Several small business effectively competes with larger corporations’ compensation and benefits by delivering a better work/life balance.
Recruiting and retaining employees is frequently at the top of the list for small business owners. Businesses of all sizes are competing for the greatest talent in today’s job market.
Why Are Bonuses Important For Small Business?
Look at the figures below to see how people perceive additional job bonuses and non-salary compensation:
- According to a GlassDoor survey, 57% of employees rank benefits and perks as their top priority when deciding on a job offer.
- 69% of employees would be more loyal to their employers if they had a more comprehensive benefits package.
- Greater work perks boost job happiness, according to 72% of employees.
You make your employees happy by providing the best employee benefits. And it changes your business for the better. Employees who are content are 20% more productive than those who are unsatisfied, and salesmen who are happy can increase sales by 37%.
Here are five incentives that smaller businesses might consider offering to attract and retain exceptional employees.
Read more: 1MDB corruption scandal: Former Goldman banker Roger Ng receives 10-year prison sentence
Health Coverage
Employees value health insurance, and it is generally difficult to hire full-time staff if you do not provide it. To provide coverage for your employees, you can use the Small Business Health Care Tax Credit, the SHOP health insurance program, or the ACA Marketplaces as a small business owner. You can also investigate innovative health reimbursement agreements, such as ICHRAs and QSEHRAs, which give your employees additional options.
Retirement
Consider providing retirement benefits to your employees if you want to differentiate your company. There are an expanding variety of programs and tax credits that encourage firms to give retirement benefits, including some enabled by state governments. Some states, including California, Illinois, Maryland, Oregon, and Colorado, have established state-facilitated retirement savings plans that offer low-cost retirement benefits to small firms.
Paid Leave
Employers are increasingly providing paid leave as a benefit. Providing paid leave allows you to broaden your pool of hiring talent, including non-traditional workers like working family carers, addressing the economic demands of your workforce while remaining competitive in recruiting and retaining skilled individuals.
Life And Disability Insurance
Although life and disability insurance are not commonly given by small business owners, they are in high demand in the labor market. If your company is prone to accidents and risks, life insurance and disability insurance benefits are very appealing to prospective employees.
Personalized Benefits
There are various other advantages you may provide to your employees based on their needs, making your company a more appealing place to work. Overtime pay, financial wellness initiatives, and business-related driving reimbursements are among the advantages available.
Read more: Meningococcal Outbreak: Illness claims the lives of 3 Virginia residents