What is one benefit that every small business should consider offering their employees?
To help you offer the best employee benefits, we asked business professionals and leaders this question for their insights. From company equity to mental healthcare, there are several benefits that can make your small business more competitive.
Here are nine benefits you can incorporate into your small business:
- Reduce Stress by Providing Pet Insurance
- Encourage and Align Employees With Equity
- Prioritize Mental Healthcare
- Don’t Forget Retirement Benefits
- Offer Work-Life Balance With Company Devices
- Allow for Flex Time
- Eat Together to Grow Together
- Highlight a Health and Wellness Program
- Help Outfit the Home Office With a Stipend
Reduce Stress by Providing Pet Insurance
Pet insurance is a great benefit to offer employees. It provides peace of mind for owners who worry about their pets’ health and well-being but don’t have the financial means to cover medical expenses on their own.
Antonella Galiano, Petzyo
Encourage and Align Employees With Equity
For startups and small businesses, equity compensation is a great way to encourage and incentivize employees to do their best. This is because the value of equity, which usually comes in the form of stock options or restricted stock, is tied to the value of the company. For example, if the company gets acquired by a larger corporation, the employee’s equity or shares would increase in value.
Another benefit of providing employees equity is that it is a good alternative to cash benefits. This is certainly useful for small businesses that do not have a lot of money to pay for massive cash bonuses and high salaries.
Anton Giuroiu, Homesthetics
Prioritize Mental Healthcare
Especially in today’s climate, following COVID-19, mental health is becoming increasingly important. Offering your employees the opportunity to either take mental health days or seek psychological assistance as part of their medical plan can be not only highly enticing but can increase the cultural health of your company.
Amy Block, Navitar
Don’t Forget Retirement Benefits
Retirement benefits, like a 401k, can help keep employees around for longer in order to take advantage of those benefits. According to a recent survey, almost half of all small businesses offer retirement benefits. So in the hiring process, that can give you an advantage over other businesses. More benefits can also help with employee retention and decrease employees going to the competition.
Matthew Mundt, Hug Sleep
Offer Work-Life Balance With Company Devices
Depending on your industry, providing a company cell phone or laptop can be an immensely helpful benefit. It is easy for employees to feel swamped or unable to balance work and life due to an influx of work information on personal devices. Offering work devices — even in remote environments — can allow them to better organize, separate, and manage their work-life.
Boye Fajinmi, TheFutureParty
Allow for Flex Time
Many organizations are acknowledging that their employees can get the job done well at home. As more and more small businesses see the benefits of shifting to work-from-home models, they should also consider the changing needs of employees. One benefit to offer is flex time. Giving employees the option to use flex time as needed is not only empowering but shines a positive light on their employer because it shows inherent trust in their work ethic.
Meryl Schulte, Markitors
Eat Together to Grow Together
Small businesses should set aside a slice of their budget for a weekly meal with employees. Even if they are remote, employers can provide meal compensation and host a virtual gathering. This ensures you’re continuing to cultivate a culture even if employees are remote or hybrid. It’s crucial to have that sense of community.
Jacques-Edouard Sabatier, JOW
Highlight a Health and Wellness Program
Good health and productivity go hand-in-hand, which is why wellness benefits are the need of the hour. From organizing in-office exercise classes to offering discounts at their local gym and yoga studio, small businesses can get creative with their wellness programs and engage employees to work towards great health. Not only does it promote a healthy workplace but it’s a benefit that your workforce really cares about.
George Mitsov, ProxyEmpire
Help Outfit the Home Office With a Stipend
One thing we’ve played around with is offering a stipend for employees to make their work-from-home experience more comfortable. We’ve tested lump sums to outfit their office and regular allowances for coworking spaces. While we’re still assessing what we will do long-term, the feedback has been great and much appreciated during these uncertain times.
Sylvia Kang, Mira