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T. Mann Financial sets up Oregon Group Benefits Packages for Small Businesses
T. Mann Financial can leverage our experience and resources to help small businesses effectively design, implement, and manage a comprehensive benefits package that attracts and retains talented employees while considering their unique needs and budget constraints.
This page is intended for business owners, HR managers, and others who make group benefit decisions.
Group Benefit Packages Basics in Oregon
T. Mann Financial can help you understand why and how Oregon businesses can provide group benefits.
5 Reasons Many Oregon Companies Offer Group Benefits
1. To attract and retain Oregon's top talent
Research by MetLife found that 42% of employees "...don’t feel cared for by their employers".
Group benefits offered in Oregon, such as health insurance, retirement plans, and life insurance, are valuable incentives that can attract skilled and qualified employees to join an Oregon company. They also help in retaining existing employees by providing competitive compensation packages.
According to Glassdoor’s Q3 2015 Employment Confidence Survey 80% of employees said they would choose additional benefits over a pay raise. Competitive group benefits packages can help companies attract and hire high-quality candidates.
2. To save money on turnover and training costs
By offering attractive benefits packages, companies can reduce employee turnover. High turnover leads to increased recruitment and training expenses, which can be mitigated by retaining experienced employees.
3. To promote a positive company image
The 2020 Edelman Trust Barometer found that 65% of employees expect their employer to play a role in societal issues.
Oregon business owners can by offering comprehensive benefits demonstrate that their company values its employees' welfare and is committed to their long-term success. This positive reputation can attract more customers and potential employees.
4. To increase an Oregon worker's productivity
Oregon business owners can improve enhance employee satisfaction and morale by offering comprehensive benefits. When employees feel supported and cared for by their employer, they are more likely to be motivated and engaged in their work.
Additionally, when employees have access to health and wellness benefits, they are more likely to take care of their physical and mental well-being. This, in turn, can lead to reduced absenteeism, increased productivity, and improved overall performance.
5. For tax benefits and legal requirements of the State of Oregon
Some group benefits, such as retirement plans, may offer Oregon tax advantages for both employees and employers, making them a cost-effective way to provide additional compensation.
Depending on the location and industry, certain benefits may be legally required such as the Oregon Saves Program. Offering these benefits ensures compliance with labor laws and regulations.
What Benefits Can be offered in Oregon?
Oregon employers can offer a wide range of group benefits to their employees, depending on their budget, industry, and the needs of their workforce.
9 Types of Group Benefits T. Mann Financial can provide to your Oregon Businesses.
Health Insurance
Coverage for medical expenses, including doctor visits, hospitalization, prescription drugs, and preventive care. See T. Mann Financials' Health Insurance page.
Retirement Plans
Employer-sponsored retirement savings plans, such as 401(k) or pension plans, to help employees save for their future. See T. Mann Financials' Retirement page.
HSAs & FSAs
Tax-advantaged accounts that allow employees to set aside pre-tax dollars for qualified medical expenses. See T. Mann Financials' Saving for Healthcare page.
Dental & Vision Insurance
Coverage for dental services, such as check-ups, cleanings, and major dental procedures along with vision services like eye exams and contacts and glasses. See T. Mann Financials' Dental Insurance page.
Life Insurance
Provides financial protection to the beneficiaries of employees in case of their death. See T. Mann Financials' Life Insurance page.
Employee Stock Options
Opportunities for employees to own a stake in the company through stock options or equity grants. See T. Mann Financials' Employee Stock Options page.
Paid Family Leave
Paid Family Insurance leave provides eligible employees with paid time off to care for their health and family needs, promoting work-life balance and financial security. See T. Mann Financials' PFML Insurance page.
Disability Insurance
Offers income replacement in the event that an employee becomes disabled and unable to work. See T. Mann Financials' Disability Insurance page.
Financial Education
Provides financial literacy classes and financial counseling services to employees and their families. See T. Mann Financials' Financial Education Classes page.
Other Group Benefits Offered by Oregon Businesses
Paid Time Off (PTO) or Vacation Days: Allowing employees to take time off for holidays, vacations, or personal reasons while still being paid.
Sick Leave: Paid leave for employees who are ill or need to take care of sick family members.
Maternity and Paternity Leave: Paid time off for new mothers and fathers to care for their newborn or newly adopted child.
Parental Leave: Paid time off for employees to care for their children, including childcare and school-related activities.
Wellness Programs: Initiatives to promote employees' physical and mental health, such as gym memberships, health screenings, or stress management workshops.
Employee Assistance Programs (EAPs): Confidential counseling and support services to help employees with personal or work-related issues.
Commuter Benefits: Pre-tax deductions or employer-provided subsidies for commuting expenses, like public transportation or parking.
Tuition Assistance: Financial support for employees pursuing further education or professional development.
