The last year has hit the U.S. economy hard and many people find themselves either out of work, working a low-paying job, or swimming in expenses. Ironically, businesses are finding it difficult to hire or hold on to employees. What are some of the ways you can keep your employees happy and taken care of at your small business?
Consider emphasizing employee benefits that improve their financial security. Then think about adding some substantial, low-cost lifestyle benefits to your package. Here are some ideas.
- Emergency fund tools – Provide a payroll service that allows free access to funds between paychecks.
- QSEHRA’s – Help small business employees with healthcare.
- Worker’s comp – While required by most states, it still helps in case of an accident.
- 401(k) Plans – A matching program would be a great way to help your employees save for retirement.
- Student loan assistance – Helps keep your younger employees with you and doesn’t have to cost much
Financial employee benefits don’t have to be the only option; there are other ways to show your appreciation and willingness to be a great employer. Offer flexible work options, with the ability to telecommute or be partially remote. Helping with family, like childcare or parental leave packages gives your employees better work/life balance.
You can be creative when coming up with employee benefits. Balancing your business needs and the needs of your employees will make a great business.