Creative Small Business Benefits
Health and retirement plans are the most sought-after benefits for employees. There are other benefits that can be offered as well. They too will serve to attract and retain employees while building company culture and loyalty. Think about additional perks your team will care about and select from there. The list is endless. Some possibilities are below.
Financial challenges cause significant stress to workers across the pay range. Not having an emergency fund is the biggest source of that stress. Select a payroll service that provides free access to funds between paychecks. This can help employees avoid late charges and overdraft fees saving them money and helping to build their financial resilience.
Out of pocket healthcare costs have risen substantially in recent years. Health savings accounts (HSAs) and flexible savings accounts (FSAs) are effective and tax-free ways to cover these expenses. HSAs are organized by employees and FSAs are organized by employers. The company doesn't pay payroll taxes on employee contributions to an FSA which can save the business money as well.
Identity theft protection is a valuable perk to both the employer and employee. Security breaches are a constant threat. Identity theft typically takes 16 hours per incident to rectify, affecting employee productivity.
Helping employees pay off student loans is a wonderful way to attract and retain young employees. A modest amount of help can substantially shorten the length of the loan. This is a big benefit to the very large number of graduates carrying student loans.
Flexible work schedules and locations help employees achieve a heathy work-life balance. It reduces stress which helps to minimize employee burnout which is a large contributor to employee turnover. If this flexibility works in your industry, introduce it gradually and support it with effective communication tools.
Consider perks that will help various family members, this will help the employee as well. Possibilities include sending meals to new parents, helping with child care, and referrals for eldercare options.
People like to volunteer, and it is important to our communities to support that effort. Provide scheduled paid time off when employees can volunteer. These may be with organizations of the employees' choosing or organizations that the company is invested in supporting. Match employees' charitable contributions.
Respond to the season. Have seasonal events. Encourage seasonal sports teams among the employees. During the summer, shut down on Fridays a few hours early to offer a jumpstart on the weekend.
Offer wellness programs. It's a wonderful benefit to associate with work. Additionally, wellness programs can reduce health care costs and increase productivity. Wellness programs can range from discounts at local gyms to fitness challenges, in-office exercise classes, walking groups, and more.
Provide for continuing education. This can benefit you and your employees. Institute a mentoring program among your employees. Offer a tuition reimbursement program (it's tax deductible. Hold a lunch-time lecture series. Sponsor memberships to professional organizations and online training courses.
Get company discounts. Ask local businesses for team discounts. Approach insurance companies, daycares, salons, parking lots, etc. Periodically surprise your employees with free tickets to sporting events or other entertainment.
Food can go a long way. It's good for morale and productivity to offer free and healthy snacks. Celebrate your employee's birthdays with birthday treats.
The choice of benefits and perks is huge. Many employees prefer greater benefits over a pay increase. Think about giving special attention to benefits that help your employees' financial health and then adding to that significant, low-cost lifestyle perks. Your employees will greatly appreciate it and you will be rewarded in talent, productivity, and loyalty.
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Shoffner & Associates
Counselors to Small Business and Families.
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