Employee Benefits – Thinking Outside the Box

Employee benefits can be one of the greatest expenses. It is a big concern of operating a small business. How do we attract the best employees? Many traditional benefits are costly. These may include things such as a 401k, paid vacation and health insurance.

As a responsible owner you will need to know the current healthcare laws. What are the requirements? How do they apply to you? If your small business has under 50 employees, you will not be penalized. However, your team will still be looking for a great employee benefits package.

Employee Benefits – Disability, Accident or Cancer Insurance

Companies such as Allstate or Aflac offer these products. They are often for a reasonable price. Disability insurance will pay you for missing a certain amount of work. This includes a maternity leave. It could also be from extended sickness. Or becoming disabled for a certain period of time. Accident insurance will  pay you for outpatient visits to the hospital, doctor or med center. This would be due to an accident. Special products, such as cancer insurance pay you for certain doctor visits. It may apply to procedures and treatments having to do with cancer. These are supplemental benefits. Which are different and above and beyond health insurance. You should call and speak to a licensed rep to fully understand these products. They will also come in and explain the options to your employees. The cost for these products would typically be payroll deducted. It may only take a small amount of employees to qualify for a group rate. There is very little cost to you to manage and deduct this. It is an easy way to add to your employee benefits package.

Employee Benefits – Bank, Gym and Other Group Discounts

You never know until you ask! Many times banks will come in and present their products to your team. This may include perks for opening checking and savings account. Or promo rates for credit cards or loans. Last but not least, they can explain long-term savings options including retirement. Gyms and Fitness Studios will often offer group discounts, special introductory rates or discount memberships for a company’s employees. It’s a win-win…a perk for your team and a great advertisement for their company. Last but not least, you can always ask for a group discount on the purchase of tickets to concerts, events or the theater. Making a tax-deductible donation to a charity event can often come with some complimentary tickets to pass along. There are also many Groupons or discount restaurant deals that would go a long way to impress your employees and thank them for being on your team.

Employee Benefits – Flexibility

Let’s face it! Sometimes, it doesn’t take much. Your team wants to feel like you care. It is likely that flexibility won’t cost you much. Rules and policies are important. As is productivity. But flexibility can be given out as a benefit to productive employees. It could also be used as a reward for a job well done. Or for winning a content or meeting a deadline. In the long term rewarding a long lunch doesn’t cost too much. Or giving out an extra day around a holiday. This could be the day after Thanksgiving or a Tuesday after Labor Day. Maybe it doesn’t mean an extra day. It could be letting your employees earn hours or days to work from home. This greatly depends on your industry, schedule and standards. There is a lot of emphasis on quality of life. How much quality of life does your business allow? These are small ways to help your employees feel great about their career.

Non-traditional perks and employee benefits go along way! Don’t be afraid to try something new in your small business.