Benefits are an important part of what attracts employees to a company. A recent study by the Society for Human Resource Management (SHRM), the largest HR professional society, found that the number one reason employees leave a company is due to lack of benefits.
The study found that benefits are increasingly valued by employees, with many going as far as choosing a new job based on the benefits offered. The SHRM also found that the two most popular benefits are health insurance and retirement plans. This can seem a little impossible for startups and small organisations but the below-mentioned pointers are a few things that they can do instead.
You may think that “doing more for less” is the logical way to manage your startup or small business, but it could end up costing you in the long run. It may seem like there’s no time to talk about employee benefits, but the truth is, your employees need more than a paycheck.
Hiring the right person for the right position can make all the difference between your company being a startup success or a dismal failure. One of the most important parts of that process is making sure you have an employment contract in place before you hire your new employee. An employment contract is a legal agreement that protects you and your company from potential employee disputes down the road. So naturally, this has to be done after seeking employment contract advice. For this, startups can either get help from connections or outsource the activity to save money. The only thing is to keep it a little flexible and accommodative that an employee does not get scared before even signing it.
Building a Family Relationship
Many small business owners pay for their employees’ benefits on their own. They choose to do this to ensure that their employees are taken care of and that they can save money. Others do it to keep their employees happy and make sure they stay. Either way, this can be a great thing to do, but it does not always go smoothly. Things can get complicated very quickly; you have to make sure your employees’ medical bills are paid, that they are getting the right amount of vacation or sick time, and similar issues. It gets tough, but believe me, it is worth it. A loyal employee is the best investment.
Providing health insurance allows you as a company to attract better employees and give you a competitive edge. Health insurance can vary greatly in price and coverage. One way to lower your costs is to find a trusted broker that specializes in your business’s industry to help your small business find the insurance plan that best fits your needs and budget.
Most small businesses offer group health insurance to their employees. You may want to consider talking to a human resources expert first. A lot of business owners don’t realize how expensive insurance can be. If you don’t understand health insurance, you could be paying a lot more than you have to.