As a staffing firm, your business is all about providing quality employees to your clients. However, it is equally important to take care of your own employees by providing them with the necessary benefits. Offering benefits is not only a way to attract and retain employees but also a legal requirement in some cases. Here’s how you can get employee benefits for your staffing firm.
Determine what benefits you want to offer
The first step is to decide what benefits you want to offer your employees. Some of the commonly offered benefits include health insurance, dental insurance, vision insurance, life insurance, retirement plans, paid time off, and flexible spending accounts. You should research what benefits your competitors are offering and what your employees value the most.
Understand the legal requirements
Depending on the size of your company, you may be required by law to provide certain benefits to your employees. For instance, the Affordable Care Act (ACA) requires companies with 50 or more full-time employees to provide health insurance. Additionally, some states have their own laws regarding employee benefits. Be sure to research the legal requirements in your area.
Evaluate Your Options
- Traditional Insurance Options: You may be familiar with options such as Aetna, Cigna, and others, who provide large scale insurance solutions for all types of employers. These plans are what most Americans are used to. However, they come with a hefty price tag. Leveraging an insurance broker can help, but most staffing firms cannot afford benefits like this as they do not have a large enough employee base to generate sufficient discounts.
- Employer of Record (EOR) Providers: EORs deliver traditional insurance options for employees as part of their full EOR solutions. Leveraging an EOR allows staffing firms to provide world class benefits to their employees while also mitigating all of their employment risk. The EOR becomes the legal employer of all staffed employees, which requires them to offer benefits and manage compliance. This is a great solution for staffing firms looking to offer benefits without the cost and risks. FoxHire is one of the top EORs in staffing, and delivers top tier benefits for staffing firm employees.
- Discount Insurance Offerings: There are other options that are mostly “MVP”, or minimal viable products. These insurance offers are often called “association health plans”, “buyers clubs”, or some other type of vague name. These solutions deliver less complete solutions, but mostly check the box for compliance concerns. If you are looking to cover the bare minimum, these might be options for you.
Communicate the benefits to your employees
Once you have selected your benefit providers, it’s time to communicate the benefits to your employees. Make sure to explain the details of each benefit and how it will benefit them. You should also provide them with any enrollment forms or other necessary paperwork. If you use an EOR, they will take care of all the benefits administration, so this would not be something to worry about in that model.
Stay up to date on compliance
Employee benefits are subject to regulations and compliance requirements, and it’s important to stay up to date on these rules. Make sure you are aware of any changes to the law that may impact your business and your employees. You may also want to consider working with a benefits consultant to ensure you are in compliance with all the necessary regulations. If you use an EOR, they will be responsible for benefits compliance, which is a big value add for staffing firms. This allows you to spend your time on recruitment and selling new clients, instead of confusing compliance issues.
In conclusion, offering employee benefits is an important part of running a successful staffing firm. By following these steps, you can find the right benefits for your employees and ensure you are in compliance with all the necessary regulations. Remember, happy employees lead to happy clients and a successful business.