Never undervalue employee benefits. In a world where employees quit their jobs all the time, you need to do everything in your power to retain talent. Did you know that 75% of employees reported they’re more likely to stick around because of a decent benefits program? This underlines just how important it is to provide great benefits to your workforce.
Unfortunately, small business owners can be guilty of offering terrible benefits packages. You offer a decent wage, but there’s hardly anything else – other than some paid holidays. What can you do to provide better employee benefits? Let’s explore three ideas/tactics to put this into action:
Stop Being So Selfish
There’s a tendency for business owners to get a bit selfish. You pocket a lot of the earnings for yourself after paying your employees. In your mind, it’s only fair; after all, you started this from the ground up.
However, consider how beneficial it is if you invested more of your earnings back into your company. For instance, you could purchase an employee health insurance package, or use the money to provide additional benefits. Yes, you take home less money, but your employees are rewarded. In turn, this can have positive effects throughout your organization, such as improved engagement, heightened productivity, and a much lower turnover rate.
Work With a PEO
A PEO is a professional employer organization. If you’ve never heard of one before, it’s basically a company that enters a co-employment legal arrangement with your business.
This sounds complex, but the gist is that the PEO acts as an employer for your workers in certain circumstances. As such, they’re able to provide a longer list of benefits. It’s like outsourcing HR, but with the added bonus of the PEO providing its own benefits package. Your employees are rewarded while you save money. Everyone wins!
Offer Flexible Working
Arguably the easiest way to provide better employee benefits is by offering a flexible working pattern. Shifting from strict 9-5s to a more flexible approach is hugely beneficial for all of your workers. It lets them plan work around their day, minimizing stress and ensuring people work when they’re likely to be at their most productive.
You can also introduce the idea of working from home. If people prefer to work from home, they can do so – only coming into the office when it’s essential. Here, you’re delivering a better work/life balance for your staff. The best part is, it doesn’t cost a penny. Business continues as usual, but your team is happier because they can work however they like.
In conclusion, it’s really not that difficult to provide more employee benefits. It’s simply a case of being less selfish and finding unique ways to offer more. Remember, keeping your team happy is super important for the long-term success of your business. It may seem like investing in a bigger benefits package is costly right now, but it more than pays for itself in the future. Happier and content employees will stick around for longer, saving money on hiring/onboarding and promoting a more synergistic company.