An entrepreneur’s best moments are when they hire their first employees. However, having someone work for you is an added responsibility. You want them to enjoy being part of your team and feel value at their workplace.
What are the employee benefit packages for startups? Here is the list of top 16 employee benefits packages for startups:
- Health insurance package
- Retirement benefits
- Safety and compensation
- Financial benefits
- Cybercrimes protection
- Developmental benefits
- Total rewards
- Paid time off and sick leave
- Student loan repayment assistance
- Flexible work options
- Wellness programs
- Family benefits
- Free snacks at the office
- Peer recognition
- Seasonal activities
Employee benefits offer an employee spoils for their work well done. It is also a care package that revolves around their health and wellbeing.
However, most start-ups do not know what to offer and manage to give out any employee benefits. Here is a quick guide to help you come up with the best employee benefits packages for start-ups.
What are employee benefits packages available?
The list of employee benefits packages keeps growing. Companies and corporates have realized that nothing is more important than keeping their workers happy and satisfied. For that to happen, more shift has been on mental health and safety.
1. Health insurance package
As health costs keep rising, it would be best that your employees get to enjoy health insurance benefits. Insurance companies give special deals to companies which you can use for your workforce. If anything, people consider a job offer more powerful when there is a health package available.
Your aim should also be to provide decent health insurance for all your workforce. Sometimes start-up owners give insurance that in no way benefits their workers. Check thoroughly and ask for recommendations before signing up for any health scheme for your workforce.
When thinking of insurance, go for value too. Some covers provide more benefits and cover many aspects of treatment procedures for workers than others. Look for particular things in an offer before you settle on it.
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2. Retirement benefits
Retirement benefits are not as expected as they should be in all workplaces. When planning for life after retirement, it increasingly necessary to plan how one will survive without a paycheck. 401(k) plans are crucial to the future of your workforce.
The best thing about these plans is that they cost a little amount per month. The plans deduct the amount from the worker’s salary. A 401(k) plan will earn you a good point for tax credits. The most crucial part is that they do not cost an arm and a leg.
3. Safety and compensation
Your employees need safety and protection at the workplace. However, there are places of work where it can be dangerous due to heavy machinery. Accidents also happen, and one needs to be ready to face any eventualities.
Get insurance for your company against such risks so that your workforce may get the proper compensation if they ever find themselves injured. Also, having a compensation plan will prevent you from massive payouts if someone decides to sue your company.
When choosing your workman’s compensation, you can go for pay-as-you-go. It focuses on payments based on your payroll.
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4. Financial benefits
Most workers are looking for workplaces that offer the most financial benefits. It is essential to provide exceptional financial benefit packages to help ease your employees’ financial burden in the future.
There are companies and financial institutions that offer financial benefit programs for start-ups and businesses. Workers report that financial stress is one of the primary reasons why they struggle at work.
If you can sign them up for a plan, they will have an easier time navigating any financial strain and focus on what they do at work.
A rainy day find does not have to cost you a lot. It will help your workforce avoid uncertainties.
5. Cybercrimes protection
While in most workplaces, people work online, you must have a cybercrime protection plan in place. Things like identity theft can cause serious harm to people and even compromise other aspects of your life.
It is essential to secure data for all your workers, customers, clients, and the company itself from such crimes. Invest in a good IT team that can tackle this issue. If you do not have one yet, you can work with outsourced IT services to help you with what you need.
Data protection is an essential policy for all businesses that want to thrive.
6. Developmental benefits
Developmental benefits are essential for your workforce. You want them to grow and develop their skills. You also want them to continue thriving in what they do. That way, you are happy, and they feel satisfied.
Some of the ways to implement the development benefits are to create training courses, sponsoring professional events, and offering developmental support where needed.
Increasing the value of your employees helps them stand out. They are also motivated, and they work endlessly to support your vision. Most people who want to make something out of their careers want to work in an environment where they feel supported.
7. Total rewards
Total rewards refer to when you reward an employee when they meet specific company goals. As an employer, always reward the employees who share your vision and work through thick and thin to meet set targets and goals.
Total rewards benefit compass compensation benefits and personal growth opportunities for your employees.
8. Paid time off and sick leave
The paid time off and sick leave continue to be a struggle for most entities. However, you do not have to struggle with this. It is easy to implement an excellent sick leave strategy. America is one of the most industrialized companies where most employers do not have a paid time off benefit.
Workers’ welfare should be for their employers to support them when they are going through sickness or just if they have to be off work to take care of their sick relatives. Without such benefits, it becomes harder for one to focus on their job when they have a crisis but still have to work.
9. Student loan repayment assistance
The worry in every young person is to repay all their student loan debt to move forward in life. If you want to retain young talent, you need to offer help to young people paying off student loans.
