How Small Businesses Can Build Great Benefits Packages for Employees

Use a Small Business Loan for Benefits
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When your business is starting to grow, it’s time to take a step back and make sure you have all of the necessary tools to scale your workforce. When you first started your business, you may have hired students and temps to help you keep costs down. Now that your company has grown, you’re ready to hire more employees to help you keep up the momentum. You want employees who are invested in your goals and have the skill sets to help take your small business to the next level. But, hiring top talent is easier said than done! A 2019 survey done by Quickbooks Payroll stated that hiring and retaining staff is one of the biggest pain points for small businesses. Nearly one-third (29.1%) of the survey respondents said they have had a job go unfilled for as long as four months or more. 

What can you do to attract and retain great employees? In our competitive economy, how do you keep your best employees? One very effective way to build a workforce of rockstars is to offer great benefits that your employees can’t resist.

Here are some creative ways to create an attractive benefits package, without breaking the bank:

Benefits That Won’t Break the Bank

  • Create a wellness program by partnering with a local gym to provide discounts to your employees.
  • Reward hard work and effort randomly with gift cards to local restaurants and movie theaters.
  • Create a bike to work and other fun challenges.
  • Partner with local restaurants to offer discounts on lunches
  • Sign up for a discount program through a third-party vendor to offer deals for your employees.
  • Create a work from home program for flexible roles.
  • Offer additional PTO days when employees reach certain milestones

How to Provide Health Benefits without Breaking the Bank

Having great health benefits is another way to attract and retain employees. But, as a small business, providing a robust health benefits package can cut into your bottom line. Often, working with a Professional Employer Organization can help cut down on the cost and time that it takes to create an attractive health benefits package. The right PEO account team can help you look into less expensive benefit options, like Health Savings Accounts (HSAs), and craft the right package for your growing business. Remember, the strength of a company is tied to the health of its workers!

Have you found creative ways to provide benefits to your employees? Share your ideas with our small business community in the comments.

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