It's not enough just to offer someone a great job, or even just great pay. Employees in this market are looking at their careers more holistically, and seeking benefits beyond pay and the possibility for advancement. So how do you attract talent and keep your employees happy?
There are some standard benefits that you could increase or extend. And there are some not-so-standard benefits that your small business might think about implementing. Here are five that are sure to keep your employees working hard on your projects, rather than on their resumes:
1. Paid Parental Leave
Want to show your employees you care about their families as well? Want to be like Etsy, Spotify, and Facebook? Want to demonstrate how progressive your small business is? Give your employees -- both male and female -- parental leave. Make it paid, and make it last. (Especially if you're located in San Francisco.)
No, you don't need to send your entire staff to Cambodia for a month. And you don't even need to let them telecommute full-time. But giving workers some flexibility on where they work from on a limited basis can increase their overall job enjoyment.
3. Tuition / Loan Reimbursement
Perhaps you're aware that Americans have amassed over $1.3 trillion dollars (and rising!) in student loan debt. Some of these Americans are your employees and, chances are, they're having trouble paying off their student loans. A tuition or student loan reimbursement or aid program could be huge for, especially if it increases over the course of employment.
4. Health Plans
Sure, you could just let Obamacare pick up the slack, but wouldn't you rather save your employees the time and show them you're there to take care of them? Offering great health care coverage can set you apart from other employers, and it has the added benefit of keeping employees healthy and in the office.
5. Retirement Plans
Offer your employees a great retirement package, and they'll stay with your company until they do. A standard IRA or 401(k) is pretty much mandatory for employers nowadays, but if you're feeling especially generous, a Simplified Employee Pension Plan (SEP) IRA (with only employer contributions and limited tax reporting requirements) is the gold watch standard.
You want to take care of your employees, but you also want to do it right. If you want help setting up or expanding benefits for your employees, talk to an experienced employment law attorney today.
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