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Palestra Financial
1904 Duck Slough Blvd
Trinity, FL 34655
Phone: (844) WHY-PLAN™
Website: www.PalestraFinancial.com
July/August 2019
Help Recruit and Retain Top-notch Employees
The job market is competitive and qualified candidates are becoming harder to find. In this environment desired employee benefits may play a large role in a recruit’s decision to choose you or a competitor.
As an employer, you may subsidize employee benefits or let employees pay for them through payroll deductions. There are two basic ways to structure your benefit spend: menu-based and dollar-based.
Benefits by Menu
When you offer a menu of benefits to everyone. This has been the traditional model of employee benefit offerings, but it may not work best for employers with a diverse workforce.Benefits by the Dollar
When you set a dollar amount for the benefits you’ll subsidize, then provide more flexible benefits for diverse employees. For example, a married 55-year-old employee may value long-term care insurance while a single Millennial may be better served with disability income insurance.The Right Package
One size won’t fit all, but you can find your fit with a little preparation. List your benefits and their cost, but don’t forget to include any tax advantages your business may get. Do a little research and learn what peer companies offer their employees. Then, survey your employees and ask which benefits they value from most to least.Once you understand your employees’ wants and needs, work with your insurance professional to put together a benefit package that works for you and your business.
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Securities offered through J.W. Cole Financial, Inc. (JWC) Member FINRA/SIPC. Advisory services offered through J.W. Cole Advisors, Inc. (JWCA). Palestra Financial and JWC/JWCA are unaffiliated entities.
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