For many small business owners, there’s a difficult balance to strike between being fiscally responsible and giving employees incentive to stay with your company. While some business owners feel that taking a very minimalistic approach will give them the most financial reward, this point of view may prove to be very short-sighted. If you have grand ideas for your small business and plan to expand in the future, you’re going to want to acquire the talent to get you there—and that talent typically won’t work for nothing.
Hard working, valuable employees understand their worth to a company and want to be compensated accordingly. While it has been shown that the amount of money someone makes isn’t the all-important factor for hiring and retaining talented employees, one of the biggest things that can attract a good employee to you and keep them on your team is the benefits offered by your company.
Here are three areas you may want to consider providing benefits to entice the best possible employees to work for your company.
Reasonable Health Insurance Options
If you’re looking for professional employees, you might be hard-pressed to find someone who would be willing to work with your company without any type of health insurance being available. While it can be difficult to find an affordable plan for a small business, merely having a reasonable health insurance option can go a long way toward convincing a great employee to work with you. The security of knowing they can talk with a doctor if need be creates a sense of trust and appreciation between the employer and the employee, something many modern workers crave.
When looking for the right health insurance plan for your small business, FindLaw.com recommends for business owners to evaluate their options based on cost, coverage, reimbursement and restrictions. By finding a plan that you’re comfortable with offering to your employees, you can feel confident that valuable employees will be more attracted to your company.
Options for Continuing Education
Giving your employees the chance to continue their education not only make them feel valued, but Savannah Flynn of YFSMagazine.com also shares that it helps you have a more valuable workforce. By providing options for additional certifications, workshops or other forms of continuing education, your employees will get better at their jobs and have more to offer you as their employer. They also won’t feel like they need to find a new job at a different company in order to learn more and grow within their field, helping you to retain the most talent employees you can.
Flexible Paid Time Off
While you want to hire workers who enjoy working with and for your company, everyone needs to take a break every now and then. For this reason, being an employer that offers flexible paid time off will, according to Marisa Warford of Workforce.com, reduce unscheduled employee absences and their cost while helping to make your company more appealing to quality workers. Your employees will return to work feeling refreshed and ready to tackle their next task or challenge, creating a more productive and happy staff—all things that talented employees look for in a company.
Providing the above three benefits to your employees will not only encourage good workers to sign on with you, but they will also be beneficial in retaining quality workers who will help to grow your business beyond what you could accomplish alone. Consider working these employee benefits into your budget and company culture to see their many advantages taking place within your own business.