How to Offer a Great Benefits Package at Your Non-Profit
Great employee benefits for non-profits are a critical component of retaining the best employees. It’s estimated that non-profits employees earn anywhere between four and eight percent less than their counterparts at for-profit companies with the same job title. Because of this, a top-quality benefits package is essential. We put together this short guide so you can learn more about offering the best benefits on any budget.
Why Non-Profits Should Offer Benefit Packages
There are many reasons why you should offer employee benefits. The first is that it’s a reflection of your company’s values. Non-profits are out there making the world a better place via their work. As such, it makes sense to keep your employees well looked after. As non-profits don’t usually have salaries that are as competitive as their for-profit comparisons, a great benefits package can work wonders with recruiting and retaining great employees.
The Most Important Company Benefits
Research suggests that the most important company benefits are:
- Health insurance
- Vacation / paid time off
- Performance bonuses
- Paid sick days
- 401(k) / retirement plan
A benefits package can improve an employee’s life in a profound way. Improving an employee’s work/life balance and help ensure that they can continue to give their all to their work. Keeping employees happy reduces employee turnover which in turn helps keep operating costs down.
Non-profits are still required to offer health insurance by the ACA. There are no exemptions in comparison to for-profit companies. There are a wealth of local, state, and federal laws that outline the bare minimum that should be offered to employees. The bare minimum that non-profits are required to offer employees varies based on the size and location of your non-profit. This is something that must be focused on as non-compliance can result in major financial penalties.
How the Team at Benely Can Help Your Non-Profit
Here at Benely, our team are true health insurance experts. We boast many years of experience in the industry working with companies of all sizes that are located all around the United States. When you partner with us, you benefit from accessing our vast network of health insurance carriers. This means your employees will have the absolute best health insurance available to them and you’ll never have to worry about being compliant — we’ll handle that for you.