A strong benefits package is one of your greatest tools when it comes to attracting the best talent to your business. Useful, high-value benefits are especially effective for finding ways to boost the overall value of your compensation package, making you better able to compete with larger companies that may be able to offer a higher salary rate. That said, many business owners are unsure which benefits will be the most attractive to potential - and current - employees.
That’s why Social Media Club St. Louis is presenting this guide. The following article lists some of the most useful and enticing benefits a company can offer. Consider these options if you’re looking to go above and beyond for the employees who make your business great:
Paying for Education
Many employers make the mistake of assuming their workers have already finished their educational journeys. Although many people do leave school behind them once they’ve entered a steady career, others will want to continue to expand their knowledge base and boost their skills within that career. These are the exact employees most likely to make a difference in your company, which is why paying for continued education is mutually beneficial.
You can offer to pay for higher education classes in full or in part in order to help your employees grow. Many businesses limit this benefit to the degrees and topics that will be most useful for their work. For example, you may feel more comfortable helping an employee earn an accounting degree, which will empower them to help you manage financial statements and growth than, say, an art history degree (unless, of course, your work is in art history). Point them toward online options, which are more likely to fit into their existing work schedules.
Saving for Retirement
One of the most attractive benefits you can offer is a great retirement plan, ideally with a match. Giving your employees the chance to secure a strong and stable future helps to foster employee loyalty. It shows that you’re thinking about your employees as people with lives beyond your business, rather than cogs in a machine.
You should also work to help your employees see the benefits of a tax-free retirement plan. Although these plans often cost more upfront, you wind up paying less overall than you would with a tax-deferred plan. Give employees the tools to figure out which approach is best for their situation, as well as opportunities to diversify their accounts to get the best cost-benefit balance.
Flexible Remote Working Options
Finally, an extremely attractive benefit for many right now is flexibility in remote work. Although some businesses genuinely cannot function without meeting in person, many can make a partially - or even fully - remote team work. Allowing your employees to decide for themselves whether they want to work in person or in the comfort of their own homes can make your business far more competitive when it comes to seeking talent.
For a long time, business owners worried that productivity would plummet when employees worked from home. Since the start of the pandemic, however, we’ve learned that the reality is more complicated than we’d previously thought. Although some people do struggle with staying productive in a remote environment, others are at their best when working from home. Offering both options empowers your employees to choose the method that’s best for their life, work style, and the project at hand.
These are just a few ideas for benefits you can offer to keep your employees happy and well-compensated. If you’re interested in figuring out exactly what your workers are looking for, an employee survey is a great starting point. Asking directly helps you to identify the best options for your staff so you can meet their needs and create a benefits package that works!