When you’re a small business owner and have a team of people on-board (or will have a team of people on-board), then you need to think about more than just their jobs and the day-to-day running of the business. When you have employees, you need to think about their overall health and well-being, as well as creating a safe environment for them to work in. You should also think about the benefits and perks that you can offer them. Though they get paid for coming to work, they’re much more likely to stick with you if they know that they have some great perks of the job. It can be what tips the scale and helps them to apply to work for you, or say yes to your job over another.
Employee benefits are the things that they will get above their wage, and what you choose to give your team can vary from business to business. You can choose to not give any at all, but from a business point of view, that could be a mistake. It is something that helps the overall package for working for you, and does show how invested you are in your team.
There are some perks that are mandatory, such as compassionate leave, sickness leave, and a minimum wage, for example. Places like the UK even have a mandatory company pension that you have to sign up to if you have employees, where you match what they pay into the scheme. While this isn’t going to be quite like the level of a gold backed IRA, it can still be a factor in whether an employee wants to stay working with you or not. But to start with, it is a good idea to check what the legal requirements are for you and your business. But after that, the rest is up to you. Here are some other employee benefits that you could think about offering:
While this is a requirement for larger companies, it isn’t for smaller businesses. However, it could be a benefit that you decide to give your employees because you want a healthy team and feel a social responsibility to them. The same could go for dental insurance or help with eye care and vision.
While it is mandatory to give employees time off for things like sickness, maternity, or bereavement, not all companies will pay for their employees to be off during these times. So it is up to you as a business to decide what you will cover and what you won’t, but it is a decision that you do need to make.
You could also decide if you want to give your employees other perks, such as a free or discounted gym membership at a local gym, or the day off on their birthday, for instance. You could provide lunch for them or always have breakfast food in the office for them to have. There are no limits to what you can offer, just your decision and choices.