There are many ways to measure the success of an entrepreneur, including the number of new ideas launched, the revenue and profits earned, and the ways in which he or she serves an industry or a community. But perhaps the chief among these is the impact the entrepreneur is able to have on the lives of employees. Beyond tangible rewards such as pay, and intangibles such as mentoring, a business owner can profoundly shape a worker's life by providing a generous package of employee benefits. Indeed, many entrepreneurs acknowledge that the effect they have on the lives of workers is one of the most rewarding aspects of being a business owner.
It also has the potential to keep you up at night.
That's because in order to offer generous benefits, you must first practice careful financial planning. Most benefits packages do not come cheap and costs can rise exponentially as your company expands. Furthermore, once you offer a benefit, it is awkward to take it away should the economy turn south.
That said, if your company becomes known for offering good benefits, you will generally find it easier to recruit talented employees and you may even see some positive side effects with respect to marketing and sales. So what constitutes a solid employee-benefits package, and how do you set up various benefits plans? Here is an overview of the basics.
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