When you own a small business, you want to hire employees that want to stay with your company long-term. However, you also want to make your company a place that employees want to work at. It is estimated that it takes about 50 days to hire a new employee and costs as much as $4,100. So, instead of constantly looking for new employees when the old ones leave, offer your employees benefits that keep them around for the long haul. Here are some benefits you should consider offering.
Health Insurance
Healthcare is important to everyone, and if you offer a health insurance plan, you’ll likely have employees that never want to leave. Employees who work in jobs with health benefits tend to stay longer and report more satisfaction with their employer. Furthermore, workers with health insurance tend to miss less work because they aren’t out sick as much as those without.
Offering healthcare benefits is also helpful for you. When you offer group plans, you’ll also benefit from lower premiums and can deduct the cost of those premiums from your taxes. You may also qualify for an additional tax credit.
Flexible Working Options
Working from home has become an important factor for many employees when deciding whether to accept a position. While some jobs require their employees to be in-person, such as factory or repair jobs, if you can offer that benefit, you should. Employees who can work from home are often more productive than those who go to the office. Plus, they’ll be more alert and aware as they’re doing their work because they don’t have to wake up early to get ready and commute to work.
Flexible working options are a benefit to you because you can reduce your overhead costs. Perhaps you can downsize your office space and sell some of your furniture and equipment. As long as the job is getting done, it’s a win-win situation.
Childcare Benefits
Childcare is a huge incentive for most employees. Companies that offer childcare benefits have shown that their employees are happier, more productive and loyal. If you can’t have an on-site daycare facility, then provide a dependent care flexible spending account or allow for flexible schedules, so the employee doesn’t have to worry about finding extra daycare for their child.
You might find that flexible schedules are the most cost-effective for you because it doesn’t change your overall costs and your employee will be happy in the end.