Nearly all businesses offer some kind of benefits to their employees. To find and retain the best possible candidates, you need to go beyond the basics. While some options cost more than others, with a bit of creative thinking you can offer a killer benefits package without killing your budget.
Any benefits package needs to include the basics, which is what most employees might consider the bare minimum:
- Health insurance
- Dental Insurance
- Vision Insurance
- Paid-time off
- Retirement Plan
You can choose to contribute as much or as little to insurance costs and retirement matching as fits your budget. Paid-time off can be structured to fit your business needs and also include requirements in order to be eligible. But these are the basics and are only the beginning.
Employee Well Being
You not only need healthy employees to get their work done, you also want to give them a reason to keep working for you. You can add extra benefits that help them stay healthy, both mentally and physically, relatively inexpensively. This will help them feel more valued and keep their productivity up.
- Confidential counseling programs to help with outside problems that may distract them from their job
- Wellness programs that provide discounts or reimbursement for gym memberships or company-sponsored group workout programs and contests
- Health savings accounts (HSA) to allow employees to save money towards future medical expenses.
- Personalized financial counseling and assistance to help your employees understand their 401(k) while also helping them navigate their own financial well-being outside of work.
It’s time to get rid of the myth that we can keep our personal and professional lives separate. Your employees bring their professional worries home and their personal worries to work. Recognizing that they have lives to lead away from the job is important and helps you retain employees long-term.
Maternity and paternity leave: While the law may require you not to fire a new mother under the Family Medical Leave Act, it’s also the absolute bare minimum you can do. Consider offering paid time off for new moms and dads. Work with new parents on when and how they return to work. Add a nursing room that’s comfortable and clean for new moms.
Paid Time Off (PTO): Getting vacation and sick days is standard for the majority of companies, but you can take that to a new level by turning it into PTO. Offering PTO means that employees can choose how they use their time off. It provides greater flexibility and control and is much easier to keep up with for you.
Flextime: Not only good for new parents but for other employees as well, flextime allows your employees to work in a way that suits them best. You still get the benefit of their increased production while they get more flexibility. You can offer four-day work weeks or the option to work from home, either one or two days a week, or full-time.
Sabbaticals: While sabbaticals are rare, they can be an excellent benefit for long-term employees. You can decide if it’s paid or unpaid and whether you offer one sabbatical for a specific amount of time or if employees can have extra vacation time at some point. This allows employees to recharge and come back fresh and revived and helps avoid burnout that causes people to quit and go elsewhere – often taking the knowledge and skills that they’ve gained with your company directly to a competitor.
Some of the best, most beloved benefits don’t cost a lot of extra money. They require flexibility and trust from you as a business owner. The willingness to allow your employees to have more control over their life and provide help when you can keeps your best people around for a long time.
Need help with the payroll side of your benefits package? Charlotte Payroll can help! Contact us today at 704-887-5511.