If you’re an up-and-coming business, you’re going to want to attract the cream of the crop in your industry to keep growing your enterprise. Now that the economy is coming back, these A-list employees have more offers than ever, which means that you’re going to have to spend some money to make some money and offer competitive employment packages to attract the best help. Below are a few ways to make sure your business stays competitive in the business of personnel. While some of these things will cut into revenue, managing employee benefits intelligently and with employee satisfaction in mind is a long term investment in yourself and well worth it:
1. Offer competitive group health insurance.
Whether you go with a fully-funded employer plan where your company pays health costs of healthcare in full or a partially funded plan that allows for some administrative costs to be covered by the employee, group health plans through work are the cornerstones of any competitive employee benefits package. It’s also the biggest benefits expense you’re likely to incur, so make sure to pick a plan that gives you the most bang for your buck.
2. Life insurance is a must.
This is particularly true if your industry involves a lot of on the job risk, such as an electrician’s union or a merchant marine outfit. Typically, a life insurance policy should be what a worker earns in the span of one year. At the very least, it should cover the funeral in the event of a tragedy.
3. Have a good sick leave policy.
Nearly two thirds of employers offer a few days of sick leave for employees who work full time. Paid sick leave isn’t just about not coming in when an employee has strep throat; it’s a sign of respect and trust between employer and employed. By offering paid sick leave, you are sending the message that you trust your employee, and you are showing respect for their health and the complicated, busy lives they lead.
4. If you can, offer paid vacations.
This may seem like an insane expense for a small business, but believe it or not, 75% of small businesses already offer this perk to competitive employees. By offering a paid vacation, you are communicating a work hard play hard office culture that isn’t about spending your entire life rotting behind a desk. This is the kind of good work life balance that attracts balanced, motivated personnel.
5. Invest in online human resources software and other automated systems.
Every serious employer has some sort of ombudsperson or way to address grievances and handle the payroll. Online human resources software is a great way to automate many of these processes to save costs while also sending the message that you’re modern and savvy to change in your industry. Online human resources software is also a great record keeping tool (much better than a filing cabinet kept by a harried secretary), which will help you stay organized and accountable as your business grows.
We hope these tips have inspired you. Please comment below with any other tips for growing a small business via formidable talent.
