Whether your business currently employs three people or 100, determining which benefits you can afford to rightly give your employees can be challenging, from the worries about financial stress to the sheer confusion of navigating all the paperwork. Fortunately, you do not have to do it alone. When you hire a local, experienced CPA in Sacramento, CA to help figure out your employee benefits plan, you are doing the best thing for your business, your employees and even your customers—not to mention your own sanity. Here is a look at five ways you stand to gain by trusting a professional CPA with your employee benefits plan:
- Find what you can afford: Giving all new parents six months paid leave is of course an ideal decision, but is it one your company can feasibly afford? That healthcare plan with extra coverage might be just barely affordable this year, but what about if your profits go down next quarter? Planning a sustainable and consistent employee benefits plan is hard, but help from a qualified CPA in Sacramento, CA is only a phone call away.
- Attract top talent: If your business is in a competitive field, such as technology, healthcare or even retail, then you might have trouble attracting the cream of the crop in terms of job candidates. These days, more and more people in the workplace are looking for quality of life along with salary, and that often means a generous and comprehensive benefits package. The help of an experienced CPA can help you target the best candidates with a benefits package that will impress them.
- Improve retention rates: Once you hire the best candidates, you need to be able to keep them. One of the worst things an employee can hear is that their benefits are about to be cut, and many employees would rather jump ship than wait around in hopes that their dental coverage will come back. If your business is in a pressing situation like this, a CPA might be able to come up with a creative solution that works for everyone involved.
- Make enrollment easier: Staying on top of benefits enrollment can be difficult, especially if you are a small business without a designated human resources department. In addition to setting up your employee benefits plan, a qualified CPA can also help you devise a simple, accessible enrollment and renewal system, so that everyone can be on the same page.
- Impress your customers: There is a reason why the burger chain that pays its employees three dollars above minimum wage succeeds, or the employee-owned grocery store is so popular: customers like supporting businesses that are good to their employees. By making a point of having a benefits plan that is clear-cut, consistent and as generous as possible, you will not just be making life better for your employees—you will be doing the same for yourself.
For more information about developing your own employee benefits plan, please get in touch with Yoder & Co., CPA, your local CPA in Sacramento, CA.