Create a Dynamic Benefits Package To Improve Employee Retention

Today’s small business owners must develop a comprehensive recruitment and retention strategy. Your employees are your most valuable resource. A strategically designed benefits package can help you attract and retain top candidates. Your benefits offering must be diverse and go beyond traditional health insurance and personal time off. Here are some perks your company should consider.

Support Physical Health

Health insurance is a small part of your employees’ overall health. Provide employees with free or low-cost multivitamins or liver health supplement options. Partner with a company that offers a variety of supplement options. Employees can choose the specific supplements that best serve their needs.

Encourage an Active Lifestyle

The more active your employees are, the less likely they are to get sick. Employees who sit at a desk eight hours a day need opportunities to move throughout the day by:

  • Scheduling walking meetings
  • Investing in standing or treadmill desks
  • Putting a ping pong table in the lunchroom
  • Creating a walking club
  • Reimbursing for gym membership fees

Offer Alternative Work Options

Find ways to help your employees be more efficient in their work and personal life. A flexible schedule or remote work policy reduces commute times. Understand that each employee has preferences. While some employees like the flexibility of working from home, others may be more efficient in the office.

Support Education

Many job hunters seek employers that offer tuition reimbursement or student loan support packages. You can deduct a portion of college tuition reimbursement from your taxes. In addition, employees who actively learn new things are better problem-solvers at work.

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Open a Daycare

Childcare expenses often outweigh the financial benefits of working outside of the home. Hire two or three early childhood professionals. Your team will appreciate you caring for their children and keeping them close. If an area of the facility cannot be converted for childcare, develop a reimbursement package for parents and guardians.

Promote Mental Health

Recognize the importance of mental health. Stress leads to burnout which leads to employee turnover. Find ways to incorporate self-care into your benefits package.

  • Hire a local massage therapist to provide chair massages
  • Partner with a local wellness salon for discounted services
  • Establish neurodivergent-friendly tools, such as sensory rooms or dimmable light switches
  • Mandate the use of personal time off

Partner With Others

Work with small businesses in your area to create a shared discount program for employees of participating companies. This expands your customer base and is an inexpensive way to support your team members. Dry cleaning companies offer discounted services. Family-run grocery stores provide grocery delivery. Retail and dining establishments offer discounts for your employees.

Connect With Employees

Employers often overlook the most inexpensive benefit – providing their product to employees. If you are in the service industry, offer discounts on parts and labor. If you produce a consumer product, give full-size products to your employees.

Provide Variety

Not all employees will need access to all benefits that you offer. A flexible benefits package allows team members to choose the options that meet their needs. Every benefit option is assigned a value. Team members are given a specific amount based on their longevity or position. They pay out-of-pocket for any benefits they select above the amount you provide. You can also offer a tiered package based on the length of service.

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Support Part-Timers

Not all individuals can work full-time due to family or logistical commitments. Your part-time employees are critical to the success of your business. These people should not be overlooked in a benefits package. Offer slimmed-down versions of your benefits package to all team members. By providing these benefits, you show how much you value the contributions of all staff members.

Employee benefits packages do not need to be expensive to be successful. Speak with current employees to see what perks they would like to see. Examine your existing package to see what benefits are currently being used. If something is not being used, consider removing or restructuring the option.

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