Are You Spending Too Much on Employee Benefits? Steer clear of these common, yet costly, mistakes.
Benefits probably add 30 to 40 percent to base pay for mostemployees--and that makes it crucial to get the most from thesedollars. But this is exactly where many small businesses fallshort, because often their approach to benefits is riddled withcostly errors that can get them in financial trouble with theirinsurers or even with their own employees. The most common mistakesto avoid:
- Absorbing the entire cost of employee benefits
- Covering non-employees
- Sloppy paperwork
- Not telling employees what their benefits cost
- Giving unwanted benefits
Excerpted from Start Your Own Business: The Only Start-Up GuideYou'll Ever Need
