For many business owners, hiring the right employees has been their key to success. Today’s employees can expect high salaries, unique benefits ideas, and enticing packages to keep them happy. Part of this is due to costs associated with the recruitment process. Businesses have learned that retaining employees is far more economical. In addition, adapting your employee benefits to suit the individual business’ goals can ensure productivity. It’s no longer about just attracting the top talent in your industry. It’s about retaining that talent and keeping them loyal to you at the same time.
Employee retention compared to the cost of hiring and training new employees is undeniable. One of the biggest ways that you can set yourself apart from your competitors is to analyze the benefits that you offer your staff. Some companies like to stay pretty consistent with cash bonuses, health insurance benefits and an offer to working from home occasionally. Others are more creative in their approach. For example, a business may offer the services of a company like BRMMLaw.com to set up financial and estate planning for their future. This is the type of benefit that most people don’t think about. Key benefits like dental packages and vacation entitlement are good for a business to offer, but it’s often the unique benefits ideas that take the interest of those looking for a new adventure.
Telemedicine
Everyone can access the internet in some way these days. If you can offer a telemedicine plan, you can get your staff in touch with the best doctors quickly. Not only is this an innovative benefit that you can offer your employees, it’s a good way to show them that you care about their health and wellbeing.
Pet Insurance
Did you know that some employers offer pet insurance to their employees? Owning a pet isn’t cheap, and while these aren’t children, some people are very invested in their care. Offering pet insurance to employees is a great way to alleviate their costs. You’ll be helping your employees to stay stress-free when it comes to their pets and you can relieve some of the worries of the costs of an emergency procedure.
Legal Planning
Everyone knows that hiring an attorney is expensive. Whether you’re buying a house, going through a divorce, or choosing to adopt, legal advice will eventually become necessary. The costs of an attorney can be covered by you as part of your benefits package. A legal plan can offer your employees financial help and support in a time of need.
Buying Vacation Time
Some employees thrive on a cash bonus scheme, whereas others much prefer to have time off in excess. Extra days to use for family time, vacations and time for themselves are sometimes more valuable than money. Health and wealth are important, and the lifestyle of your employees is also important. If you offer them the chance to swap a bonus for an extra day off work instead, you are going to gain real loyalty from your people. You could also offer them the chance to sell back their leftover vacation days before the year end is up just in case they don’t get a chance to use them.
Upgraded Tech
Most companies are able to give their staff decent equipment to work on. As the employer, you can choose to give your staff the benefit of upgraded technology to replace their bonus structure. Choosing the type of technology can be tailored to their likes and dislikes more than their job role. For example, IT teams may love upgraded tablets while the marketing guys may prefer the new virtual reality gaming sets. It’s a bit of an expense, but it’s one that’s worth it if you’re offering something fun!
Looking after your employees starts with the benefits that you can offer, and it doesn’t end there. You need to ask them directly what works for them. Some people have zero interest in earning extra cash and would like to earn extra time off or the chance to work from home, instead. If you can tailor your benefits package, you’re going to be looked at to be the best employer in the industry.
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