7 Tips to Offer Great Employee Benefits for Your Small Business

It is always challenging for a small business owner to develop an employee benefits package that will be competitive. However, with some creativity, you can come up with some cost-effective incentives to motivate your employees. Read on for seven tips on how to make your benefits more compelling, attractive, and attention-grabbing.

1.    Understand What Your Employees Value

Each workforce is unique and, therefore, cannot be easily compared to others when it comes to benefits. It is worth spending some time and asking employees directly about their preferences through questionnaires, casual conversations, or team meetings. Some may consider the most important benefits as healthcare and retirement, while others may consider schedule, mental health, or even time off, as more valuable. Creating a benefit structure that caters to the needs of your workers will help ensure you have happier employees.

2.    Explore Health Insurance Alternatives

Health insurance can easily bankrupt a small business, so it’s important for small business owners to understand they don’t necessarily have to use costly and traditional insurance plans. Various Health Insurance Alternatives provide employees with adequate coverage at a cheaper price. For example, Health Reimbursement Arrangements (HRAs) permit employers to pay for medical expenses or the health insurance of their personnel. A group plan or community-based healthcare can also be helpful in providing coverage without so much expense.

3.    Offer Retirement Savings Plans

By far, the most appealing incentive to most is a retirement plan for employees. If you are unable to contribute matching contributions, providing your employees with an opportunity to create a retirement savings account, which may include 401(k) or IRA, can be an attractive alternative. Pension plans also help employees understand that you care for their future, and this helps build loyalty and retention.

4.    Invest in Employee Wellness Programs

Wellness includes mental and emotional health as well as physical well-being. Providing gym access, yoga sessions, or even mental health check-out days show that you, as an employer, have the best interest of your employees at heart. Such programs are not only good for morale but also productivity, making all employees happier and healthier.

5.    Provide Flexible Work Options

Flexible scheduling is one of the most valuable types of employee benefits in high demand at this time. This is especially the case when an employer allows employees to work from home or perform alternative shift work. Both options are likely to have a positive impact on the level of satisfaction among employees. This also results in higher productivity since employees appreciate being trusted to be able to manage their work activities more independently within a schedule that works best for them.

6.    Encourage Professional Development

People work to build their careers and training them to be better at their tasks is one of the most effective ways of demonstrating that you care. No matter if it is access to online classes, internal training, or certifications, staff development pays off for employees and companies. If you show your employees that you care for their future within the company, they will feel more obliged to remain with your organization.

7.    Budget Wisely for Benefits

Designing the best employee benefits package for a small business needs one to consider the financial restrictions and make the right choices. First of all, it is essential to identify its financial capabilities and begin with the room that is possible to afford. For instance, if it is impossible to provide the best medical care or pension, consider providing such valuable and inexpensive options as flexible hours, training, or health promotion. Always look at the budget you have set down and change it as your business expands to make sure that the benefits are well-catered for.

Conclusion

Providing benefits to employees as a small business does not have to be costly or intricate. By realizing your employees’ needs, discussing cheap beneficial options such as health insurance, and possible ways to promote professional growth and personal satisfaction, you can create a successful package for your employees. A little investment in this area goes a long way in ensuring that your employees are committed to the growth of the business.

Thank you as always for reading.

If you haven’t yet subscribed, please visit KindCompassCoach and enter your email address so you never miss a post.

KindCompassCoach

Joan Senio is the founder of KindCompassCoach. Her career includes 20+ years as a private sector corporate executive and 15 years (and counting) as a consultant and coach. The common thread through her professional life has been a commitment to compassionate leadership, including leading and mentoring current and future leaders, and women from all walks of life. KindCompassCoach articles are backed by research and include facts and advice from a wide variety of experts. Joan is a member of the International Organization of Life Coaches, serves as a thought-leader for KuelLife.com and is a regular contributor to PsychReg and Sixty and Me.