As a business owner, you are in charge of all aspects of your business, including hiring your employees and ensuring they are properly compensated. Many people focus on hourly wage or salary as the main form of compensation, but the benefit you offer as part of the package is also an important form of compensation. While what you offer will depend on your business and the employee, there are certain benefits that every employee should have access to.
Paid Time Off
Being able to take a break from work is so important to keep employees feeling refreshed and energetic about work. Even if they love their job, it is important to allow them time to spend with their family or on things that are important to them.
Setting aside that time as paid time off allows them to take the time they need, without worrying about money. You can set this as time accrued based on hours worked, or you can give them a set number of days a year.
Health Insurance
Health insurance is one of the biggest factors people look at in their compensation package, as medical debt can easily bankrupt your employees. Providing them with good care not only protects them, but it helps your business stay profitable because your employees will be healthier.
Just make sure that they understand the different kinds of coverage you are offering, especially if it is supplemental to their main plan, such as dental or vision. One thing to be aware of with dental insurance is that treatments are only covered if they’re medically necessary. HSAs and FSAs are also attractive options.
Retirement Plans
Retirement is a lot more expensive than many people think. It takes a lifetime of work to save up for the end of your life when you aren’t working. By providing a retirement plan, you show you care about your employees and are invested in them. This is a great way to attract and retain talent, especially if your competitors don’t offer one. Depending on the plan you choose, your business may also be able to reduce taxes as part of offering these plans.
Make sure you are considering the benefits package not just from the standpoint of what is cheapest, but by also looking at what is best for your employees. The biggest asset your business has are the people that you employ, and taking care of them translates to taking care of your business.