February 28, 2022
What Benefits Can a Startup Offer its Employees
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:
HEALTH 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.
CONCLUSION
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.
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