You built a successful business through your hard work and dedication. But even if you did it all in the beginning, that’s not the case today.
Today you depend on the time and talent of others to maintain the success of your business. Your ability to motivate the people who work for you directly affects the quality of work they do for you – and whether or not tomorrow’s most talented job-seekers will work for you at all.
Competitive, comprehensive employee benefits are an important part of this equation. That’s why you need to be sure your benefit package offers your current employees what they need. Your benefits are good enough to attract new and talented individuals who will support the future of your business.
Employee benefits benefit you
Attracting the best and brightest people to your organization is one challenge. Keeping them is another. The right benefit package is one of the most powerful retention tools any business owner has at his or her disposal. A competitive benefit package can prove to your employees that their efforts are valued, that you are looking out for them. Benefits also give your employees the ability to better provide for their own. Each of these is good for employee morale, which can have a significant impact on your bottom line. Employee benefits may include:
- Health insurance
- Life insurance
- Disability insurance
- Vision insurance
- Dental insurance
- Flexible spending accounts
Discretionary executive benefits can be used strategically to help employers retain and reward key employees, recruit top-notch talent, and provide additional compensation to selected employees. Benefits may include:
- Split-dollar arrangements
- Bonus plans
- Deferred compensation
A business is likely to design an employee benefit package as its benefit foundation; then gradually and selectively add executive benefits as needed.
Employee benefit plans are governed by strict and complicated IRS regulation. Executive benefit plans often have tax implications and other considerations. Consequently, employers may choose to seek professional guidance from an Employee Benefit Specialist before designing a comprehensive benefit package.
Employee benefit services are offered by local, independently-owned and operated companies that are not subsidiaries of The Northwestern Mutual Life Insurance Company. Your Northwestern Mutual Financial Representative may work with a variety of local employee benefit companies.