RIA's - What Obligations Should You Fulfill for Your Employees?

September 5th, 2019

So, perhaps you’ve broken away from a wirehouse and started your own business as an RIA. Perhaps you’ve found success in your new venture and have grown your firm to the point where you needed to hire employees. Now you’re thinking it’s time to offer benefits to those employees. To help you get started, we’ve put together a primer on small business employee benefits.

Let's talk about positive culture. Harvard Business Review did some research on creating positive workplace cultures and found that two of the major tenets are caring for colleagues as if they were friends and providing support when others are struggling. While you should aim to do that in your personal interactions with your employees, setting up health care and retirement benefits can also send that message.

Being able to recruit top-tier talent means you have the most-skilled people carrying out the day-to-day and big-picture strategies that make your business successful. Making sure talent is happy and healthy means they can focus on executing those strategies. And a more positive culture leads to a more productive and successful business.

So what about fun? In today’s rapidly growing wellness culture, more people than ever are realizing that spending money on experiences makes us happier than spending money on buying stuff. Experiences, like traveling, attending an art exhibit or trying a new restaurant become a part of our identity, which brings us greater satisfaction. It’s no wonder that online benefit portals and employee discount marketplaces are becoming common offerings for U.S. employers. These companies include names such as:

  • WageWorks
  • BenefitHub
  • Insperity Services
  • Lumity Benefits Solution
  • Mercer
  • Sun Life Financial
  • Discovery Benefits
  • eScreen, Inc.
  • Aon Consulting

Among the many brands, BenefitHub is a name that stands out, and is worth noting! https://squareup.com/guides/intro-offering-employee-benefits Most employee benefit programs only get engagement around open enrollment. BenefitHub is different.

They have designed their employee engagement solutions from the ground up to engage employees all year ‘round! And it’s flexible. With a wide range of benefits and perks, you choose what you want. And what you don’t. It’s an easy win for you and your employees! People make purchasing decisions almost every day. Wouldn’t it be great if they made those decisions in your company-branded benefits portal?

BenefitHub allows your employees to:

  • Access their benefits portal anytime and anywhere
  • Whether they are at home, traveling or in the office, your employees can enjoy an engaging shopping experience on desktop, tablet or mobile devices
  • Save on just about anything!
  • From booking a vacation with their kids to planning insurance with their spouse, their benefits portal will become an integral part of their daily lifestyle

Benefithub is a One-stop shopping – everything in one place solution, with an expanded range of benefits, including direct bill voluntary benefits, amazing deals on thousands of brands ranging from restaurants to tickets, to new cars, great local deals, the best cashback offers in America, designed for mobile so they can shop anywhere.

Whether you want to integrate your current core benefits with BenefitHub or keep them separate, their platform is flexible enough to accommodate companies of all sizes. With 20 years in business, with 10,000+ clients, it's no wonder that 5 out of 10 large U.S. employers use BenefitHub. Because they strategize their benefits to be effective and accessible, BenefitHub is proud to have a 72% employee engagement rate. It is most likely due to the fact that BenefitHub can save employees up to $4,900* each year, and at $0 cost to employers.