As a small business, two things matter most – your finances and your employees. But how can you attract and retain the best employees without breaking the bank? The great news is that it is more than possible to stay competitive and to not spend thousands of dollars on benefits (that frankly, most people don’t even want or use).
Here are some tips that we always ensure our small business clients take into consideration:
You Don’t Have to Pay the Entire Premium
You can offer benefits, such as medical, dental and vision without paying the majority of the premium. As you business grows, you can increase the amount you contribute. Often times, offering plan options first and foremost is what really matters to employee’s who need coverage.
Ancillary Products are NOT Expensive.
Long Term Disability, Short Term Disability, and Life Insurance are very inexpensive (like really inexpensive). Some of these coverages cost pennies per month, with more expensive plans still averaging less than $10 per month per employee.
You Can Offer a 401k without Contributing
Just like you can offer medical insurance without contributing, you can also offer retirement solutions without matching employee contributions. As your business grows, you can start matching a percentage of their contribution that is affordable for you!
There are More Benefits and Rewards that are not in the “Standard Package” that are Very Attractive!
Rewards such as happy hour Friday’s, pet insurance, unlimited time off, and a flexible work environment are some key examples of benefits for employees that aren’t seen as often, but are all equally attractive.
Out of all of the investments you make into your business, few are as important as your employees. That’s why offering affordable and relative benefit to your employees is crucial for your (and their!) success. Here at Gro HR, we know what it takes to create a benefits package that works. Our HR team is passionate about helping organizations like yours build the best team to aide in your success. Schedule a call with our team to see how Gro HR can offer you expert assistance with your benefit administration needs!