A 2015 survey by glassdoor revealed that about 80% of employees prefer greater employee benefits and average salaries to higher salaries with little employee benefits. This survey can provide great comfort to small business owners. Small businesses cannot always afford to pay higher than the average wage to their workers. However, small businesses can attract talented employees that their business needs by offering unique and practical employee benefits.
So without further ado, let’s take a look at employee benefits ideas for small businesses:
Health Insurance
With various health insurance plans, many small businesses can find one that fits their budget. Health insurance is among the best employee benefits ideas for small businesses as it is the most needed and practical one.
With medical expenditure one of the most unforeseen and higher emergency expenses, candidates looking for employment prefer companies that provide health insurance.
Workers’ Compensation
Workers’ Compensation is required by small businesses in many states. It is an employee benefit that also benefits small businesses. Hence, even if the state does not require it, small businesses should ensure to sign up for Workers’ Compensation.
Workers’ Compensation is insurance exclusively for small businesses covering employees’ financial needs if they meet an accident. From medical bills to rehabilitation costs, lost income, and survivor benefits, it covers all aspects of financial issues that an injured employee may face. The peace of mind it brings, especially to skilled workers, makes it one of the best employee benefits ideas for small businesses.
Student Load Assistance
Small businesses can attract fresh grads by offering student load assistance as employee benefits. This employee benefit is a practical way to help employees feel more valued by the company. It can also lead to employee retention and increased employee motivation as it can encourage the employees to contribute to the small business’s growth.
Child Care Facilities
Once upon a time, bringing children to the workplace was frowned upon. However, with changing trends in work-life balance, many organizations are allowing employees to bring their children to work.
A part-time nanny and a room dedicated for childcare are all this employee benefit requires. With their children nearby, it can bring peace of mind to employees, resulting in increased productivity and motivation for them, directly benefiting the small business.
Free Snacks
According to the 2018 Employee Benefits report by the Society for Human Resource Management, 32% of companies provide free snacks and coffee to their employees. This growing trend is a budget-friendly way to care for employees practically.
It greatly saves employees’ expenditure on lunch and daily coffee. Moreover, it increases employee productivity by saving their time deciding and ordering food and making coffee runs. However, small businesses must provide healthy snacks for their employees to promote employee health and avoid post-meal lethargy.
Last but not least, scheduling peer recognition and employee performance meetings can also work as employee benefits ideas for small businesses. These employee benefits communicate the importance of employees to the small business and keep them motivated.
