Congratulations on starting your own company! Now, if you hope to scale, the price of poker goes up. While you may be able to make a living single-handedly doing something you enjoy, if you are successful there will likely come a time when you cannot do it all by yourself. And hiring is a tricky process. Getting the right person in the right seat on your metaphoric bus is hard. It starts with smart job descriptions. [SMART TIP: when building job descriptions, have them reviewed by a qualified human resources professional.] But, job descriptions alone won’t be enough to fill those seats. If you don’t have a competitive benefits package you’re almost certain to be fighting an uphill battle. Bottom line: benefits make a big difference in recruiting.
Paid time off, free coffee, and health insurance are the easy boxes to check, but what else can you add to your staff’s benefits packages? Below are some ways to make the most of limited resources and provide real value to your employees.
- Healthcare costs
Health insurance is the first place to start when building a benefits package. The plethora of options, plans, and structures will seem overwhelming at first glance. For example, group healthcare packages are often preferred, but smaller businesses can’t meet the participation requirements, in which case you’ll find yourself exploring options for individual plans, private exchanges, co-ops, and private small group plans. Working with an expert specializing in employee benefits is a smart move. They can guide you through this process.
Insurance policies are complex and their impact on the workforce is huge. Anyone who has fought with an insurance company over medications or coverage understands how deeply frustrating and confusing these policies can be. In fact, struggles with healthcare coverage can affect retention. Boning up on your understanding of policies, premiums, and deductibles will make a huge difference, not only in selecting options for your employees, but also in giving them clarity and comfort. And, having the right combination of healthcare benefits may mean the difference between high retention or high turnover.
- Incentive structures
As a small business owner, chances are you have a strong sense of personal accountability. But you’re the one who has risked greatly and stands to gain greatly. You may find that your staff doesn’t share your same sense of urgency and drive. Here is where incentive structures can make a difference. Incentives should be paid out frequently, align with company goals, and be easy to understand. Employees who are enabled to and rewarded for impacting company outcomes and making a difference, feel a greater sense of ownership and personal accountability. Such programs greatly improve morale and help to attract top talent.
- Non-medical benefits
Dental, vision, mental health, and retirement planning are just a few examples of benefits that today’s workers expect. Give them serious thought. Other non-medical benefits include business travel, dog-friendly work environments, free coffee, and full cupboards, to name but a few. Some companies even offer on-site fitness centers or childcare. These perks can be cost-effective and most definitely boost morale.
- Competitive on-time wages
While cash flow may be tight at times, payroll must be a priority – even if your company has to sacrifice in other areas. Employees will not tolerate late payroll checks. Clearly, payroll administration has to be a priority; your company’s future growth is at risk. Likewise, working to make your salaries and wages competitive will go a long way towards you being able to recruit the talent you need to scale.
Consider your options, here. In the early stages of a company’s lifecycle, it can be tough to match market-level compensation. A little creativity here can go a long way. Are there other things your organization can offer to add to the perceived value of a position? Early staffers may be attracted by stock options or grants.
Finding remote workers may also help this balance between perceived benefit and salary. An applicant may be willing to take a lower salary for the opportunity to work from home or on a flexible schedule.
Once you’ve built out a competitive benefits package, you’ll find it much easier to recruit. Once you get them on board, you have to keep them, though. A huge factor is how you onboard your new hires. So, have your employee onboarding process reviewed by an HR professional. This, after all, will be your first opportunity to explain your excellent benefits to that hard charger you hire!
We can help.
Employers that offer professional development opportunities, hire internally, carefully cultivate their company culture, and layer accountability through training often find themselves in a position to build on past success with an eye toward the future. Management training and succession planning can benefit an organization for many years to come. Our experienced team of HR professionals can help managers unlock the hidden potential for staff in surprising ways.
At SourcePointe, we utilize our industry experience to provide you with a multitude of customizable HR services, support, and solutions. All so your business can do one thing – more business. We’ll provide tailor-made solutions that fit your company’s needs while providing a solid return on your investment that pays off immediately – and for many years after that.Back to Insights