Chipping in with a few more dollars can help a long way. Large companies work on such a scheme to help young workers repay their loans in the least time possible.
Other brilliant benefit ideas
10. Flexible work options
Your workers must enjoy flexible work options. If anything, work does not have to be too rigid and strict. People are increasingly looking for freedom to do their jobs and still live a happy, fulfilling life. Stringent work rules continue to make people give up their positions in search of freedom.
Suitable working environments allow workers to work remotely if possible. Allowing your workers to have a flexible work schedule allows them the freedom to cope with their daily lives.
Commonly, most people want to build a work-life balance. A flexible schedule means that I can drop off my child at the daycare and not get penalized for getting to the office at 9.00.
11. Wellness programs
Most companies spend so much on chronic illnesses. However, you can build a brighter future by encouraging wellness. A wellness program builds on providing support for essential care practices.
A wellness program can also revolve around offering support for healthy practices. Create a program where your workers can enjoy healthy practices like going to the gym. You can also help them get free checkups to keep at bay any diseases that may come up.
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12. Family benefits
Creating a family-friendly workplace is one of the best ways to keep winning your employees’ hearts. It is already hard to juggle between life and work. Employee benefits for start-ups should consider building a plan that helps people with family life.
Creating policies for parental leave so that one can have time to parent is essential. It should also be diverse to ensure that all your workers get a real deal.
Create days that celebrate family, like bring your child or pet days. That also helps people other than your immediate family feel excited to be a part of something. Bring your child to work day is also an excellent way to help them learn what you do at work and how you do it.
Lastly, offer childcare support to your workforce. Most companies now have daycare facilities where you can leave your child while you work. You also get the time to go and care for them during work breaks. If your nanny does not turn up, you can take your child to work, and they will enjoy the same care while you work.
Most employers still struggle to implement suitable workwear for the office. However, most people want more freedom to wear what they want to the office. They need something that offers them a chance to be creative yet get the proper compensation.
If everyone were to have their way, most people would never wear suits to work. It necessary for your workers to get at least one casual day where they can wear casual outfits to work. Uptight rules and too much focus on what your employees wear are counterproductive.
14. Free snacks at the office
If you plan on growing your team, offer complimentary snacks at the office. Snacks can be a good source of motivation. It is also essential that all workers get healthy snacks. That way, no one feels left behind or segregated when it comes to snacking.
You can also add many other freebies to the snack deal. If you provide a product, have your employees enjoy some of the products. Workers in best-rated companies enjoy huge freebies that keep them motivated.
Some things like coffee should be free. Coffee awakens us and gives us the ability to focus on tasks ahead. Provide hot coffee in the office at all times.
15. Peer recognition
If you have not set up peer recognition at your workplace, you are missing out. The service helps build confidence and inspire other employees to work hard. Titles like employees of the month can help boost workplace morale.
Reward effort and encourage non-performers. If some of your employees have a hard time being productive at work, create a space where they can get support.
16. Seasonal activities
Seasonal activities make employees feel valued and essential. You can work on bringing to life with occasional events. Think of something like sports that coincide with a season. The sporting events provide a time for your employees to kick back and have some fun.
If the seasonal activities are suitable, your employees will look forward to them all year long.
Benefits for the start-up owner
You are your first employee, and you deserve some benefits too. It would be best if you also looked at it as motivation to keep growing your business. While most start-up owners forego advantages, it is crucial to enjoying the spoils of your hard work.
- Enjoy non-monetary benefits like wellness and so much more. It would help if you also had care and support to keep working on that brilliant idea. Taking time to enjoy a break once in a while will boost your creativity and make you more productive.
- Pay yourself enough. You do not have to earn too much or too little than your workers. Pay yourself your worth. Remember, you also work there and put in effort and time to build that business. Proper compensation also applies to you.
- Prioritize care. As an entrepreneur, self-care should come first. Do not just provide wellness services for other people while you do not enjoy them yourself. Use some of your time in the gym, go for checkups when they hold them at the office. Taking good care of your mental health is also paramount. Consider talking to a therapist to help you sort out complex thoughts and issues affecting your life and work.
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The above employee benefits for start-ups are essential to consider as an entrepreneur. Creating the best package will help your business stand out. Do not feel afraid to add more unique benefits that serve your employee’s needs. When everyone is happy and satisfied, work is easy and more efficient. The outcome will have your business growing past your expectations.
Bijay is an entrepreneur and start-up founder having more than 14 years of IT industry experience. He is the co-founder of TSInfo Technologies, a SharePoint development company.
A dedicated professional and very passionate about public speaking and also wrote thousands of technical blogs in various technologies. He also wrote a lots of blogs on entrepreneurship, investment, startup, business, manage money tips, etc.