Employee Discounts: Discounts on products or services offered by the company or partnering businesses.
Legal Assistance: Access to legal services for personal or work-related matters.
Employee Recognition Programs: Incentives and rewards for outstanding performance or achievements.
Childcare Facilities or Subsidies: Support for employees with childcare needs, including on-site facilities or financial assistance.
What's unique about group benefits in Oregon?
Oregon offers a comprehensive set of unique group benefits, including state-sponsored paid family leave, family-friendly initiatives, required sick leave, sustainable transportation benefits, and protections for pregnant employees and victims of domestic violence, enhancing work-life balance and employee well-being.
9 Uniquely Oregon Group Benefit Facts
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Oregon Paid Family Leave: Oregon offers a state-sponsored paid family leave program, providing employees with paid time off to care for their own or a family member's health needs, bond with a new child, or handle situations related to domestic violence, harassment, or stalking.
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Family Forward Oregon: This unique initiative encourages employers to offer family-friendly benefits such as flexible work schedules, paid family leave, and on-site childcare support.
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Sick Leave: Oregon requires employers to provide sick leave to their employees, ensuring that they can take paid time off when they or their family members are ill.
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OregonSaves: A state-mandated retirement savings program that offers employees access to a Roth IRA retirement account through their employer, helping them save for their future.
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Sustainable Transportation Benefits: Some cities in Oregon, like Portland, require employers to provide sustainable transportation benefits, such as transit passes or bicycle commuting reimbursements, promoting eco-friendly commuting options for employees.
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Pregnancy Accommodations: Oregon state law ensures that pregnant employees are entitled to reasonable accommodations at work, safeguarding their health and well-being during pregnancy.
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Health Insurance Marketplace: Oregon operates its own health insurance exchange via "HealthCare.gov," offering residents a platform to shop for and purchase health insurance plans. See T. Mann Financial's Healthcare Marketplace Page
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Domestic Partnership Benefits: Oregon has recognized domestic partnerships since 2008, allowing certain benefits to be extended to registered domestic partners, similar to married couples.
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Protections for Victims of Domestic Violence, Harassment, and Stalking: Oregon law mandates employers to provide reasonable accommodations for employees who are victims of domestic violence, harassment, or stalking, including time off for court appearances and related matters.
How T. Mann Financial Can Help Oregon Business Owners with Group Benefits
T. Mann Financial can play a crucial role in helping a small business build a comprehensive benefits package
T. Mann Financial Starts with a Conversation about your Unique Business Needs
Needs Assessment
T. Mann Financial will start by conducting a thorough assessment of the small business's needs. This involves understanding the company's size, budget, employee demographics, and specific requirements.
Market Research
T. Mann Financial will leverage our industry knowledge and access to various insurance providers to research and identify suitable benefit options available in the market.
T. Mann Financial can help your Oregon business choose the right group benefits.
Customization
Based on the needs assessment and market research, T. Mann Financial will work closely with the small business to tailor a benefits package that aligns with their requirements. We will consider factors like employee preferences, budget constraints, and legal compliance to create a customized solution.
Comparing Policies
T. Mann Financial will present the small business with a range of insurance providers and plans that meet their needs. We will provide comparative analysis, helping the business understand the coverage, costs, and benefits associated with each option.
T. Mann Financial can apply for, implement, and support Group Benefit Packages
5 Step Group Benefit Implementation, Enrollment, and Ongoing Support
1. Once you have selected your group benefits T. Mann Financial will request quotes from private insurance companies.
2. We help you narrow down the list and then to run a side-by side comparison of your top benefit choices.
3. Once you decide which specific policies to purchase we help you complete your benefit applications.
4. T. Mann Financial works as an intermediary between you and the insurance companies to help ensure that the policies are processed in a timely manner.
5. If the policies are approved and paid for, T. Mann Financial will provide ongoing support throughout the life of the group benefits including policy maintenance, premium payments, any necessary updates or changes, and support during claims.
Group Benefits Integrations & Payroll
Using an integrated payroll solution can help stream HR processes, ensure accuracy, and save time and resources by consolidating payroll, benefits, and tax-related tasks in one cohesive platform.
T. Mann Financial partners with PayChex and Employee Navigator
Paychex
Paychex provides comprehensive payroll, human resources, benefits administration, and other business solutions to help businesses of all sizes streamline their operations and manage their workforce efficiently.
Employee Navigator
Employee Navigator offers an integrated HR and benefits administration platform that simplifies employee management, benefits enrollment, and compliance tracking for businesses and their employees.
T. Mann Financial's Role
T. Mann Financial helps to facilitate the implementation and management of these integrated payroll and administrative solutions by offering expertise in selecting appropriate plans, providing guidance on compliance, and ensuring seamless integration with existing HR and benefits systems.