How Employee Benefits Can Make Your Small Business Standout

Most small business owners understand the potential power of a strong employee benefits package to attract and retain top talent, but at the same time, most small businesses also struggle to get employees engaged in the benefits program.

In part, the problem could be the types of benefits offered, or it could be the way the programs are managed, or even a lack of awareness among employees of the benefits available to them. But the bottom line is that effectively competing for skilled workers is much easier with an attractive employee benefits package. And yet, to make things practical, you need cost-effective programs with high utilization rates.

Popular Employee Benefits to Consider Offering
First of all, your employees will want at least a few options, so ideally, you should offer multiple benefits and allows some of them to be opt-ins.

Here are some common benefits that are much sought-after:

• A 401k or other retirement/pension plan. Any kind of retirement program will encourage workers to stay with you long-term. Allow for several "tiers" based on how long an employee has been with you and how much they choose to contribute.
• Health insurance policies. This need not be limited to medical. Dental insurance, for example, is useful to everyone and will be much appreciated by employees.
• Life insurance. This is a relatively low-cost benefit to offer. You could include it automatically for all employees but then allow workers who have been with you for years to add beneficiaries at an additional (but discounted) cost.
• Paid Time Off. Many families will plan their vacations around these days, or your employee will be glad to still be paid when unexpectedly home sick. Allowing employees to forego using all their paid off-days and use them as "time-and-a-half days" instead would also be appreciated.

Balancing Costs With Benefits
Not all small businesses can realistically offer all of the benefits listed above, and many others not listed, but they can all offer some of them. Employee benefits clearly have to be balanced against benefit to the company, or the program won't accomplish its aim.

One way to do this is to offer small perks that makes sense, given the nature of your business. A restaurant does well to offer free or discounted meals to workers who are clocked-in. A discount card for workers at a retail store or free Wi-Fi in the break room a tech-focused company would be further examples. Many businesses can afford to offer small cash prizes, gift cards, or other rewards based on perfect monthly attendance, overall work performance, or random raffles.

Finally, you can offer many benefits as "voluntary benefits," which means that they are available but you have to opt-in and pay for them. If insurers, for example, give you a group rate discount and you simply pass those savings on to your employers, such benefits don't actually cost you anything.

Invest in Employee Benefits Consulting
There are enough ins and outs and special strategies involved in creating and implementing a customized employee benefits program to merit investing in some expert advice. Consultants can help you analyze and survey your current work staff and local "talent pool" to form the best possible benefits package for your small business to offer. They can also help you find ways to minimize costs but maximize positive impact and employee participation.

To learn more about how employee benefits are key to improving employee recruitment and retention, contact Summerlin Benefits Consulting today.