The success of many businesses relies heavily on their employees and while a lot of this depends on the employees themselves, owners need to keep their staff happy and motivated if the business is to prosper.
Employee benefits – no matter how big or small – work as a motivator for potential members of staff as well as keeping your existing team committed. So, what employee benefits can start-ups use to keep employees happy and productive?
A little can go a long way
For many start-ups, offering more lucrative benefits packages to employees is too costly, at least until the business has been up and running for some time. But by providing a comfortable working environment, free tea and coffee and somewhere to relax at lunchtime, employees are likely to be happier in the workplace.
Benefits for employee loyalty
More than a third of employees are believed to remain with their employers because of the benefits they receive. Introducing benefits for loyal employees suggests job security and is a sure-fire way of maintaining good relationships. Allowing employees their birthday off after working for your business for a year, or an extra day’s holiday for every year at your business, shows gratitude for the work your employees are doing year-on-year.
Other employee benefits that won’t cost the world
Government schemes, such as the Cycle-to-Work scheme, act as an employment benefit, keeping employees happy, but at a relatively little cost to the business.
Other benefits you could consider include:
- Occupational Sick Pay: cases in which employees are off work sick for a long period are very rare, so, offering sick pay for longer period than the Statutory Sick Pay requirements can increase the appeal of your business and help to ensure employee loyalty at little expense to your business.
- Life cover: this is an assuring employee benefit and depending on the type of cover you provide, should only cost your business about 1% of your payroll.
It is important to avoid reducing benefits and one way to ensure that this is by adding to your benefits package as your business grows.
Consider your demographics
It is worthwhile looking at the age of your workforce and evaluating which benefits will be most appealing. Will staff members better appreciate team days out and extra days off or dental insurance and your paying opticians costs? Thinking about what will benefit your employees most and providing them with these benefits will be a good long-term investment for your start-up.
Copyright © 2015 Rachel Campbell, content writer for Portfolio CBR, providers of compensation, benefits and rewards jobs throughout the UK.