In terms of hiring in a small business, it’s challenging to find the cream of the crop. It can be even more difficult to retain top talent in any industry. The good news, however, is that if you offer your employees desirable benefits to work for you, it’s much easier to maintain a talented staff over time. Let’s explore 8 of the top benefits you may wish to offer your employees for their hard work.
1. Free Food
Who doesn’t like to eat? Consider offering free snacks and beverages to your employees. You could also have lunch brought in on occasion – or even make it a weekly event if you’re feeling generous. Of course, you could always do this for employees who go above and beyond, but don’t make everyone else in the office jealous, either. Some small and free meals can have a big positive effect on the morale of your office environment.
2. A Flexible Schedule
Flexibility is a big perk in the self-employment community as many employees leave the traditional workforce to find more freedom. But if you can offer some flexibility to your employees, they’ll eat up this benefit right away.
A flexible schedule can come in various forms. You may allow your workers to work remotely – from home, at the beach, or at the pool – one day a week. Perhaps you let employees choose their hours at times, as long as they get in their 40 hours per week. Not being tied down too much is highly desirable for anyone with a hectic work schedule.
Perhaps your sales manager goes above and beyond by breaking all sales records within a month or quarter. Consider giving this high-achieving individual a nice bonus check of $500. While there are lots of potential benefits you can offer, giving out more money to those who deserve it for their efforts is often the most appreciated – and desired – form of reward.
Other options are to offer a signing bonus to recruit a new employee who has lots of potential or a referral bonus to encourage your employees to refer their talented friends to your small business. It’s amazing how far a few hundred dollars can go.
4. Pay Raises
If you have an employee who outshines the rest in his or her work, consider offering a raise to this hardworking individual. You may increase an hourly rate by a few dollars, or you may choose to bump up a salary by a certain percentage.
The key with raises is that you should not give them too often. Be selective with whom you reward with a bump in pay. Also, in some cases, you may choose to conduct annual reviews of your employees’ performance, and then you can dole out raises each year to those who are deserving of them. This is an effective way to retain top talent in your business over the long haul.
5. Health Insurance
Health insurance is often the biggest monthly expense for many individuals. So, if you’re able to foot the bill and provide health insurance to your employees, it will be an extremely significant benefit to hire and retain the best of the best.
Along with traditional medical insurance, you may choose to also offer vision insurance, dental insurance, or life insurance policies.
6. Paid Time Off
We all need a break from work at times. If you can offer paid time off, sick leave, and other similar benefits to your team members, they will greatly appreciate getting paid for the time they spend out of the office. Of course, this paid time off should be reasonable. Two weeks of paid vacation is a fairly standard option to offer employees.
7. A Casual Dress Code
In some jobs, it’s an absolute must to dress to impress each and every day. However, most companies can generally offer some flexibility with this.
You may wish to allow your employees to dress casually every Friday. Or, your work environment might lend itself to letting employees wear what they want every day. The point is that for many individuals, being comfortable in non-dressy clothes can help them focus on their tasks.
8. Retirement Plans
A final perk to consider is offering a retirement plan to your employees. Depending on your location in the world, this may include a 401(k) or another type of pension plan. Just be sure that you are fully aware of the various rules and regulations involved in offering retirement plans – and that your business properly contributes to these plans as necessary.
Learn more about running a small business and handling business tax and finance matters from 1-800Accountant.