Are you thinking of starting your own business? Well, as an employer, there are compensation packages apart from the salary that you need to offer your employees in order to retain them. Typically, some of these employee benefits include things like medical insurance covers, retirement plans and paid time off. However, for you to be an exceptionally good employer, you need to offer your employees more than just the normal benefits.
This can be a unique tool that will enable you to retain a talented team to work and increase productivity in your business.
1. Comprehensive health insurance.
As an employer, you need to offer your employees a comprehensive medical cover. In order for you to attract and retain talent in your company, you can offer your employees a variety of covers including but not limited to general medical covers, dental and vision covers too. Depending on your budget, you may also choose to offer a medical cover for your employee’s dependents.
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2. A retirement plan and good wealth management plans
A good retirement savings plan is also a good benefit package that you can offer your employees. A typical example in this scenario is the 401k and also afhwm.co.uk This will give your employees peace of mind knowing that they have funds that can boost their livelihood even after their years of work have been depleted.
3. Additional insurance
Offering your employees additional insurance will also distinguish you from other employers. Insurance like life and disability are a great way of motivating employees to work for you. In the event anything happens to them, they know that their dependents are well covered.
4. Paid time off
Do not be one of those stingy employers who will deduct salary in case an employee fails to report to work for whatever reason. It is good to give your employees paid vacation and sick offs. When they work overtime you also need to compensate them for these extra hours they work.
5. Commuter benefits allowances
If you are based in a major city, you might want to consider giving your employee commuter benefit allowances. This might be useful if some of your employees don’t own their own cars. For those driving, a small allowance for fuel can come in handy.
6. Flexible remote work options
There are employers that allow their employees to work from home. This can help them save on commuter costs and get a better work-life balance as well. However, you need to have policies in place so that you simply don’t cultivate a culture of laziness in your office.
In a nutshell, according to research, most employers come up with innovative benefit packages to attract and retain talent. This is actually the topmost objective. Other objectives included promoting employees’ well-being, health and enhancing their engagement at work. As a good employer, you can have forums where you sit down with your employees and discuss what they want. You might actually get ideas that will help you improve the well-being of your staff and hence lead to enhanced productivity.