If you own a small business, then you know that it is vital to hire and retain the best employees. While some may argue that employee perks are too expensive to be paid by small businesses, the opposite is actually true. Here are three perks your small business should offer all employees.
Paid Time Off
Employees value a great life-work balance. One way that you can assure this is to offer paid time off. That way, if they are sick, they can stay home and still cover their budget and not infect other employees. Encourage your employees to take advantage of this time by making sure that they do not feel obligated to work when they are gone in order to get a raise or to stay employed. Other employers are also able to arrange for an employee to work from home while they take care of a sick family member. According to Care@Work, “While progress has been made by many companies, the work-life conflict remains a major issue for both employees and employers around the world. The overall health, wellbeing and productivity of our workforce continues to be impacted by this struggle. As the conversation continues, flexibility reigns supreme, emerging as one of the best ways employers can help their employees better manage conflicting demands.” Providing employees with this kind of flexibility can give them peace of mind and earn you their loyalty.
Offering an employee wellness program doesn’t need to be expensive. According to Wellable, “the notion still exists that you need to be a big company with deep pockets to have a successful program. This is simply not true. Small companies can deliver a quality wellness program on a tight budget because good employee wellness programs are ones filled with genuine care and the desire to help.” Think about ideas where everyone can play an active role. Even bringing in a scale allowing you to host a weight-loss contest can be loads of fun.
Employee Profit-Sharing Plans
Another perk that you may want to consider is employee profit-sharing plans. These plans can be structured in many different ways, and they may have tax advantages for both the company owner and the employee. Local Wise explains, “often times, the plans are tied to helping the company return a profit on its investment. You can even set performance bonuses, so employees must work hard to receive part of the shares. This also creates more employee loyalty.” Letting them own a small piece of the action is very encouraging to many people.
While there are many employee perks that you can give as a small business, using these three will allow you to attract and keep the best talent. They are also more apt to bring their best efforts to work. Then, your customers will be taken better care of, and your company will thrive.
If you find yourself struggling to manage your business’s expenses, benefits, and other business finance situation, then keep Moxie in mind! We assist with bookkeeping and other service through a mentoring and consulting capacity to help you be better able to help your employees and your customers.