Companies that offer their employees benefits generally have higher morale around the office, reduced employee turnover, and a more positive public reputation. However, not all businesseshave the means to provide their employees with an array of perks and extras, but that doesn’t mean employers shouldn’t have an idea of where to start once their business gets some momentum going. If you’re having trouble picking out what kind of benefits you should begin to offer your dedicated workers, here are a few of the ones that have proved to be well-received.
Paid Sick Leave
You’ve seen it happen; once one employee starts sneezing, the domino effect sets in and pretty soon the whole room starts to resemble more of an infirmary than an office. If you’re going to start offering your employees some incentives, start with a paid sick leave. This will help deter employees who are feeling under the weather from coming in, and the chances of them spreading the flu or cold will be reduced; this not only helps preserve the employees’ health (and yours), but it also helps keep productivity functioning at an efficient level.
Group Life Insurance
If you’re just starting out, group life insurance is a great way to offer your employees something they want and need at a low cost to the company. Group life insurance is very attractive to employees, not only because it’s covered by their employer, but also because there are no medical exams required. Factors that typically would make the premiums of an individual policy skyrocket, such as a smoking habit or a history of bad health, aren’t taken into consideration with the insurance company. Not sure about those people who vape though. Since this whole vaporizer phenomenon has become mainstream already, it would be best to ask the agent about it and learn the difference between the benefits you get from smoking or just vaping. It’s a huge incentive that will win company loyalty from many employees, and you can benefit from it as well if you decide to insure yourself with the rest of the group.
Health insurance is one of the first benefits that employees look for when considering taking a job, and it can be one of the biggest reasons your best employees decide to stick around. If you’re tight with money, a group health insurance plan is always an excellent resource, and there are usually options where your workers can pay up to 50% of their own premiums. Similar to group life insurance, the main appeal (besides the cost) is the fact that there are no physicals, so those workers who normally would get turned down for health insurance are able to receive coverage.
Holidays are a wonderful time to be close to family and appreciate those around you, but for most individuals, it’s also a time that takes up a lot of monetary resources. Because of this, missing a few days off work can be more distressing than enjoyable, so paid holiday vacations are another appealing benefit that would win most employees’ approval.
When it comes to benefits, it doesn’t necessarily have to involve money or insurance. While those things are ideal to aim for, never underestimate the value of throwing your employees a few extras now and then. This could mean incorporating a casual Friday policy or having a monthly office cook-off; all in all, giving your employees something to look forward to can be a breath of fresh air, and it most cases, it can be enough to tide over your employees until you have the means to offer a more official employee incentive package.
It’s a good feeling to get to the point where you feel your business is doing well enough to offer your employees something to show that their hard work is valued, but don’t jump the gun; only offer benefits if you’re sure the business can handle the financial impact that those incentives will entail, and make sure to start with the most practical ones. Once your employees notice that you’re mindset is in moving in the direction of making their lives a little easier, you won’t have to worry about losing their loyalty.