When it comes to operating in a foreign country, it is important to comply with the regulations and rules so you can stay in compliance. There are several aspects involved in this matter, but one of the most difficult is the Lebanon compensation benefits.
Your employee benefits plan is a crucial part of your expansion to Lebanon. You need to develop an outstanding plan that you can offer during your recruiting and that boost your retention efforts.
In this regard, it is useful to learn about the Lebanon compensation laws so you can ensure you are following the guidelines.
Here at Connect Resources, we can provide comprehensive assistance with your Lebanon compensation plan. By opting for our EOR solution you can have peace of mind while we handle this matter on your behalf.
Benefits plan in Lebanon
Building your benefits scheme plays a crucial role in your hiring efforts. It is important to have competitive offerings so the best talent decides to join your company. With a solid benefits plan, you would be able to attract the right talent, so you can take longevity these factors and take your business to the top.
By having a plan that stands out in the labour market, you can encourage employee development and support your company to grow.
As you can see, it is essential to know how to design an employee benefit plan. It will enrich your work environment and motivate your employees to be better. Since you are investing in your employees’ professional and personal development, you can have a productive team.
However, if you do not know where to start regarding employee benefits, you can consider providing the following:
- Health insurance and wellness resources
- Bonus or incentives for performance
- Allowances (house, food, etc.)
Legal standards in Lebanon
It is important to know that the benefits of your home country may not be the same in Lebanon. For this reason, you need to learn about local regulations so you can determine which offer you can develop. Moreover, this will help you decide which supplemental benefits you can add.
In Lebanon, business internationally lead should offer the following benefits since they comply with the local legal standards:
- Vacation time
- Sick leave
- Maternity leave
- Public holidays
- Bereavement leave
How to design your benefit plans in Lebanon
Once you know which benefits you may include in your plan, you need to start developing it. It may look different than the plan of your country since you have to base it on local laws and market standards.
With the companies we partner we use the following approach to design the best benefit plan:
Set your program scope:
First of all, you need to determine some aspects of your company on which you will base your benefits. You have to create your program scope, which means that you have to determine the size of your team.
This will help you determine a budget for how much you will have to spend on employee benefits. After that, you have to identify projected revenue and with this, you will see if you can afford the cost.
With all of this, you have a draft of your employee benefit plan, but you still have some tasks to do.
Do your research:
You cannot create your offering without knowing what other companies within your industry are offering in the labour market. Perhaps other businesses in the region prioritize offering health benefits but none of them offers bonuses.
This will help you develop a competitive program since you can pay attention to typical offerings, but also include additional ones that can make a difference. Thus, candidates will prefer to work for you.
Start creating the Lebanon compensation benefits plan:
With all the information you have gathered, you can start designing your program. Start by including mandatory benefits and budgeting them. Then, you can add supplemental benefits, but make sure to include those that add value to local employees.
It is important to discuss the directors leadership news, leadership news careers, and benefits with your board of directors. This will help you ensure everyone is clear regarding the company’s offerings to the employees.
Benefits program costs
Another important part of your Lebanon compensation benefits program is calculating the cost. As a company, you need to develop an offering that will not affect your earnings.
In this regard, you have your program expenses based on your specific goals and other aspects. However, it is important to note that you have to focus your costs not on an average, but on your individual finances and requirements as a company.
For example, you can set a percentage of your yearly income that will be for your benefits budget. This is a perfect solution since it allows for scalability because you can adapt your program as your company and revenue growth.
Thus, your company will always remain competitive, by offering top benefits, but without affecting your budget.
How to calculate employee Lebanon compensation benefits
Regarding some compensation and benefits, it is important to calculate them based on the mandatory rates according to labour laws.
This is because some benefits such as annual leave and sick leave are calculated depending on the employee’s duration of service in your company.
In the case of supplementary benefits, it is best to do your research on the labour market to determine how other businesses calculate them and ensure you stay competitive.
Taxes for employee benefits in Lebanon
It is essential to know that your employees’ wages are taxable in Lebanon. However, the rates vary depending on the total income.
Taxable benefits are the following:
- Pension payments
- Life annuities
- Benefits in kind
Health benefits for employees
Health benefits are very important for employees, and they should be part of your Lebanon employee benefits.
However, in Lebanon, you have public and private offerings. The NSSF provides primary coverage, so, employees with this offering can receive medical assistance and public health hospitalization, which is under the local ministry of public health.
In the case of private health insurance, it is not a mandatory benefit in Lebanon. But, you can include it in your considerations when you are developing your plan, however, keep in mind that it may be costly.
If you have doubts about this, in Connect Resources we can help you so you have compliance with united regulations regarding Lebanon compensation benefits.
Why Choose Us
Connect Resources can help you overcome all the challenges associated with your Lebanon compensation benefits. As an internationally lead source of employees, we can assist you to navigate the complexities of developing a solid benefits plan.
Contact us and request a proposal so you can receive a tailored service that will solve your needs and allow you to have corporate social responsibility. Our team is readily available to support you on your expansion to Lebanon so you can reach success effortlessly.