When discussing employee benefit packages for small businesses, many people think just of retirement and insurance. There are other special perks that you can offer that might give your small business the edge over some of the larger corporations.
Retirement Plans
You may not be able to compete with larger companies as far as how much of a company match you can make, but there are retirement plans available for small businesses.
You should match funds contributed by employees although you don’t have to match 100%. Talk to a broker in your area to learn what options are available for your small business.
Health Insurance
Offering health insurance to employees is important.
While you might not be able to afford to offer the top of the line policies provided by large corporations, something is better than nothing. That is not to say that you should go for the cheapest plan you can find.
Health insurance is too important, so you should offer the best plan that you can afford. Talk to your employees about what type of coverage they would like.
Some employees will be willing to take on more of the cost if it means better coverage. Get their feedback and then choose the plan or plans that are best for your company and your employees.
Vacation Time
Don’t skimp on vacation. In fact, be very generous in this area. You already have to budget for your employees’ salaries.
If you can attract better talent by offering an extra week of vacation, then why not do it?
This is something that larger companies may be unable or unwilling to do – so it is an area in which your small business can get a leg up.
Flex Schedules and Telecommuting
Certain employees would do the same job for less money if it meant they could have a flexible schedule or work from home a few days a week.
These schedules are great for parents and for workers who are trying to continue their education.
Obviously, flex schedules and telecommuting is not going to be feasible for every employee, but if you can offer this option without it hurting your business it is a great way to get the attention of some potential employees.
On Site Day Care
This is huge. Many parents worry constantly about the care their children are receiving in day care.
For a parent to be able to stop in and check on their child during the day would provide a peace of mind that would be tough to put a price on.
You could have a set fee for the parents for use of the day care, so your small business would not have to bear the entire cost of this benefit.
There is no doubt that there is some cost involved in offering a comprehensive benefits package, but some of the best benefits come at very little cost.
Develop an employee benefit package for your small business that is appealing to a wide range of potential employees, and watch the talent start to knock on your door.
