Are You Spending Too Much on Employee Benefits?
Benefits probably add 30 to 40 percent to base pay for most employees--and that makes it crucial to get the most from these dollars. But this is exactly where many small businesses fall short, because often their approach to benefits is riddled with costly errors that can get them in financial trouble with their insurers or even with their own employees. The most common mistakes to avoid:
- Absorbing the entire cost of employee benefits
- Covering non-employees
- Sloppy paperwork
- Not telling employees what their benefits cost
- Giving unwanted benefits