The Business of Better Benefits Providing a first-rate benefits package for employees can be an important part of the recruitment and retention puzzle, especially for small businesses
Opinions expressed by Entrepreneur contributors are their own.
Why Benefits Matter
Patrick Carragher, director of benefits for CheckPoint HR, a firm in Edison, N.J., that provides human resources management, payroll services and employee benefits, offers expert insight on small-business benefits challenges.
What's new on the benefits front?
Companies are running on leaner budgets and many have cut back their human resources departments, but there is still market competition for the best employees. And those employees' needs have changed dramatically, so they are demanding consumer-driven cafeteria plans that may have multiple options for health coverage, vision coverage and other benefits. Employees have the ability to use a fixed amount allotted to custom-design a package. Five years ago, if that was 5 percent of the market, it was a lot. Today, it's 50 percent of our client base.
Continue reading this article — and all of our other premium content with Entrepreneur+
Join the internet’s leading entrepreneur community! With your subscription you’ll get:
- Access to all of our premium content and an ad-free experience
- A complimentary subscription to Entrepreneur Magazine
- Four free e-books a year and 20% off everything from our bookstore
- Exclusive events with business celebrities and successful entrepreneurs