Employee retention is difficult when you don’t know what it is your employees need from you. While you might think that offering them a salary is enough, it’s often not, since your competition is offering other perks and benefits. If you want to keep your best employees, it’s time to start offering them benefits.
As a small business owner, you don’t have the funds to offer all possible benefits and perks, but you can be picky and choose to offer those your team cares about most while canceling the least popular ones. Here are employee benefits that your company should offer.
Financial Tools
Most, if not all, of your employees, are experiencing financial stress. These financial challenges typically mean your employees don’t have enough in their savings or they are unable to save.
You can help your employees handle surprise expenses and put their paychecks to good use by using a payroll service that gives your employees access to funds between paychecks. Sometimes rent is due before payday, and other times emergencies happen that your employees can’t avoid. By allowing them to access the money before payday, you can reduce their financial stress.
Health Insurance
Small businesses with fewer than 50 full-time employees don’t legally have to provide health insurance, but they should because this is one thing that everyone needs, and your employees are likely going to get taken by a competitor who does offer it. If you don’t provide a group health insurance plan, you can get a QSEHRA (Qualified Small Employer Health Reimbursement Arrangement).
Workers’ Compensation
Workers’ compensation insurance can help mitigate your risk if an accident happens while one of your employees is at work. This is a benefit for both of you. Workers’ Compensation policies cover wage replacement and medical bills.
401(k)s
Many people don’t save for retirement because they can’t save for retirement. You can tell your employees about individual retirement accounts (IRAs), but many of them still won’t save for retirement that’s decades away.
Everyone wants to retire eventually, but saving for it isn’t easy. To help your team members afford to retire, you can offer a 401(k) plan that funnels money from their paychecks into an account. These contributions are tax-deductible, and employers can claim credits as well.
Student Loan Assistance
If you want to hire employees right out of college and retain them, it can be useful to help them pay off their student loans. As a business owner, you don’t have to make a huge investment. Instead, you can add $100/month to allow your employees to pay off their loans early. Student loans are difficult to pay off for those who just graduated, so your new employees are more likely to commit to your business if you offer student loan assistance.
Dental Insurance
Dental insurance is separate from health insurance, but your teeth are just as important as the rest of your body. Many people choose not to go to the dentist because they aren’t insured, and treatment can be expensive. By offering dental insurance, your employees are more likely to stay loyal to your company because you are offering them a benefit that’s not included with a regular health insurance plan.
You’ll also demonstrate that you care about the health and well-being of your employees, which will make them want to stick around for the long haul.
Flexible Work Options
One of the best ways to keep your employees happy without spending more is by offering flexible work options. This allows your employees to work when they want and where they want so that they can be responsible for their happiness. Very few people enjoy spending at least 8 hours every day Monday through Friday at a desk. If you allow your employees the opportunity to work from home or to choose which hours to come into the office, they will thank you for it.
Work-life balance is difficult to come by as employers constantly pressure their employees to work late or bother them on weekends. Instead, you can promote a healthy work-life balance, which will make your employees more productive. Happy employees are more likely to stay at their jobs and do well.
Family Perks
Juggling a full-time job and a family isn’t easy, so offering family perks is guaranteed to keep your family-oriented employees happy. Consider offering perks for all members of the family, including parents, partners, children, and even pets!
You can offer things such as a daycare, pet insurance, life insurance, family leave, and more.
Wellness Perks
Consider offering wellness perks to help your employees feel their best every single day. Wellness programs can help save money through lowered healthcare costs, increased productivity, and tax incentives.
Ask your employees which wellness perks they’d like to see. Some may enjoy a longer lunch break so they can hit the gym, while others would like get lifestyle and health advice through video coaching sessions.
Career Development Opportunities
Nobody gets a job and hopes that they will stop learning. Many people want to develop their careers so they can learn more and be promoted. Expanding your employees’ skill sets is good for both your employees and your business. Investing in career development can benefit your business by providing low-cost continuing education strategies for everyone.
Employee Discounts and Rewards
Employee discounts are another inexpensive way to retain employees and keep them happy on a day-to-day basis. Giving your employees free stuff like swag can increase their pride, incentivize them, and build your brand awareness while your employees are out and about.
You can also offer discounts on your products and services so that they’ll continue to spread the word which will lead to reaping rewards.
What Benefits Should You Offer?
Consider asking your employees what benefits they care most about. You can do this by having everyone fill out an anonymous survey so you can determine which benefits will help you retain your employees.
Author Bio:
Matt Casadona has a Bachelor of Science in Business Administration, with a concentration in Marketing and a minor in Psychology. Matt is passionate about marketing and business strategy and enjoys San Diego life, traveling, and music.
