Even the most talented business owner cannot operate a company alone. There must be capable people who are able to manage different functions and ensure the business is operating at peak efficiency. In order to attract and keep those types of employees, it pays to provide them with benefits they deserve. From looking at smarter plans for business health insurance to considering things like how to help employees plan for retirement, there are key benefits that must be part of your offering. Here are some examples to keep in mind.
Benefits Canada reports that around 90% of employers offer some type of employee assistance benefits to their employees. There’s a reason that EAP benefits must be part of the package provided to your employees. Situations can arise that an employee cannot manage alone. By having resources available that the employee can call upon, it’s possible to overcome obstacles and get things back to normal. As an employer, you also receive the benefit of not losing a valued member of the team because of a temporary situation.
Comprehensive Health Insurance
The smarter plans for business health insurance provide coverage for all sorts of health issues. That includes dental and visual treatments. Choosing to offer health insurance that addresses all the potential needs of the employee is one of the ways to show you genuinely appreciate the work they do. It also ensures that they will be less tempted to look for career opportunities elsewhere, especially when the competition offers a more comprehensive health package.
Personal, Sick, and Vacation Days
Along with EAP benefits, creating a reasonable plan to allow employees to accumulate personal, sick, and vacation days is a must. You also want to define each of these so there is no question of how they can be utilized. That includes deciding if the employee can begin to claim personal days once the bank of sick days are exhausted. By coming up with a plan that’s clear, precise, and fair, you are more likely to retain the loyalty of your employees.
Everyone expects to retire eventually. While your employees always have the option of setting up private retirement plans and accounts, there is no reason why you can’t offer some sort of pension or similar plan to them directly. This provides them with one more way to save for the retirement years and be financially secure. Next to finding smarter plans for business health insurance, researching and choosing a retirement plan that offers excellent opportunities for your employees is essential.
Take a good look at what you offer employees today. While fair wages and salaries matter, you want to make sure there is a reasonable mix of EAP benefits, retirement plans, and health insurance available. In the long run, you get to keep valuable employees, enjoy business growth thanks to their efforts, and keep the turnover rate to a minimum.