5 Tips For Providing Your Employees With Great Benefits
By Dixie Somers
If you want to stay competitive so that you can attract and retain employees who are motivated to help your business improve, then you might be wondering what steps will help you reach your goal. Although offering great pay is a good option, it's only the start. Anyone who wants to encourage the best employees to work for them must also offer great benefits. People are that much more likely to work for companies that treat them well, and taking steps to inspire staff members to work hard and to remain loyal is always worth the initial investment.
Paid Vacation
Some business owners decide to force their employees to work overtime consistently, which is a mistake. No matter how tempting, avoid overworking your staff if you don't want them to feel discouraged and demotivated. Spending a little time away from the stress of work is important to your team's emotional health, and offering them a week or two of paid vacation time each year will work wonders to increase their morale. When you want to enjoy the best possible results, use a time clock that automatically tracks how many hours each member of your team works and assigns vacation time accordingly.
Health Plans
If you employ more than 50 people, then the law mandates that you offer health insurance plans to your employees. If you have less than 50 workers, then you still might want to consider offering health coverage. If you don't have plans available, most of your team members will opt to work for your competition instead of you, which will increase your turnover rate. Because finding, training and replacing new employees is not always easy, offering health insurance is a cost that will pay for itself over time, and it's always essential you look at your long-term profitability when making any decision.
Retirement Plans
Nobody wants to work forever, and your potential employees will want to know if you offer any retirement plans. Not all managers and business owners know where to start when they want to offer life insurance, but using an Exchange-Traded Fund, or ETF for retirement, is a great option. Unlike mutual funds, ETFs don't require a lot of active management, so you and your employees will not have to pay as much in transaction fees. No matter which plan you choose to offer, always highlight the top benefits when you want to bring new people on board, and you will likely be surprised by the results.
Life Insurance
A benefits package is not complete without a life insurance option, so ensure that you offer one to your staff members. Having a family member die unexpectedly is always stressful, but the situation is that much worse when the surviving members of the family become unable to pay their monthly bills. When you offer life insurance, you can put the minds of your employees at ease because they will know that their families are safe. When people have less stress to manage, they can work with enhanced productivity and efficiency, and your business will generate even more revenue as a result.
Final Thoughts
Your ability to attract and retain employees who perform well will determine whether you succeed or fail, but getting people to enjoy working for you does not need to be a complicated process. Having an attractive benefits package will capture a lot of attention, and people will start applying to work at your company. Always monitor your competition to see what they are doing if you don't want to get left behind.
As employees show their loyalty over time, consider offering them increasingly attractive benefits, such as more paid time off. The right combination of benefits will do more for your business than you once thought possible.
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