In order to compete with larger companies in recruiting, owners often wonder what benefits a small business can provide staff. We’re coming to the time of year when most companies are looking at benefits for the next year and getting updated costs; it’s not too early to plan for it.
Small businesses often have limited budgets for staff and may believe that means they have no options in providing benefits. But that’s not accurate—there are things that can be done! Budget is the first thing that should be considered. Do you have any money that can go towards benefits? Determine what’s reasonable so you know how much money you’re dealing with (if any).
If you already have staff, work with them to determine what’s most important. It doesn’t help to provide benefits no one wants, so make sure they count! Depending on your staff and their needs, you may find that the benefits you thought they’d want weren’t top of their list. Do they need health insurance (often the first thing that comes to mind)? If you can’t afford a full-fledged policy, can you provide a stipend for them to use in purchasing health insurance? Or a health and wellness stipend that can go to a more extensive list of items?
Maybe they have healthcare and want other things. Short term disability; long term disability; legal insurance; pet insurance; accident insurance—the types and costs of various insurances are almost unending! And you can make the insurances voluntary if you have no budget; your making it easier for your employees to purchase what they want/need.
Maybe they’d like memberships to a wholesale club, like Sam's or Costco. Or a AAA membership. Maybe they’d like to be treated to lunch once a week/month. You might also want to start a retirement savings (for you and your staff). Secure 2.0 offers some advantages to small businesses in setting up retirement savings that can make it an affordable benefit.
You might provide a product or service that is of use to your staff—can they receive a discount or a certain amount free?
As you can see, the opportunities are extensive. The key is determining what works best for your company and your staff. Work with your employees to determine how best to focus your efforts and/or budgets or, if you haven’t yet hired anyone, determine what you want to offer in order to recruit employees. These are vital factors in providing the right benefits for your organization.
Don’t get caught up thinking you can’t afford to offer benefits. Think of the type of culture you want to establish and go from there.
#positivity #mangementsolutions @smallbusiness #benefits #hr
Comments