Running a successful business, keeping employees happy and attracting new talent can be difficult. For a busy business owner, a big part of your value proposition are the individuals that work at your company.
Employee Benefits are non-cash compensation paid to an employee.
Why employee benefits make smart business sense:
- Save money and time
- Increase the wellness and productivity of your employees
- Be competitive and attract new employees and key talent
- Provide a solid framework for the future
- Form a part of your business’ value proposition
- Increase employee engagement
There are a number of employee benefits and perks that can be valued more than pay raises:
- Health Benefits (ex. medical, dental, life disability insurance)
- Retirement/Pension Plan
- Vacation/Paid Time Off
- Performance Bonus
- Paid Sick Days
- Flexible Schedule (ex. work from home)
- Office Perks (ex. Casual dress, free lunch)
- Employee Development Programs (ex. Professional development, on-the-job training)
- Tuition Reimbursement
- Employee Discounts
- Gym Membership or Wellness Program
- Stock, Stock Options and/or Equity
- Paid Parental Leave (ex. Maternity leave, adoption assistance)
- Child care Assistance (ex. On-site Childcare, Financial Assistance)
- Commuter Assistance (ex. Company shuttle, commuter checks)
- Diversity Program
Next to salary, health benefits coverage is the most important tool in attracting and retaining key staff. 59% of employees would rather keep benefits coverage than receive a $10,000 raise. (2011 Sanofi-Aventis Healthcare survey)
How to get started?
- Establish and define the advisor-client relationship.
- Gather information about current your employer-employee situation and establish goals.
- Analyze and evaluate current employer-employee status.
- Your advisor will develop and present strategies and solutions to achieve goals.
- Your advisor will implement recommendations.
- Your advisor will monitor and review recommendations. Adjust if necessary.
- Talk to us about helping put together an employees benefit package that makes smart business sense.