( by Stephen Weru )
You’ve decided to start a company.
You’ve conducted ample market research, have a sound business plan, and have gone ahead to secure funding. What remains is assembling a quality team to help you grow your company.
However, as you’ve already found out, attracting top-level talent is easier said than done. While big corporates can lure the most skilled employees with six-figure salaries and numerous benefits, startups have to develop creative hiring and retention approaches.
Some of these strategies include long courtship, hiring people straight from college, being generous with equity, and offering various benefits to employees.
However, what benefits can a startup offer its employees?
Keep reading to learn more:
Not many people will be willing to help you build your company if it doesn’t offer health benefits. And with health care costs continuing to rise, health insurance should be the first item in your employee benefits package.
According to Zupnick Associates Owner, Eliezer Zupnick, “If there’s a budget for any kind of employee benefits, it should be allocated to core benefits, whose first line of item is health insurance.”
And here’s the best part.
You don’t need to break the bank to pay for employer-sponsored health insurance. This is because group health plans offer better coverage and have lower premiums than individual plans on the open market.
But what if I don’t have the budget to pay for health insurance?
“If health insurance is too expensive, the second line option would be the next best option, which is dental and vision.” Eliezer Zupnick
If you still don’t have enough funds, you can still attract and retain talent through smaller benefits such as offering cover for vision and dental care.
But what if I’m really short of funds and can’t afford to offer health or dental insurance to my employees. Is there another option?
According to Zupnick, the only remaining option is to pay for an accident policy to ensure workers are protected when at work. “Finally, and this would have to be a really slim package, Zupnick & Associates would recommend an accident policy that covers some of the benefits.”
As you can see, you can still provide employees with core benefits, even with a limited budget.
However, if you’re lucky enough to get ample funding, you can consider offering your employees these other benefits.
Generous PTO Policy
Your employees will need some time to recharge. They may decide to take time off work to spend with family.
Most companies have a PTO policy where the employee is compensated while not working. If you’re looking to attract and retain top talent, you need to offer them a generous PTO policy.
And by generous, I don’t mean giving employees unlimited PTOs. This is because offering unlimited PTO policies results in employees taking less vacation time, which results in increased resentment.
If you want your employees to appreciate your PTO policy, offer them a higher number of PTO days. By doing this, employees will take days off, and you’re more likely to retain and attract top talent.
Offer Remote Work Benefits
COVID-19 made remote work and telecommuting plausible for most professionals. As normalcy slowly resumes, working from home is bound to be part of most companies’ work culture.
To attract and retain top talent, offer benefits that make it easier for them to work productively at home. Some benefits you can provide remote employees include new monitors or chairs for their home office.
And if the budget allows it, you can even give remote employees new laptops, and pay for their home cleaning and babysitting services to increase productivity.
Offering these work from home benefits could make a big difference in your startup’s talent attraction and retention.
Employee Wellness Programs
Employee absence due to chronic health conditions results in US businesses losing an average of $36.4 billion annually. This is why employee wellness programs should be among the benefits you offer your employees.
Some of the benefits you can include in your employee wellness program include
- Food and snacks
- Fitness equipment at the office
- Meditation and Yoga classes.
- On-site quiet rooms for stress reduction.
There you go.
Four benefits you can offer your employees despite being a startup. If your budget allows you, you can offer employees more than these four benefits.
However, if you have a limited budget, offer your employees health benefits before any other benefits.