When you grow your company in Kosovo, your employee benefits plan can go a long way toward building a successful team. You’ll need to find a balance between your company’s resources, your legal obligations, and your employees’ needs and expectations.
Employee benefits planning in Kosovo
Competitive benefits can help you stand out in the local market and attract more qualified candidates to your vacancies. Along with strengthening your recruiting efforts, your benefits program can help boost long-term morale in the workplace.
When you invest in your employees, you empower them to drive success in your company. Showing your appreciation will motivate them to contribute more to the team. As you deepen employee engagement and retention, your company can also cut down on recruiting and training costs.
Supplemental provisions you can offer employees include:
- Stock options
- Transportation allowances
- Housing allowances
- Childcare assistance
Requirements for Kosovo employee benefits plans
While fringe benefits will set your company apart, you’ll need to consider the required provisions first. Employers in Kosovo must provide:
- Sick leave
- Maternity and paternity leave
- Holiday leave
- Annual leave
- Personal leave for situations including bereavement, marriage, and childbirth
Designing Kosovo employee benefits plans
Benefits requirements and expectations vary from one country to another, but you can create a competitive plan anywhere by following a few fundamental steps.
1. Set a budget
Assess your company’s revenue to decide how much you’re willing to spend on employee benefits. During this stage, you’ll want to set priorities for critical offerings and determine the program scope and team size.
2. Research other employers
To be competitive in a new market, look into what other companies are offering. Research current economic trends and look at other local companies’ benefits programs. Pay attention to common offerings that may indicate market standards.
3. Choose your benefits offerings
With a budget and an understanding of the market, you can begin crafting your company’s benefits plan. Start with mandatory benefits and then incorporate supplemental offerings as your funds allow.
Average cost of benefits
Factors such as operating scale, industry, and team size will all influence the amount a company spends on benefits. With these variations, a national average cost isn’t a helpful parameter to follow.
One way to implement a more personalized budget is to designate a percentage of yearly revenue to support your program. This option makes future scaling to company growth easier.
How to calculate employee benefits
Your calculations will depend on the type of benefits you’re offering. For mandatory benefits, you can follow the guidelines in the labor laws. You’ll need to meet or exceed legal conditions for payment rates and provisions.
If you’re calculating supplemental benefits, you can use your research to set competitive rates.
How are employee benefits taxed in Kosovo?
Salaries, pension contributions, and other forms of income are taxable for employees in the country. You’ll need to include monetary earnings from mandatory and fringe benefits in employees’ taxable income calculations.
Employee health benefits
Kosovo’s public healthcare system is continuing to develop. Private care is also available in the country. While private health insurance is not a required benefit, many companies choose to offer it as a supplemental provision.
Choose Globalization Partners for employee benefits planning in Kosovo
Globalization Partners’ global employment platform helps you build and scale an international team quickly and easily, ensuring all benefits offered to candidates are compliant and in line with local regulations. Learn more about our platform and request a proposal today.