Startup companies must often operate on a shoestring budget in the early years, in order to develop their customer base and find the right marketing strategy. But skimping on benefits is not a good place to pinch pennies. A generous benefits program ensures that you can attract high-quality employees that will be around for sufficient time to help your company grow to its optimum level. Here are the most popular benefit programs that new hires generally expect from their employer.
New startups should carefully research their options for health insurance because it is one of the most important benefits job applicants consider, both for themselves and for their families. Although health insurance represents a considerable recurring expense for companies, it is also one that ensures that you will be able to attract talent to your enterprise to help it grow.
The move toward “unlimited vacation time” has been a surprising one for entrepreneurs. At first glance, business owners would balk at allowing the potential productivity to be in jeopardy from employees’ absence from the business. But studies show that Americans tend to limit their vacation time, scheduling it when it is needed, and rarely taking more time off than is normally expected. Forward-thinking companies are offering this option for employees who have proven their worth to the company and who can be relied upon to make up their time away from the business.
Holiday Time Off
Workers often find it disheartening when they see friends and family have days off work for common holidays when they have to go to work. Although paying workers to not work on holidays can put a serious dent in the company budget, it is well worth it to provide satisfactory free time for employees, who will generally come back relaxed, refreshed and ready to get back to work. This simple benefit pays back handsomely in higher morale and greater productivity.
Good dental care from dentists like Dr William Arthur is now recognized as a part of personal health maintenance. Most large corporations offer some kind of dental coverage as a way of retaining high-quality employees that are willing to stay for the long term. In order to compete, startup companies should research the many low-cost options for dental benefits that are available. These benefits are often considered a “must have” by younger workers.
Everybody gets sick, and it often costs companies more from widespread absenteeism when obviously ill employees come to work, spreading germs throughout the facility. A reasonable number of “sick days” will encourage workers to stay home when they are sick to avoid transmitting illnesses to others. Some businesses prefer to offer “personal days,” which can be used as sick days or as time off for childcare or doctor appointments.
If at all possible, a startup company should consider offering flexible schedules to employees to retain the highest quality talent. Workers often have to juggle complex family schedules, and the ability to make their work schedules more flexible can be a significant help to them. Staggered hours or working at home has become much more common in recent years, because it gives companies a distinct advantage in attracting a talented workforce.
Your benefits program should not only meet your company’s needs, but also those of the younger that will contribute to future growth. If you research the benefit programs of successful startup companies, you will discover that providing generous benefits is key to their continued innovation and growth. Factoring in the costs of benefits should be a normal part of your budgeting. And finding cost-effective ways to provide additional rewards for your employees will help you achieve your financial goals.
About the Author:
Dixie Somers is a freelance writer and blogger for business, home, and family niches. Dixie lives in Phoenix, Arizona, and is the proud mother of three beautiful girls and wife to a wonderful husband.