Highlights
- Small businesses need to offer attractive employee benefits to compete for top talent in the job market.
- Offering a variety of health, financial, and work-life balance benefits can boost employee satisfaction and retention.
- Tandem HR, a national PEO, offers affordable and comprehensive employee benefits solutions for small businesses. Schedule a call today to enhance your benefits package.
Finding it challenging to compete for top talent in the job market? It might be the perfect time to enhance your small business employee benefits package!
Attractive benefits can put your company on the map for candidates seeking opportunities for long-term growth, while cultivating a happy and motivated workforce. And no, you don’t have to be a large corporation to provide competitive benefits — with the right partner, you can access affordable options that make a real difference. Let’s explore the most valuable employee benefits you should consider for your small business.
Let’s dive in!
Health and Wellness Benefits
Beyond the paycheck, employees value their health and well-being. Providing comprehensive health insurance plans and wellness benefits can go a long way in supporting and enhancing your company culture. Even if you are a small business with budget limitations, here are some options to consider:
High-Deductible Health Plans (HDHPs). These plans have lower premiums but higher deductibles, making them a cost-effective option for small businesses. Besides, you can pair them with Health Savings Accounts (HSAs) to help employees save on medical expenses.
Group Health Insurance Plans. Through a Professional Employer Organization (PEO), small businesses can gain access to A-rated carriers (typically reserved for larger companies) at competitive rates.
Flexible Spending Accounts (FSAs). This benefit allows employees to set aside pre-tax dollars for healthcare expenses.
Gym membership or fitness class reimbursement. Offer a stipend or partial reimbursement for gym memberships, yoga classes, or other fitness activities.
Employee Assistance Programs (EAPs). Provide confidential counseling, resources, and support for personal and work-related issues.
Bike-to-work programs. Provide incentives to encourage and support employees to bike to work instead of using public transport or driving a car.
Mental health days. Offer dedicated time off for mental health and well-being.
Financial Benefits for Small Businesses
More than just an employee benefits trend, providing financial benefits demonstrates your commitment to your employees’ long-term security and can be a significant draw for potential employees. In a competitive hiring market, this can be a huge differentiator.
Here are some key financial benefits for small businesses:
Retirement plan. One of the most popular options is a 401(k) plan, which allows employees to contribute a portion of their pre-tax income toward their retirement savings. You can also choose to match a percentage of your employees’ contributions, which can be a powerful incentive for employees to participate and save more for their future.
Other retirement savings options. Individual Retirement Accounts (IRAs) or Simplified Employee Pension (SEP) plans can provide additional flexibility and tax advantages for both employers and employees.
Student Loan Repayment Assistance. Offering contributions towards employees’ student loan debt is an increasingly attractive benefit, especially for younger generations.
Financial planning workshops: Partner with a financial advisor to offer workshops on budgeting, debt management, saving, and investing.
Profit sharing. As your business grows and becomes profitable, you can implement a profit-sharing plan to reward employees for their contributions and align their interests with the company’s success.
Work-Life Balance Benefits
Offering benefits that support work-life balance can boost morale, reduce stress, and improve productivity. Even if you are a small business, there are several impactful options to consider that can help your team thrive both at work and at home:
Flexible work arrangements. Offer options like flexible start and end times, compressed workweeks, or the possibility of remote work (even partial). These benefits provide employees with greater control over their schedules and personal commitments.
Generous paid time off (PTO). Provide a competitive amount of vacation days, sick leave, and personal days to allow employees to recharge and attend to personal matters without undue stress.
Paid parental leave. Offer paid leave for new parents beyond the legal minimum to cultivate a supportive and family-friendly workplace culture.
Shorter Fridays or summer hours. Implement a policy of shorter workdays on Fridays or reduced hours during the summer months.
Professional Development and Career Growth Opportunities
Employees are not just looking for a job; they are seeking opportunities to learn, grow, and advance in their careers. Investing in their professional development demonstrates you care about their long-term success and can boost their engagement, loyalty, and skills within your company.
Even as a small business, you can offer valuable opportunities to help employees grow:
Mentorship programs. Pair experienced employees with newer team members. Mentors can share their expertise, provide valuable insights, and offer advice on navigating challenges and opportunities within the company.
Training and education assistance programs. This can include covering the costs of relevant courses, certifications, or degree programs that enhance your employees’ skills and knowledge. It’s a win-win: it not only benefits your employees, but it also ensures that your business has a highly skilled and knowledgeable workforce.
Tuition reimbursement. This can help your employees further their education while working for your business. By offering to cover a portion or all the costs associated with pursuing a degree or certification, you demonstrate your investment in their personal and professional growth.
Elevate your Small Business with Strategic Benefits
Attracting and retaining top talent requires more than just a competitive salary. A well-rounded employee benefits package can be a powerful tool to make small businesses stand out.
While investing in benefits might seem daunting for small businesses, it doesn’t have to be. Partnering with the right experts can simplify the process and ensure you’re offering competitive and compliant benefits that align with your budget and your employees’ needs.
As a national PEO, Tandem HR provides top tier employee benefits at an affordable price, while taking the stress out of the time-consuming benefits administration tasks. Our team of experts can help you design, implement, and manage a benefits package that attracts talented candidates seeking long-term growth and contributes to building a supportive work environment.
Ready to transform your employee benefits and elevate your small business? Schedule a call today and discover how we can help you create a winning benefits package.
