Comprehensive employee benefits programs can be quite costly, and they are often beyond the affordability reach of the average small company. However, these programs actually have the ability to contribute to organizational sustainability through employee retention. There are several options that can help smaller companies and their employees.

Agent of Record

Smaller companies often have limited Human Resources staff - perhaps only one person running the entire department, or administrative staff wearing multiple hats. Having an agency act as the Employer of Record can alleviate the pressure from your existing staff, allowing them to focus on larger projects, while finding you the best possible rate for your benefits program.

These Agents of Record are defined by the IRMI as being “the company authorized to represent an insured in the purchase, servicing, and maintenance of insurance coverage with a designated insurer.” Simply put, the agency will be able to leverage their large-scale rates to get the best possible pricing and offering for your small company.

General Health and Dental Insurance Programs

While luxurious health and dental insurance plans escalate in cost yearly, you can still develop a policy that will be appealing to your employees and feasible for your company. One option is providing a Healthcare Spending Account (HSA) or an elemental traditional plan that offers an HSA as an addition.

An HSA includes an established amount of money in a reserved fund for individual employee expenditure; the employee determines how to spend the amount within guidelines limiting it to medical expenses that are not deemed cosmetic in nature. Your company determines the HSA annual amount allotted per employee and whether the fund is cleared annually.

One major advantage to a traditional plan is that it generally includes a free Employee Assistance Program (EAP). An EAP is beneficial to both employees and management, as when management encounters a sensitive situation with an employee, they can refer to their EAP contact for advice.

There are many options available to small companies to provide benefits for their employees and improve retention. TPD’s HR Services team provides services as the Employer of Record, and offers consultation services on what solution will work best for your company. Connect with TPD's HR Services team today!