Regardless of the size of the business, business owners need to understand that benefits can make the most significant difference in their employee recruitment. For smaller companies that aren’t able to compete with the salaries offered by larger companies, benefits can give them the edge they need to find qualified applicants.
Offering great benefits will instill loyalty because your employees will believe you are there for them, and you care about them as much as you expect them to care about the company. You will have less turnover and higher production, which will increase your overall profits. The less stressed employees are, the better able they are to focus at work and get things done more efficiently.
Here are five benefits every business owner should consider offering their employees.
1. Paid Vacation Time
Many people work so hard that they sacrifice self-care. Ignoring self-care is encouraged and intensified when individuals have no opportunity to take time for themselves because they cannot afford to miss work. Although at first glance, providing paid vacation time may seem like nothing more than an extra expense, it is essential to realize that employees are more productive when they are healthy. Giving your employees time to get away from work and relax will increase loyalty and make them more productive overall.
2. Paid Maternity Leave
Many new mothers either decide to not return to work because they are not ready to leave their new little one, or they are forced to go back for financial reasons but are unproductive and unhappy. Providing new mothers with adequate time off after having a baby will give them the adjustment time they need. It will also increase loyalty and allow you to recruit high-quality employees. The more you provide for your employees, the more productive they will be out of a commitment to the company. You may also consider offering paternity leave to provide work-life balance and to be seen as a family-friendly employer.
3. Health Insurance
Being uninsured can create a significant level of stress for your employees. It will cause them to come to work sick, and it will decrease the overall morale. Even if you aren’t able to offer the best insurance on the market, providing any level of health insurance that your employees can afford will benefit them and increase loyalty. It will show your employees that you are trying to provide for them in return for what they provide for you. You can get online health insurance quotes and information based on the size of your company and location. Healthinsurance.com can show you precisely what you can afford as a business.
4. Professional Development Materials
When working in a business that relies on networking, sales, and lead generation, it is essential to provide your employees with the supplies and resources they need to succeed. These supplies may include business cards, brochures, custom folders, and promotional and marketing materials. Often, people in these positions are expected to buy their own supplies and told to look at it as an investment. However, for someone just starting, this can be financially stressful, causing them to cut corners and negatively impact their ability to succeed.
5. Opportunities for Advancement
Employees want to be recognized for their hard work and dedication to the company’s mission. This recognition should be in the form of raises, promotions, and awards. Even smaller recognition like naming an employee of the month can mean a lot. While some people are content with entry-level positions, it is vital to recognize the people who aren’t and give them opportunities to advance within the company. Not offering advancement opportunities means you will eventually lose those dedicated and hard-working employees to companies that do deliver what they want.