Your business is only as strong as your employees and if you want to get the best out of them, you need to treat them right. If you want to create a happy team, it’s important that you give them good benefits.
When you offer your employees good benefits, it helps you to attract the best talent to your company and it shows them that you value their hard work. People are far more motivated when they feel appreciated. But as a small business, this can seem financially difficult. Here are a few tips to help you get started.
paid time off
Well-rested employees are less stressed and that really helps with productivity. It also shows your employees that you understand that they have a life outside of work and you respect that. Consider providing paid time off, even if you have to start small.
And try not to be too rigid. When a company offers limited or no vacation days and they’re not flexible with the time that they allow people to take off, it can lead to resentment. Your team will be more likely to suffer from burnout and to start looking for companies that provide the benefits they desire.
Health insurance is very expensive and that’s why it’s one of the main benefits that people look for when they are applying for jobs. If you offer good coverage, you will find it a lot easier to hire the best people. It also helps to ensure that your employees are healthy, which is important because regular sick days have a big impact on productivity.
If your budget won’t allow for health insurance, look into creative options for your employees. Consider a health insurance stipend that is paid to them to help cover the expense of them having to be self-insured. Or install an on site gym or purchase gym memberships for your team.
Retirement plans are by far the most important benefit you can offer. Everybody wants to secure their finances for the future. If you set up a retirement plan and match your employee contributions, they will feel that you are looking after them in the long term.
Don’t go it alone. Start by speaking with a business financial advisor that specializes in retirement planning. Have them help you set up a plan for your employees.