How to evaluate small business benefits to offer
Generous and unique employee benefits can go a long way toward attracting loyal talent.
Leading your own small business means attracting and retaining talent. And deciding what types of employee benefits to offer your workforce as part of a compensation package can go a long way toward ensuring success. Whether you're providing generous sick leave or promoting well-being on the job, there are plenty of small business benefits that can make your company a great place to work. Here's what to keep in mind when evaluating how to offer benefits to employees.
When you are determining how to implement small business employee benefit packages for your staff, 401k considerations are an appealing place to start. Making it easier for your staff to save for retirement promotes financial security — and may even provide tax incentives for your small business. Consider offering 401k matching as an added perk, which means the company contributes a set amount toward an employee's retirement savings based on the employee's contribution.
Empowering your workers to designate volunteer time away from their desk can do double duty and help them improve lives while appreciating their own work environment. Designate a certain number of paid volunteer hours — say 30 per year — for employees to help local nonprofits and make a difference in their community.
Paid time-off policy
Paid time-off (PTO) policies can be a critical part of a generous compensation package. Consider offering a flexible PTO policy to cover vacation, sick leave or anything in between that can help employees deal with unexpected challenges. Giving your workers the freedom to use their PTO as they see fit can go a long way toward helping them feel valued on the job.
Health savings accounts
Offering a health savings account (HSA) option — along with a comprehensive group health insurance plan — is simple and allows employees to get the medical care they need while helping them save money on insurance premiums. As a small business, you'll need to set up the plan with a health benefits provider that allows employees to contribute pre-tax dollars to the HSA.
With so many hours on the job, employees want to feel that a company truly cares about their well-being. Gym membership reimbursement, implementing a "no-meetings"day each week and offering standing desks are easy tweaks that create a respectful and uplifting work environment.
Flexible work setups
As you continue to consider how to offer benefits as a small business, remember not every incentive has to be financial. Even if you're not enabling your staff to go 100% remote, many workers are craving a hybrid workweek so they can spend some time working from home. Consider offering flexible working policies — even if you're promoting just one day out of the office — to help retain talent.