It’s a fairly common practice for small employers to offset their inability to pay employees a large salary with generous benefits. It’s not always clear, however, what kinds of benefits employees want. Surveys of your existing employees are a good place to start, but you can also consider these common ones.
Comprehensive Health Insurance
Most people receive their health insurance through an employer and therefore rely on this benefit to take care of their health. Some employees simply cannot take a job that does not offer health insurance, so this can be a deal-breaker. Employers benefit by providing health insurance as well because employees who stay healthy take less sick days, feel better at work and stay mentally sharp. All of this saves the company money and lost productivity.
Investing is one of the most effective methods for earning money over time. For this reason, employees often consider stocks from their employer as a desirable benefit. This can be tricky, however, as stocks from a small startup are not guaranteed to be worth anything. Many companies are privately-held and therefore have no stocks at all. However, stocks have a unique selling point because employees will own a part of the company, likely making them feel more personally connected to it and its success.
Public Transportation Compensation
Many employees take public transportation to work. Companies can then compensate employees for these travel costs as a form of benefit. Taking public transportation is better for the environment and cheaper for many employees than owning a car. This benefit will not work in areas without public transportation, however, leaving it only an option for companies located in cities or large enough towns to support a public transportation system.
Finally, companies can offer employees benefits that are specific to that company. For example, a veterinary clinic can offer free pet exams to their employees, discounts on medication and more. Tech companies can offer e-currency as a benefit and can consult with STO attorneys to make that happen. Specialized benefits can be highly attractive to employees who have chosen their employer because they like and heavily use a certain type of product or service.
Small businesses can attract quality employees even if they cannot afford to pay salaries as large as their competitors. Providing desired benefits is one of the best ways to do this. Consider offering these benefits, and others, to supplement your employees’ income and give them a reason to work for you.