When employers interview candidates, they often don’t realize that the candidates are also interviewing them. Businesses need workers just as much as workers need jobs. If you’re not making your company stand out, you could lose out on top talent to the competition. Small businesses think they can’t compete because they can’t offer higher salaries. However, employees can be just as impressed by good benefits.
Employee benefits can help you stand out on job boards and help you retain the best employees. When most people think of employee benefits, health insurance is the first thing to pop into their heads. However, there are several other benefits that can help you attract and retain the best of the best. Here are some benefits you can offer your employees to keep them in it for the long haul:
Health insurance is a common employee benefit, but small companies don’t often consider life insurance. Many companies that offer life insurance offer it in the amount of the employee’s salary, but you can also pay a part of the policy and require employees to pay for the rest. It’s important to note that if your employees don’t want to get life insurance through your business, you shouldn’t force them to. Instead, you can offer it and let them make their own decision.
Most people don’t invest in dental insurance as an add-on to their health insurance to save money. While dental insurance isn’t included in regular health insurance policies, you can offer it to employees and make it cheaper for them. Most employers opt for an 80/20 split between themselves and their employees, but you can adjust it based on the needs of your employees and the company.
Saving for retirement is something many people won’t do unless their employers offer it. Ultimately, we’re not taught how to save for retirement in school, and many people don’t know how to open retirement accounts on their own. However, an employer-sponsored retirement account is often much more convenient for employees, and it helps them save more than those without.
Luckily, there are several options for you to choose from. Employers can contribute as much as they want to retirement accounts to incentivize employees.
Studies have shown that if you give employees more freedom they’ll continue to make the right decisions for themselves and the business. Offering unlimited paid time off (PTO) encourages employees to take time off when they need it, and they’ll be thankful for the policy. Most employers only offer two weeks off, leaving employees to use the unpaid time off to cover when they’re sick or have a personal emergency they have to deal with. However, unlimited time off gives employees more freedom over their work-life balance.
If you’re worried about employees taking advantage of the policy, you can experiment with it and see how it goes. You’ll likely find that most employees care about the business and will ensure that all of their work is completed before they leave for vacation. Additionally, your employees may feel more compelled to work on their days off to ensure they don’t fall behind on work.
Business owners usually have financial advisors to help them make better financial decisions. Giving your employees access to financial professionals can help them utilize their money more effectively, allowing them to save more with the same paychecks. This can make them feel like their salaries go further, which can help them stay happier at your company. Whether they want to invest in stocks, cryptocurrency, or precious metals like gold, a financial advisor will help guide them in the right direction.
Additionally, it can reduce some of the financial stress associated with their regular lives. For example, you can invest in tax software for employees to help them understand taxes or have a financial advisor come in and educate your employees about the importance of money
Flexible work schedules can give your employees the extra time to tend to important personal tasks and activities. While many business owners like to think that their company is everyone’s first priority, it isn’t. People work to live and afford basic necessities, but that doesn’t mean their lives should center around work. Providing employees with more flexible work arrangements and schedules is a great way to keep them motivated and help them stay productive.
You can offer flexible working hours to help them feel more balanced. Remember, your employees have other things going on, like caring for an elderly parent, children, or pets. Letting them take care of everything they need to do without worrying about being at work at specific times can reduce some of their stress and make them more effective and productive workers.
If you want to save money while offering your employees benefits, you can let them make the office feel homier and more organized. Office decorations like posters, personal photos, and canvas prints can make employees feel more connected to their work environments. When someone can bring in a picture of their family to look at every day, they can feel more motivated and reminded of the reason why they work so hard.
Many employees want to skip the trip to the bank altogether with direct deposit straight into their bank or credit union checking account. Most companies allow for direct deposit, as it’s a highly demanded request from employees. Offering direct deposit and other banking features gives your business a leg up in finding qualified employees.
If your business is trying to become more sustainable, you can offer employees commuter benefits that help them pay for their commute to work. Even if your employees drive to work, you can help pay for their gas and other costs associated with their commute.
Consider this: many employees spend at least 20 minutes in the car every morning and another 20 minutes commuting home from work. Going to work shouldn’t cost your employees money, but unfortunately, that’s just a part of being an employee. However, it doesn’t have to be. Paying for your employees’ commute can help them pay parking fees and other costs incurred while working at your business.
Better Employee Benefits
Offering unique and creative employee benefits can help you attract and retain the best workers. Unfortunately, many businesses don’t realize they can stay competitive by offering these incentives. Still, these benefits can help keep your employees happy and give them more motivation that can help them accomplish more while feeling satisfied working at your company.
Megan Isola holds a Bachelor of Science in Hospitality
and a minor in Business Marketing from Cal State
University Chico. She enjoys going to concerts, trying
new restaurants, and hanging out with friends.