More important than ever for your employees.
Getting a small business off the ground is difficult. Employers may overlook the advantages of offering employee benefits. Not offering benefits could be hindering, rather than helping your growth.
Offering decent employee benefits attracts talented staff and will keep the staff you have. It also helps to create a perception of a strong, caring, and invested employer.
As many as 69% of employees say they are more likely to stay with an employer that offers a good benefits package. And 68% said they were more likely to accept a job from an employer offering a good benefits package.
What is an employee benefits package?
An employee benefits package is a collection of non-wage compensation that supplement an employee’s salary. It is up to an employer to decide what they offer in a benefits package. It can vary based on the needs of their job. Some benefits are taxable so you should talk with your accountant to find out what applies in your case.
Examples of health and well-being benefits that you could offer employees include:
Private medical insurance
Flexible Working Hours
No one wants to think about this benefit, but it’s valuable if you ever need it. Google gives the surviving spouse 50% of his or her salary for the following 10 years after his or her death.
Paid time off for volunteering
When you do good, Salesforce rewards you. The company offers its employees six paid days off each year to do volunteer work. Plus, the company gives its employees $1,000 each year to donate to the cause of their choice.
Examples of financial benefits that you could offer employees include:
Employees at Airbnb can check out the properties they post with a $2,000 stipend so that they can travel and stay in the Airbnb listing of their choice each year.
In the U.S., companies aren’t required to offer paid leave for new mothers. But American Express offers them five months off at their full pay.
There’s no reason to pay for lunch if you work at In-n-Out Burger. Its employees can enjoy a free burger, fries, and unlimited drinks during a shift.
Student-loan debt reimbursement
People with student loan debt know those bills can be crushing. But for PwC employees, the load is a little lighter. PWC’s Student Loan Paydown (SLP) will pay $1,200 a year towards an associate’s or senior associate’s loans.
Helping you make the most of your finances to secure your future.