Benefits are a great way to reward employees in indirect ways. This allows you to show appreciation for your employees’ hard work and dedication. It can also be used to motivate employees, increase productivity, decrease absenteeism and boost morale.
So, in case you are a startup business that is looking for effective ways to attract and retain skilled employees, you have come to the right place. This post shares seven ideas for employee benefits and compensation that will increase worker satisfaction and make them feel more valued in the workspace.
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Workers’ Compensation Insurance
Employee safety should be every business owner‘s top priority. Unfortunately, accidents in the workplace happen, so you must ensure your workers are protected against financial losses and costly medical bills in such unfortunate events.
One way of doing so is to provide your employees with workers’ compensation insurance that includes life, dental, and medical insurance for injuries or illnesses that are the result of slips or falls, mishandled equipment, and burns in the work setting.
If you aren’t sure how to do this, you can search for an online insurance platform to calculate how much is workers comp insurance worth so you can make your billings easy, accurate, and automatic.
Corporate Discounts
Employees can be offered special discounts on services and products that your company offers. These deals can be selected by employees and offered exclusively at discounted prices. You can also use these discounts to test new products and services before they go on the market.
Finally, you can consider partnering with other companies to offer gift cards or coupons that are only available for employees.
Paid Vacation and Weekend Getaways
Employees who take regular vacations or breaks tend to be more productive and efficient when they return. Your workers will be motivated if they are given weekend getaways or paid vacations. This can additionally lower unscheduled absenteeism.
Also, you can go the extra mile by offering your employees unlimited vacation. If provided with this opportunity, they will probably use the same amount of holidays as earlier, but knowing they have it available can boost their motivation levels.
Performance Bonuses
Employees will feel appreciated if they receive bonuses for outstanding performance. They will feel praised for their hard work and dedication which will certainly motivate them to perform well.
Bonuses can also be used to encourage team members to compete and push each other towards excellence. This will further boost team collaboration, communication, and engagement. For example, you can give a bonus to your team if they achieve a common business goal.
Flexibility
According to statistics, more than 90% of both male and female workers would like to get some flexibility from their employer. Unfortunately, only 47% have received it.
So, if you want to attract and retain your skilled employees, consider offering them flexibility. You can offer them the option of working remotely or flexible working hours to help increase their motivation and engagement.
Having these options available will certainly boost morale and reduce stress levels at the same time. It will also result in happier employees who are more productive.
Wellness Programs
Workplace wellness programs encourage employees to live a healthy lifestyle. These perks include regular health screenings, gym memberships, and a smoking cessation program. If your workspace permits, you may be able to set up a gym on-site and have a relaxing break room. This will allow employees to recharge and help them get rid of mental fatigue.
You should also be concerned about the mental health of your workers. Make sure you discuss its importance, discourage overworking, promote an Employee Assistance Program, or other ways.
Employee Training
Giving your employees the opportunities to broaden their skills and go up on the career ladder is another great idea you can consider. Providing them with employee training now and then means that you acknowledge their potential and are willing to invest in them so you can keep them on your team.
Whether it is a computer course, a seminar, or enrolling them in a specialized program, it will certainly help your workers improve their current skills and knowledge and help them build up their portfolios.
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Final Thoughts
An effective way to attract and retain top talent is to provide the right benefits. Whether it is workers’ comp, paid vacations, or training courses, you have plenty of options to choose from to motivate and encourage your employees. If you need help, borrow some of our ideas and keep your workers happy and satisfied in your work setting.
