Employee Benefit Outsourcing
Reduce risk, save money with our employee benefit outsourcing
As a small to medium-sized business owner, are your resources - financial, employees, and time stretched too far?
If so, employee benefit outsourcing may be of great benefit.
The current economic conditions are pressuring businesses to find strategies to reduce costs and increase efficiency.
Employee benefit outsourcing is an increasingly popular way to save time, money, reduce risk, and allow you to focus on what you do best - running your business.
Premiere Employee Benefit Providers
As employee benefit providers, Innovative Staffing recognizes that, in today's environment, highly skilled, qualified personnel can be a company's most valuable asset.
The best employees demand competitive employee benefits strategies, and packages, but small to medium sized companies find the increasing cost of being quality employee benefits providers difficult.
As a PEO services company, and employee benefit providers, we build custom benefit packages for our clients, including dental, and life insurance, in addition to cafeteria and retirement plans.
All employers recognize the value of including benefit plans that meet the needs of their employees, yet often don't know where to start with the many options and plans available.
Lack of expertise in the ongoing administration benefits packages is another cause of frustration.
The best benefits for your company: cost-effectiveness, high quality
As innovative employee benefits providers, Innovative Staffing is determined to secure the most cost-effective, high quality employee benefits strategies available for your company.
Known as one of the most effective employee benefit providers in the country, we will develop custom employee benefit strategies for your business.
Also, by using economies of scale, and being a progressive employee benefit provider, we provide our clients with more comprehensive and cost-effective employee benefits outsourcing than they could achieve on their own.
Your company can get employee benefit outsourcing, which includes employee benefits strategies as part of the HR outsourcing services that you select from Innovative Staffing.
As employee benefits providers, we can also administer your employee benefit strategies and plans from the time your employees enroll, until they leave the company, or retire.
Cafeteria Plans: A section 125, or "cafeteria" plan is one of the most popular employee benefit strategies that allows employees to withhold a portion of their salary before taxes, to cover certain health care plan expenses.
Because these benefits are not subject federal and state income taxes, the taxable income is lessened, which increases the percentage of employees' take-home pay.
And because the pre-tax benefits aren't subject to federal social security withholding taxes, employers do not have to pay social security or workers' comp premiums on that income.
Innovative Staffing Incorporated, as an employee benefit provider, will create a custom cafeteria plan for your business, through our employee benefit outsourcing plans, benefiting both you and your employees.
What advantages does a Cafeteria Plan offer your Employees?
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Pre-tax health insurance premium deductions.
Some employee benefit strategies allow employees to choose to withhold a portion of their pre-tax salary to pay for their premium for employer-sponsored health plans.
The plan offers a simple way to obtain tax breaks for benefits already offered. This type plan is the simplest type of cafeteria plan. Innovative Staffing, Inc.
through our employee benefit outsourcing plans, will develop a cafeteria plan for your business, including premium deductions as employee benefits strategies.
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Flexible spending accounts (FSAs).
An FSA is one of several employee benefits strategies that allows an employee to fund certain medical expenses on a pre-tax basis, to pay for expenses that aren't covered by insurance (annual deductibles, office co-payments, prescriptions, over-the-counter drugs).
The average worker spends more than $1,000 annually on this type of expense. By participating in an FSA, an employee's taxable income is reduced, which increases the amount of their take home pay. Innovative Staffing Incorporated, as an employee benefits provider,
will integrate flexible spending accounts into the employee benefits strategies for your company.
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Dependent care flexible spending accounts.
A dependent care flexible spending account is one of the employee benefits strategies that can help employees that pay for child care, or long-term care for older family members.
Employees may hold as much as $5,000 annually of their gross salary for these expenses. The withholding is limited to: child care expenses for a child under the age of 13; long-term care for parents; care for a disabled spouse; or a dependent incapable of caring for himself.
By paying for dependent care with pre-tax dollars, your employees can save approximately 20 to 40 percent on these expenses. Innovative Staffing will create an employee benefits outsourcing package for your employees
The best characteristic of cafeteria plans, one of the employee benefits strategies offered by Innovative Staffing, an employee benefits provider,
is that they offer employees a great way to save money they're already spending out of their own pockets, after taxes on these expenses.
This type of benefit will be greatly appreciated by your employees, and can boost morale.
How does a cafeteria plan benefit the employer?
Employee benefit outsourcing, such as cafeteria plans benefit both the employer and their employees. The money that goes through the cafeteria reduces your company's payroll.
Therefore, you don't have to pay FICA or workers' comp premiums on those dollars. Implementing a cafeteria plan can also "soften the blow" of premium increases to employees.
As employee benefits providers, Innovative Staffing recommends cafeteria plans to our employee benefits outsourcing clients.
Employees can use tax savings to invest in retirement plans. By using an FSA, your employees release more of their income to be put into their 401(k) account, which also increases their participation.
Innovative Staffing will show you how flexible savings accounts will help your company and employees, as part of your employee benefits strategies, in your company's employee benefits outsourcing program.
How does a cafeteria plan benefit your employees?
Participating in a cafeteria plan reduces an employee's taxable salary, and increases their take-home pay.
By using the dependent care account, employees will receive a greater tax deduction on these expenses than what is covered by a regular tax credit at the end of year.
In addition, employees are better insulated from insurance cost increases. Through the use of an FSA, employees can set aside money to cover these increased amounts,
which lessens their out-of-pocket costs because they're setting aside tax-free dollars.
Contact Innovative Staffing to see how our expertise in employee benefit strategies can help your business. Call us today!
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