Employee Benefits - a Key to Business Success
Employee benefits are always a key to business success. Strong job
applicants will often decide whether to accept a job offer, not just
based on salary or hourly wages, but on the benefits provided as well.
Links to Other Time and Money Related Pages
Time Management in the Workplace
Learning Time Management Skills
Making Great Changes Happen
Employee Benefits - Vacation and Comp Time
The amount of vacation time provided may induce good candidates to join the business. The amount of vacation time per year is often determined by the level/pay grade of the employee, and by how many years the employee has worked for the organization.
Some businesses provide "comp time". That generally means that employees and staff can earn extra time off if extra hours are worked. Comp time is sometimes provided when employees travel. When travel time occurs during non-business hours (nights and weekends, for example), employers will sometimes provide comp time (additional time off) to compensate for the extra time put in. Comp time generally applies to salaried employees only.
Employee Benefits - Bonuses, Awards and Celebrations
Some organizations are just plain more satisfying to work for, even when the hourly wages or salaries are lower than what other companies pay for similar positions. Why is this?
It's because these often quite enlightened businesses provide perks that make the staff feel really appreciated. This can occur by 1) recognizing accomplishments by providing "attaboys" both in public celebrations and in private one on ones, 2) providing quarterly or annual monetary bonuses based on either overall business performance, individual performance just as meeting or exceeding one's planned achievements, such as mastering certain skills and/or taking on new or additional responsibilities, and 3) providing continuing training and education both in-house and at outside colleges and training centers.
Let's not forget how important corporate culture is. Xerox for one, is well noted for its outstanding training and corporate culture. People love to work there even though their compensation is said to be below market rate.
Most people probably think of Workers Compensation as a right, not a perk. The fact is, not all jurisdictions require Workers Comp insurance be provided. When an employer offers Workers Comp, it typically provides a set method for getting compensated when someone gets injured on the job. Having Workers Comp usually eliminates the employee from having to take the employer to court, if all else fails. Companies like Intuit (who provide products such as Quicken and QuickBooks) offer flexible Workers Comp insurance plans and makes it extra easy to do, especially if done in conjunction with using Intuit software.
Deciding what employee benefits to offer can be challenging and complicated, but well worth doing. It is important to work with reputable companies that understand the specific needs of small business owners.
You also may want to consider finding a business coach. A seasoned business coach or consultant will provide fresh blood and ideas and will notice things that are often overlooked by long-time insiders!