A business would be nothing without a strong base of employees. Because of this, businesses of all calibers invest a great deal of money and time in recruitment, training, and employee retention. For small businesses, this mentality and goal is especially important, as there aren’t as many resources available.
One of the best ways to help motivate and retain employees is by having a competitive employee benefits package. Luckily, this isn’t a complex process, nor is it a financially lofty process either. Here are the key aspects that help to secure the best talent for your small business:
Step 1: Exploit Every Tax Break and Incentive
The government offers various employee benefit incentive programs that allow for small businesses to receive health tax credits and the Small Business Health Options (SHOP) marketplace that allows employers to contribute their Social Security and Medicare dollars for employee retirement plans, health insurance plans, and more.
Share the Costs
As an employer, you don’t have to offer a competitive benefits package and foot the entire cost of the benefits. Rather, they split the cost with their employees. And for employees, this is a win because they can get the best group health insurance plans possible without having to pay the full price. For example, many top-tier group health insurance plans cost around $500 per month. With the help of an employer, it will only cost a worker around $250 a month.
Make Benefits Voluntary
When offering benefits with shared costs, many employers give their employees the option of either opting out or enlisting in voluntary benefits — from dental care to identity theft to child care to wellness programs and more. This is beneficial to employees because it enables them to customize their very own benefits plan that will fit their individual needs and lifestyle. At the end of the day, a “one-size-fits-all” benefits plan will always make employees happier than not.
Utilizes Human Resources Software Solutions
This kind of voluntary benefits plan utilizes online HR software. This kind of software gives employees personal control and access to their benefits, allowing them to access their information on demand.
