Once You Have the Dream Team, It’s About Employee Retention
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Paid Benefits:
- Health Insurance: Since most big insurances offer health insurance, you need to provide some type of coverage to stay competitive. Investigate options through your industry trade association. Talk to your legal and tax providers about the issues involved. Visit www.HealthCare.gov for information and resources.
- Life Insurance: Many health insurance companies let covered employees buy life insurance at a reduced cost.
- Retirement Plans: Retirement plans can be set up for companies with as few as one employee. Popular options for small business include 401(k) plans, Simplified Employee Pension plans (SEP), and Savings Incentive Match Plans for Employees (SIMPLE). Consider a profit-sharing plan, which ties the rewards to the company’s performance.
Low-Cost or No-Cost Benefits
- Flextime: This can be as simple as offering three or four different “shifts.”
- Remote Work: Employees value being able to work from home.
- Wellness program: Many health insurers offer this for free with your insurance.
- Credit union membership: Credit unions offer small business employees free membership at no cost to your business, giving employees access to low-interest loans and savings accounts.
- Casual: A casual or fun work environment can help a small business stand out from big corporations.
- Day care: Employees pay for this service, keeping your costs low. Consider teaming with other small businesses to keep it affordable.
- Pets: Allowing pets in the office can be a fun perk.
This series ongoing series handbook prepared by Marjorie Weber was prepared will also be part of the Miami Bayside Foundation to qualify small business owners for the Miami Bayside Foundation loan program.
Related articles:
Small Business Start Up Part 1: Small Business Start Ups Making It Legal
Part 2 Small Business Start Up Capitall Access Primer and Key Steps
Part 3 Definitive Steps to Create the Optimal Small Business Growth Team
Hiring Better Fitting Employees
Preparing For an Employee’s First Day