"Employee benefits those are consumer-oriented\">Employee benefits those are consumer-oriented<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.plancover.com\/insurance\/employee-benefits-for-small-business-owners-a-guide\/#Know_more_about_employee_benefits\" title=\"Know more about employee benefits&nbsp;\">Know more about employee benefits&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"why-employee-benefits-are-offered\"><span class=\"ez-toc-section\" id=\"Why_employee_benefits_are_offered\"><\/span><strong>Why employee benefits are offered?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The broad reasons why businesses and start-ups offer employee benefits:<\/p>\n\n\n\n<ol><li>Attracting talent from the industry&nbsp;<\/li><li>Enhancing the productivity of the business<\/li><li>Retaining employees&nbsp;<\/li><li>Boosting the efficiency of individual employee<\/li><li>Establishing a good moral in the work environment&nbsp;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-health-insurance-plan-is-the-most-important-employee-benefit\"><span class=\"ez-toc-section\" id=\"The_health_insurance_plan_is_the_most_important_employee_benefit\"><\/span><strong>The health insurance plan is the most important employee benefit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There is no doubt that providing health insurance to employees is the most important benefit. Employees of a small business feel more protected by availing such provision from their employer. It is arguably the simplest benefit to implement. For businesses, it increases their goodwill in the market. Health insurance covers all aspects discussed in the previous section.&nbsp;<\/p>\n\n\n\n<p>Let us now know about other kinds of benefits.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"paid-holidays\"><span class=\"ez-toc-section\" id=\"Paid_holidays\"><\/span><strong>Paid holidays<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Paid holidays mean the days when employees take vacation leave and get paid. Sick days are also counted among paid holidays. But, keep in mind that there is a limit to the number of paid holidays.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"remote-flexible-work-options\"><span class=\"ez-toc-section\" id=\"RemoteFlexible_work_options\"><\/span><strong>Remote\/Flexible work options<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The choice to work remotely in certain instances is one of the top benefits. It is more relevant post-pandemic. The employer gives a choice to the workers to deliver from convenient remote places. The flexible environment to work can improve the efficiency level of the employee.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"life-insurance\"><span class=\"ez-toc-section\" id=\"Life_insurance\"><\/span><strong>Life insurance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It is one of the basic employee benefits that many small businesses provide. If the employee passes away, his nearest family members get a certain sum of amount from the insurer. It creates a safety net for the family of the particular employee.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"retirement-benefits\"><span class=\"ez-toc-section\" id=\"Retirement_benefits\"><\/span><strong>Retirement benefits<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As the name suggests, the small business pays the employee a certain sum of money on his retirement. The benefits provide a financial support to the employee in his old age. Good retirement benefits can attract more talent for the small business, even in tough competitive market.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"scope-of-professional-development\"><span class=\"ez-toc-section\" id=\"Scope_of_professional_development\"><\/span><strong>Scope of professional development<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are several small businesses in India that provide opportunities for its employees to develop new skills and hone their expertise. In numerous cases, the company covers the costs of training and\/or learning. It creates more value in the career growth plan of the employee, from a practical perspective.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"incentives-for-a-healthy-lifestyle\"><span class=\"ez-toc-section\" id=\"Incentives_for_a_healthy_lifestyle\"><\/span><strong>Incentives for a healthy lifestyle<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Corporate India is rapidly changing. There are new forms of compensations nowadays. For example, there are some start-ups that provide incentives to its employees for developing and leading a healthy lifestyle. The incentives help the employees to eat healthy food items and use devices and equipments to improve fitness level.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"employee-assistance-plans-programs\"><span class=\"ez-toc-section\" id=\"Employee_assistance_plansprograms\"><\/span><strong>Employee assistance plans\/programs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are some companies, especially in the small business sector, which organize assistance programs for their employees. In most of the cases, the programs focus on improving the mental wellness\/ emotional well-being of the employees. It ultimately leads in an increase in the productivity of the small business.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"protection-against-identity-theft\"><span class=\"ez-toc-section\" id=\"Protection_against_identity_theft\"><\/span><strong>Protection against identity theft<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the fast evolving corporate sector of India, there are some new companies and old companies with new policies that care about employee privacy and related data. They provide protection against identity theft. It is a kind of employee benefit, too.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"maternity-benefits\"><span class=\"ez-toc-section\" id=\"Maternity_benefits\"><\/span><strong>Maternity benefits<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The maternity benefits help women employees to take paid leaves during pregnancy. The benefits are not only measured in financial terms but from a social angle, too. Nowadays, there are many small businesses that are gradually implementing maternity benefits to their women employees.