When working out all the details of getting your business up and running, no detail is too small. With so many things vying for your attention, you can’t overlook how you are going to compensate those who are working for you. An attractive benefits package will help you to attract and keep employees, which will save you the expense of dealing with a high turnover.
When trying to figure out what perks you can offer your employees, budget constraints can play a big part in the decisions you’ll make. Depending on how limited your budget is, you may have to exercise some creativity to attract quality employees.
Health Insurance
One of the most important benefits job seekers look for is health insurance. The ability to look after one’s health and that of their loved ones is a necessity in today’s world. When you are trying to figure out how to offer the best plan you can afford, seek the advice of an expert in managed care contracting.
Employer-offered insurance is attractive because it is considerably less expensive than insurance obtained on the open market. Of course, there are still out-of-pocket expenses passed onto employees, such as deductibles and copayments. To make your insurance offering more inviting, you could offer other perks that coincide with health insurance such as health-related stipends.
Paid Time Off
Paid time off (PTO) is another benefit that can either attract or repel potential employees. Unlimited PTO is not unheard of and has been successful in some companies. Employees tend to regulate how much time off they use, without imposed restrictions, because they don’t want their co-workers to have a negative perception of them for taking more time off than others.
If the notion of unlimited PTO is too flamboyant or nontraditional, consider having a generous cap on the amount of time you offer. If you give 25 days PTO, employees will have the opportunity to rollover any unused time into the next year.
Less Traditional Perks
There are other ways you can compensate your employees outside traditional offerings. For example, the IRS allows businesses to write off up to $5,250 per year, per employee, for education costs. By taking advantage of this tax write off, you can encourage your employees to further their education, which will, in turn, help your company.
Not every benefit has to be expensive and monumental. The small things that show your employees you are concerned about their wellbeing will also help them feel appreciated. Consider providing a free, weekly breakfast or lunch; everybody loves free food.
You could also offer on-site gym equipment to allow your workers to step away from their desks and take time to focus on their health. Even further outside the proverbial box, partner with local companies to offer help with gym membership costs, child care and even laundry facilities. Not only are you helping to improve their quality of life, but you’re also growing community relations.
Don’t underestimate the attractiveness of flexible time. Try offering your employees flex time to take care of things that can’t be done outside of work hours. You can also offer the option of working remotely from home. When you allow employees to work from home you are showing them that you believe in their ability and trust them to do what needs to be done. When employees feel trusted, it breeds a sense of loyalty. There is no better employee than one who works hard and is loyal to your company.
Offering the right benefits will attract the types of employees you want to hire.
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