Any HR manager knows that there is a significant cost associated with providing benefits packages to your employees (which is why some employers chose not to offer them). Your company may be in a position where you can provide a luxurious benefits package - but these items can be pricey for small business owners.
A 2006 study from the Bureau of Labor showed that in companies with less than 100 employees, 60% of companies offered health insurance (the numbers go down from here), 47% started retirement plans for employees, 38% offered life insurance, 27% offered short-term disability and 19% provided long-term disability insurance.
With these diminishing numbers, it’s easy to see that small businesses often struggle with providing benefits. However, there are ways to take aspects from what you are already offering and turn them into a non-traditional benefits package.
Developing Your Benefits Package
If you are building your benefits program from scratch, current employees can be a very valuable resource for seeing what you are doing right and what is being done wrong. Employees can give you some insight on what they value in a company benefits package. Plus, they will be a great resource to let you know what the intangible benefits your company has to offer.
Building a benefits package will take some work, but it is a great step to shift the company culture to a more benefit friendly environment. To help you get started, here are there types of benefits to consider when building a comprehensive package:
The benefits section can be a touchy subject for some employers. If you have them—great! This is the area where you can broadcast all of the great perks of working for your company. If there is not a formal benefits package in place, you can still list valuable perks with the help of your great company culture. Not every company has millions of dollars to set aside to compete in this area, but there are items you may not have previously considered “benefits” that you already have! In the end, never underestimate the value of your employees—a happy employee can be great intangible benefit for your overall organization!