If you are an employee looking for a new job, there are some features of a new position that’s more attractive than other offers. It can be a great work culture, or a higher salary, but a study shows that 4 out of 5 employees would rather get benefits than a better salary option.
Subsequently, these benefits can be any form of compensation paid to employees like health insurance, retirement benefits, paid leave, trips, etc. This bonus is very effective in increasing the productivity of your employees.
Whether the employee benefit is legally mandatory or not, it plays an essential part in the long-term success of your business. If you are a small business owner who can’t afford to offer a higher range of salaries, employee benefits will compensate for it and make the employees want to stick around and become a part, and the basis, of your success.
Why are benefits important?
Employees select the job firstly because of the salary package, then the employee benefits. If the employee benefits are something they need, they would even accept lower salaries too.
In this scenario, both the employee and the employer benefit as the employee gets bonuses and the employer saves more money on the base salary. It also makes the hiring process so much easier, as there are many relative and competitive businesses waiting to hire employees, and it gives you an edge when you are giving better employee benefits than your competitors.
Employees for any small business are worth a lot. And it would be best for any small business to make their employee stay with them for longer-term as hiring and replacing an old employee is even more stressful, time-consuming, and of course, can be heavy on the owner’s pocket. Better employee benefits make them stay longer. Therefore, more employee benefit is equal to retention.
Types of employee benefits
Offering powerful and favourable benefits to employees goes a long way – attracting them in the hiring process and retaining them for their performance. Some popular employee benefits you can offer your employees as a small business owner are listed below.
- Health insurance
- Disability insurance
- Medical and family leave
- Flexible and remote working options
- Life insurance
- Retirement benefits or accounts
- Financial planning resources
- Professional development
- Fitness or healthy lifestyle incentives
- Home office improvement incentives for remote workers
Although not generally offered by many companies, retirement plan options, paid time off, and life insurances are some employee benefits that could give you an edge over your competitors if you had these employee benefits included in your benefits and bonuses list.
Furthermore, there are many talented employees in the market but there are equally or more people in the same market looking for those talented employees. And even if they are working for you, another small company offering better employee benefits can catch their eye.
Therefore, you need to stay on the top of your game. Giving out robust employee benefits would not harm you in any way, but always help you if you look at the bigger picture.
