Today’s job market is highly competitive. With more young professionals entering the workforce with Bachelor’s and Master’s degrees, expectations for salaries are rising. In many cases, top talent doesn’t choose a company based on the numbers alone. Professionals want both tangible and intangible benefits to make their work/life balance work for them.
It can be difficult to compete on salary and top-line benefits like retirement plans and health insurance alone. Non-traditional benefits may provide a tool to attract top talent while minimizing the impact on your bottom line. Curating a benefits package should include an analysis of your ideal employee profile, your current industry standards, as well as a reasonable financial assessment to ensure your benefits offerings are sustainable. Here are some of our recommendations for a small business employee benefits strategy.
Are you interested in benefits consulting for your small business? Schedule a consultation today!
Small Business Employee Benefits
Many companies falsely believe that big salaries are the only thing needed to attract top employees. However, research shows that these intangible employee benefits are often more important than salary alone:
- Job stability
- Favorable location
- Positive work culture and relationship with management
- Opportunities for internal growth
- Affordable financial benefits, including 401K and health insurance options
With this in mind, it is possible to attract top talent to your small business without breaking the bank. A small business’ culture and relationship with employees could be enough to attract talent despite the allure of big corporate salaries. However, there are many other employee benefits packages for small businesses you should consider that have less impact on the total cost of employment than competing on salary alone.
Here are some small business employee benefits options to help your company compete for employees:
401K Retirement Plans
This is one of the benefits we help employers with most often. By setting your team up with an avenue for retirement savings and investments, your employees will see that as an investment into them. Retirement plans, such as 401ks, are also a big factor in retaining leadership and other top talents.
Want to learn more about retirement plan options for your employees? Schedule a consultation today!
Tuition Reimbursement for Employees
Many employees get to where they are because of an investment in education. If you find an employee who spent a great deal on education or is looking to advance their education to climb the ladder at your company, offering tuition reimbursement is a great way to say “thank you” for their hard work.
Should Your Business Consider Four-Day Work Weeks?
Many employees value a flexible schedule and like the idea of working 4 ten-hour days instead of 5 eight hour days. Many employees will even take a lower salary if it comes with the flexibility needed for their personal life.
Offering Unlimited or Paid Vacation
Unlimited vacation sounds scary. We must admit we hesitated when we first heard companies were experimenting with this. But the fact is, there are effective methods for keeping your team active and engaged at work without putting a hard cap on the number of vacation days.
Reach out to one of our advisors to talk through how to make some of these employee benefits options work for your business!
Flextime and Work-From-Home Opportunities
Modern professionals value flexibility in the workplace. By offering flexible schedules or giving the option to work from home, you give employees the ability to schedule their day the way they choose.
Childcare and Extended Maternity/Paternity Leave
Childcare is costly for families and single parents. By offering in-house childcare and other family benefits such as extended leave for new parents, you can retain employees as they transition into new stages of life.
Annual Company Vacations, Charity Events, & Parties
Some companies opt to provide annual company retreats or celebrations. This builds camaraderie and shows your appreciation for the employee that extends past the paycheck. Charity events around the holidays can also help your employees feel more connected to their local communities and spur feelings of goodwill throughout the office.
Health and Wellness Benefits for Employees
Free food, a gym membership, or simply free coffee in the morning can give employees a sense of belonging and a home-away-from-home feeling at the office.
Finding the Best Employee Benefits for Your Business
Contact us today to learn more about building financial options that can support your small business’ employees now and in the future.