Small Business Doesn’t Mean Small Employee Benefits
It is a common misconception in today’s job market that small business means small employee benefits. However, this doesn’t need to be true.
Owning and running your own small business has its challenges, one of which is attracting top talent. In a small business, every person is vital. Workers need to be efficient, independent, collaborative, and dedicated. That means you need the best of the best. However, you are competing for those workers with big business who have big budgets for their employee benefits packages. Just because you’re a small business though, doesn’t mean you can’t offer attractive employee benefits as well.
5 Most Valued Benefits
When building your benefits packages, there are two main factors to consider – the values of your target market and your budget. In a recent study, ADP® found the five most valued benefits among small business employees included:
- Health Insurance
- Year-End Bonuses
- Paid Time Off
- Skill Building & Development
- Retirement Benefits
When deciding what to offer your employees, begin by weighing the cost of each against the value they offer to your target candidates. Younger workers may value skill building and paid-time off, while older, more experienced workers may place more value on retirement benefits and health insurance.
Company Culture and Benefits
Your company culture also plays a role in developing your benefits package. You want employees whose values coincide with those of your business. If your company values health, create a wellness program. If you value social responsibility, include volunteer time off. There are many alternative types of benefits which you can offer to your employees that reflect your company’s values and culture. A few additional examples include:
- Company retreats
- Point-based bonus programs
- Student loan repayment plans
- Company raffles
- Flexible schedule planning
In summary, your employee benefits are a key part of your employer brand. Choose a combination that ensures attracting the most qualified pool of workers. Like most aspects of success in business, the better you know your target audience, the more effectively you can serve their interests and needs while also ensuring your ROI.