Traditionally, small businesses have been at a disadvantage to their larger competitors when it came to benefits packages and attracting top talent. Many small businesses simply did not include the best benefit packages for their employees and prospective hires.
For many small businesses, this was a bit of a misstep, because, in addition to salary, great benefits are what many employees desire these days (especially with the ever-increasing costs of healthcare). If you are looking to attract top talent for your small business, you need to be reviewing your benefits packages. Here are some of the reasons why small business owners need to consider them.
Attraction and Retention
Your businesses can attract the right people with great salaries. Retaining them is another issue. If an employee runs into a health problem that takes most of that salary away, then he or she may be forced to leave to find a job with better benefits.
By establishing employee benefits, the company commits to investing in its workers. In turn, this reduces outside stress on the employees should they or their families have a health issue arise. Not only does this help to retain staff members, but it also could increase their productivity.
Companies and their employees both save money with benefits. The business reduces its expense liabilities because contributions are tax-deductible. Employees can get more money back on their tax returns since their contributions are taken out before federal, state, and social security withdrawals.
Teamwork is critical in small businesses, and employee benefits help to reinforce the belief that everyone is equally represented and cared for. Everyone in your business can receive the same benefit options and select the plan that is best suited to their situation. Employees want to know that they matter to you and the business. Offering great benefits is one of the top ways that you can show them that they are important and valued.