15 Low- and No-cost Employee Benefits to Offer
February 27, 2024
15 Low- and No-cost Employee Benefits to Offer

Employee benefits are the cornerstone of a thriving organization. Perks and benefits are pivotal in enhancing job satisfaction, attraction and retention rates, employee well-being and overall workplace morale. While some organizations may feel constrained by budget limitations, there are numerous low- and no-cost benefits that can significantly impact employee happiness and productivity.


This article highlights 15 budget-friendly employee benefits.


Affordable Benefits That Employees Want

Many of today’s most popular benefits come at little to no cost for employers. As the race for talent remains tight, employers may consider offering the following affordable employee benefits to appeal to workers:


1. Flexible work arrangements—Many of today’s workers desire flexible work hours or the option to work remotely. This flexibility can greatly improve work-life balance and reduce stress levels. Remember that flexible work arrangements require clear policies and communication to ensure accountability and consistency among workers.


2. Flexible vacation policies—Instead of rigid vacation accrual systems, more employers are implementing unlimited or flexible vacation policies. Trusting employees to manage their time off can lead to greater autonomy and responsibility and help reduce burnout. However, flexible policies require trust and accountability from employees and may entail additional coordination to manage leave schedules.


3. Wellness programs—Popular wellness initiatives include yoga classes, meditation sessions or health challenges. Promoting physical and mental well-being can lead to healthier, happier employees. Wellness programs are trending as a way to foster positive company culture, but it’s important to keep in mind that they often require commitment and resources for planning and implementation.


4. Family-friendly policies—The path to and journey of parenthood are unique. Employers can offer attractive family-friendly policies, such as parental leave, flexible child care arrangements, generous nursing breaks or assistance with adoption expenses. Supporting employees in their family responsibilities can improve loyalty and morale.


5. Professional development opportunities—Today’s workers value learning and development programs for their career growth. Investing in employee professional growth opportunities, such as online courses, workshops or conferences, demonstrates a commitment to their long-term success.


6. Employee recognition programs—Emotional salary, which comprises non-monetary components contributing to an employee feeling adequately rewarded at work, contributes to higher levels of job satisfaction. Frequent recognition is one such factor of emotional salary that can help keep workers happy. When employees feel valued, recognized and appreciated for their contributions, they are more likely to enjoy their work and find it fulfilling. Therefore, employers can establish a system for publicly acknowledging and rewarding outstanding performance. Recognition doesn’t always have to come with a monetary reward; a simple “thank you” can go a long way.


7. Employee assistance programs (EAPs)—These programs can help employees save on health care expenses, provide tax benefits and promote financial wellness. While such programs require administrative setup, the payoff can be worth it, as EAPs provide confidential support for employees dealing with personal or work-related issues.


8. Flexible spending accounts (FSAs) or health savings accounts (HSAs)—Even if an organization can’t afford to provide comprehensive health care benefits, offering FSAs or HSAs allows employees to set aside pre-tax dollars for medical expenses, which may reduce their financial burden.


9. Financial education workshops—More workers want guidance to increase their financial literacy. To meet this desire, employers can provide resources or workshops on personal finance management, budgeting and retirement planning. Empowering employees with financial literacy can alleviate stress and improve overall well-being.


10. Mentorship programs—Mentorship can facilitate knowledge transfer, boost career development and employee engagement, and strengthen the company’s talent pipeline. By offering mentoring resources or pairing junior employees with experienced mentors within the organization, a company can foster professional growth, skill development and a sense of belonging. A mentorship program can easily be scaled based on employees, roles and organization.


11. Paid volunteer time—Employers can encourage community engagement by granting paid time off for employees to volunteer with charitable organizations. Giving back to the community fosters a sense of purpose and fulfillment and may even enhance team bonding.


12. Casual dress code—Relaxing the dress code policy can make employees feel more comfortable and increase morale. This option could entail casual Fridays or more lax requirements during summer. The dress code policy should be clearly defined to avoid confusion.


13. Summer hours—To help boost employee morale and satisfaction during the summer months, employers can offer summer hours, such as closing an hour or two early on Fridays. This perk demonstrates flexibility and trust from the employer and can ultimately help improve employees’ work-life balance during vacation season.


14. Employee discount programs—Employers can offer discounts that appeal to workers’ interests and needs. This perk allows employees to save money on their everyday purchases, which can improve their financial literacy and boost company loyalty. Keep in mind that exclusive discounts hinge on partnerships and negotiation, and they may not be equally beneficial to all employees, depending on their interests and preferences.


15. Health and wellness resources—It may be beneficial to provide access to resources such as mental health hotlines, virtual counseling sessions, or fitness and meditation apps. Prioritizing employee well-being sends a clear message that their health is valued.