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"childcare-benefits\"><span class=\"ez-toc-section\" id=\"Childcare_benefits\"><\/span><strong>Childcare benefits<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Childcare benefits are basically paid leaves when a woman employee takes care of her newborn. There is a ceiling to the number of paid leaves the employee can get. Previously, very few companies had such benefits. But, in current times, more and more small businesses are trying to implement childcare benefits in their frameworks.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"benefits-for-loan-repayment\"><span class=\"ez-toc-section\" id=\"Benefits_for_loan_repayment\"><\/span><strong>Benefits for loan repayment&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>An employee, in some companies, can also expect to avail partial benefits in terms of repaying a loan. The benefit is generally in terms of paying a lower interest on the loan. It immensely helps the employee to keep personal budget under control.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"incentives-for-improving-home-office\"><span class=\"ez-toc-section\" id=\"Incentives_for_improving_home_office\"><\/span><strong>Incentives for improving home office<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>An employee in some situations can also get incentives to improve the infrastructure of his home office. The costs for buying new devices, equipment sets and furniture items are covered, to an extent, by the employer. It makes the employee more accountable to the small business for which he works.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"sign-on-bonuses\"><span class=\"ez-toc-section\" id=\"Sign-on_bonuses\"><\/span><strong>Sign-on bonuses<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are bonuses for sign-on given by small businesses, especially tech start-ups. The bonuses are a good amount of money. The bonus ensures that the new employee will not leave the company. It is a good strategy by a relatively new company to acquire top talent.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"performance-bonuses\"><span class=\"ez-toc-section\" id=\"Performance_bonuses\"><\/span><strong>Performance bonuses<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Performance bonuses are incentives or additional compensations paid to employees for their high performance. When an employee provides the desired results efficiently and meets the targets convincingly expanding the prospects of the small business, the company shows appreciation by giving him a performance bonus.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"there-are-two-broad-categories-of-employee-benefits\"><span class=\"ez-toc-section\" id=\"There_are_two_broad_categories_of_employee_benefits\"><\/span><strong>There are two broad categories of employee benefits<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Most of the employee benefits fall under two major categories, irrespective of the domain of small business. The first category of employee benefits is termed as organizational-oriented. On the other hand, the second category of employee benefits is termed as consumer-oriented.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"employee-benefits-those-are-organizational-oriented\"><span class=\"ez-toc-section\" id=\"Employee_benefits_those_are_organizational-oriented\"><\/span><strong>Employee benefits those are organizational-oriented<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The employee benefits that are organizational-oriented are particular benefits owned by the employer, and also selected by the employer. A group health insurance policy is a prime example of such a benefit. Also, the benefit of retirement pension is such a benefit, too. A wellness program also falls under this category.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"employee-benefits-those-are-consumer-oriented\"><span class=\"ez-toc-section\" id=\"Employee_benefits_those_are_consumer-oriented\"><\/span><strong>Employee benefits those are consumer-oriented<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The employee benefits that are consumer-oriented are specific benefits owned by the employer, but selected by the employee. In this case, the employee enjoys the flexibility to customize the features of the benefits within a certain limit fixed and funded by the employer.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"know-more-about-employee-benefits\"><span class=\"ez-toc-section\" id=\"Know_more_about_employee_benefits\"><\/span><strong>Know more about employee benefits&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As a small business owner, if you want to know more vividly about different kinds of employee benefits, then it is a good idea to consult with the professionals of <strong>PlanCover<\/strong>. It is a reliable insurance broker active in the Indian market. The broker promptly provides you with rich information about various types of employee benefits. You will not have any problems in clearing doubts.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Employee Benefits for Small Business Owners &#8211; A guide&nbsp; Giving benefits to employees makes a small business more attractive to top talent. Expert professionals find it beneficial to work for&#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"","footnotes":""},"categories":[10],"tags":[],"_links":{"self":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/2423"}],"collection":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/comments?post=2423"}],"version-history":[{"count":1,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/2423\/revisions"}],"predecessor-version":[{"id":2439,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/2423\/revisions\/2439"}],"wp:attachment":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/media?parent=2423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/categories?post=2423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/tags?post=2423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}