Summary

Offering employee benefits doesn’t have to come with a hefty price tag. These low- or no-cost benefits that workers value can enable employers to create a supportive and fulfilling work environment that, in turn, attracts and retains top talent. Investing in employee satisfaction not only boosts morale and productivity but also strengthens the overall success and reputation of the organization.


Contact Simco for more information.

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Understanding Credible Coverage, Affordable Coverage, and 2025 Marketplace Tax Credits

August 4, 2025
Navigating health insurance options can feel overwhelming, especially with all the terms and guidelines around coverage and affordability. At Simco, we want to help you and your employees make sense of it all, from understanding what qualifies as credible coverage to how affordable coverage is determined, and what the income limits mean for Marketplace tax credits in 2025. What Is Credible Coverage? Credible coverage refers to health insurance plans that meet or exceed the minimum standards set by government regulations. This is important because if you have credible coverage, you generally don’t qualify for premium tax credits through the health insurance Marketplace. Examples of credible coverage include: Employer-sponsored group health plans Medicare and Medicaid Certain veterans’ health plans Individual health insurance plans that meet minimum essential coverage standards Most employer-sponsored health plans, whether from small businesses or large corporations, are considered credible coverage. This means if you or your employees have health insurance through your job, it likely meets these standards, protecting you from paying unnecessary penalties and possibly disqualifying you from claiming Marketplace subsidies. Why does credible coverage matter? Because if you already have credible coverage, you generally won’t qualify for premium tax credits on Marketplace plans. The government uses this benchmark to ensure people aren’t “double-dipping” by receiving subsidies when they already have adequate insurance. What Does Affordable Coverage Mean? Affordable coverage refers to the cost threshold for employer-provided health insurance that determines if it’s affordable relative to your household income. The IRS sets this threshold annually, and for 2025, the maximum employee-only premium cost to be considered affordable is 9.02% of your household income . Here’s how it works: If the monthly premium you pay for employee-only coverage is less than 9.02% of your household income, your coverage is deemed affordable. If it costs more, you or your employees may be eligible for Marketplace subsidies or tax credits if you choose to enroll there instead. This affordability standard helps employees understand if they have access to reasonably priced insurance through their employer or if Marketplace options might be a better fit financially. Income Guidelines for 2025 Marketplace Tax Credits To qualify for premium tax credits that help lower the cost of Marketplace health insurance, your household income must fall within certain federal poverty level (FPL) ranges. For 2025, individuals and families with household incomes between 100% and 400% of the federal poverty level may be eligible for these credits. The exact dollar amounts vary depending on your household size and location, but generally, the lower your income within this range, the greater your potential tax credit. These credits are designed to make health insurance more accessible and affordable for people who do not have credible or affordable coverage through an employer. Why This Matters as the 2025 Annual Enrollment Period Approaches With the 2025 Annual Enrollment Period (AEP) approaching soon (October 15 to December 7), it’s the perfect time to review your Medicare coverage and evaluate your options. Many people discover that their current plans may no longer be the best fit, or that marketplace options and tax credits could help bridge coverage gaps. Simco is here to guide you and/or your employees through the complexities of health insurance during AEP and beyond. We’ll assess your situation, explain your options, and guide you through enrollment with confidence. Have questions? Contact us today! We’ve got you covered. 

Simco Launches Investment Advisory Services Through Simco Financial

August 3, 2025
At Simco, we’re always looking for ways to bring more value to the businesses we serve. Now, we’re excited to announce a powerful new addition to our suite of advisory services: Simco Financial , our new investment advisory division focused on business retirement plans. “This is a big step forward for us,” said Marc Simmons, founder and CEO of Simco. “Just like we’ve built strong advisory support around HR and benefits, we’re now doing the same for retirement. Simco Financial gives our clients direct access to licensed investment advisors, right from within the Simco ecosystem.” Why We’re Expanding Into Investment Advisory For many business owners, offering a retirement plan is a key part of attracting and retaining top talent. But navigating the complex world of 401(k)s, fiduciary responsibilities, and investment options can be overwhelming, especially when it’s not your day job. “We believe the retirement plan is an incredibly important part of the life cycle of a business,” Simmons explained. By bringing licensed investment advisors in-house, Simco can now deliver unbiased guidance on a range of retirement solutions, from custom 401(k) plans to products like the Simco PEP (Pooled Employer Plan). Whether clients are starting a new plan or reevaluating an existing one, they’ll now have a dedicated advisor to support them from strategy through implementation. What This Means for Our Clients “This advisory service is completely unbiased,” Simmons emphasized. “The PEP, which we often promote, is just one of the products we offer. Our team is here to advise on whatever platform or solution is truly best for your business.” In other words: you’re not locked into a one-size-fits-all option. Simco Financial advisors work with your goals in mind and help ensure your retirement plan is compliant, cost-effective, and competitive. What’s Next? For now, Simco Financial is focused on group retirement plans for businesses . Individual investment services are on the horizon, but not yet available. “We’re starting with the group side,” said Simmons. “But stay tuned, there’s more to come.” With this move, Simco is continuing to expand its value to clients as a true one-stop advisory partner . From HR and benefits to now retirement planning, businesses can get the support they need: simplified, centralized, and personalized. Disclosures: Simco Financial is a registered investment advisor and a division of Simco. Investment advisory services are offered through Simco Financial only to clients or prospective clients where Simco Financial and its representatives are properly licensed or exempt from licensure. The information provided herein is for educational and informational purposes only. Investment and Insurance Products Are: Not Insured by the FDIC or Any Other Government Agency Not a Deposit or Other Obligation of, or Guaranteed by, Any Bank or Bank Affiliate Subject to Investment Risks, Including Possible Loss of Principal Simco's Pooled Employer Plan (PEP) is offered through Simco HCM. Investment advisory services related to the PEP are provided by Simco Financial. Insurance products are sold through Simco Capital, which is licensed in the state of New York.

5 Reasons Why It’s Time to Automate Open Enrollment with a Unified HCM Platform

July 15, 2025
Open enrollment season: the yearly juggling act of compliance, employee questions, and endless paperwork. If you’re still managing benefits with spreadsheets, emails, and disconnected systems, it’s time for a serious upgrade. At Simco, we’ve seen firsthand how automating open enrollment through a unified Human Capital Management (HCM) platform makes life easier for HR teams and employees alike. Here are five reasons why your business should make the switch, and why your workforce will thank you. 1. Slash Errors and Save Time with Automation Manual benefits administration? It’s a recipe for costly mistakes and wasted hours. A unified HCM platform syncs data instantly across HR, payroll, and insurance, cutting out double entries and compliance slip-ups. That means fewer headaches for your HR team and more accurate payroll deductions for you. What you get: Real-time updates when employees change status or eligibility Automatic compliance checks Less time answering repetitive benefits questions 2. Give Employees a Smooth, Self-Service Experience Your employees live on their phones (whether it’s banking, booking appointments, or shopping). Benefits enrollment should be just as easy. With a single login, employees can compare plans, enroll, and update info anytime, anywhere. Bonus: AI-powered decision tools make choosing the right coverage simpler than ever. Why it matters: Boosts employee confidence, satisfaction, and engagement Fits their busy schedules, not yours Simplifies benefits communication and reduces HR support requests 3. Stay Compliant Without the Last-Minute Scramble Open enrollment comes with a complex web of federal, state, and local regulations that must be followed precisely. From tracking Affordable Care Act (ACA) requirements to managing COBRA eligibility and distributing mandatory notices, the compliance checklist can quickly become overwhelming, especially when benefits data is scattered across spreadsheets, emails, and disconnected systems. Without a centralized platform, HR teams often find themselves scrambling at the last minute to gather accurate information, complete audits, and submit reports, putting the organization at risk for costly penalties and damaging employee trust. A comprehensive HCM system builds compliance into the process from the ground up. Eligibility rules, coverage limits, and regulatory requirements are automatically enforced and updated, minimizing human error and ensuring you stay ahead of deadlines and regulatory changes, reducing stress and protecting your business. 4. Stand Out in a Competitive Talent Market Benefits remain one of the most powerful ways to demonstrate to your employees that they are valued. However, a confusing or frustrating enrollment process can quickly undo that goodwill, leading to disengagement and even turnover. In today’s competitive job market, providing a seamless benefits experience is no longer optional, it’s essential. According to our HCM technology partner isolved’s 2025 Workforce Report: 50% of employees say they would seriously consider looking for a new job following a poor open enrollment experience. 90% of job seekers actively compare benefits packages before accepting a job offer, often prioritizing ease of access and clarity. This means that a complicated or outdated enrollment process isn’t just an inconvenience, it’s a real risk to your ability to attract and retain top talent. Investing in a user-friendly, automated benefits platform helps position your company as a modern employer of choice, showing that you care about your employees’ experience every step of the way. 5. Free Up Valuable Time for Your HR Team Open enrollment season often means an overwhelming amount of compliance tasks, employee questions, and administrative work, all on a tight deadline. When benefits management is manual or spread across multiple disconnected systems, it drains your HR team’s time and energy. Automating open enrollment with a unified platform reduces the need for repetitive data entry and minimizes errors, which means fewer fire drills and less time spent fixing problems. This allows your HR professionals to shift their focus from paperwork to higher-value activities like employee engagement, strategic planning, and talent development. In other words, the right technology doesn’t just streamline processes, it gives your HR team the bandwidth to do what really matters: support your people and help your organization thrive. Ready to leave enrollment headaches behind? Get in touch with us today to see how a unified HCM platform can transform your benefits process, making it easier, smarter, and more employee-friendly.

Have a question? Get in touch.