The epidemic-related Great Resignation has been witnessed by millions of employees who have decided to quit the workforce or move to new employers. But, many small-scale businesses have the potential to succeed in the tense market.
Gallup says that more than half of employees are willing to participating in this Great Resignation by changing jobs. Although this means that all businesses have to be mindful of their staff turnover, it implies that many talented workers are available to hire if you can make them think of your business as more attractive than what they currently have.
Employee benefits are a factor. When many job applicants are looking for exciting or fulfilling work and a great corporate culture, benefits can help sweeten the offer. Of course, some smaller businesses struggle to pay the cost of significant benefits for business, particularly after an economic downturn. Over the last decade, the number of small companies offering essential benefits has decreased to 44 percent of small businesses with fewer than 49 employees provide retirement and health plans.
The good news is that you don’t have to be part of a vast business to attract talented employees. It’s just a matter of seeking affordable benefits which will be beneficial to your employees. Here are three ideas.
1. Low-cost 401(k) plan.
It is a good idea to know that the 401(k) is a popular benefit for employees, offering employees of all stages of their careers the chance to think about their financial goals. However, historically many small businesses have been marginalized for these essential benefits.
However, this is changing. A new breed of companies offering low-cost 401(k) plans designed explicitly for small-sized businesses with only a few employees. A 401(k) plan is something that most people require, and according to Guideline, which is a small-business 401k company, half of all households don’t have any retirement savings. It is possible to attract top potential employees by offering them the opportunity to make plans for the future.
Make sure you research the variety in 401(k) kinds as well as plans. Find an affordable base cost and an additional cost per employee instead of a high cost per employee. In certain instances, it is possible to locate a 401(k) provider that will handle all administrative tasks such as compliance check-ups and keeping records. Although you’ll have to pay more for this ease of use, it will help your HR department save some time and leave your employees confident that their funds are in safe hands.
Also, keep in mind that although you aren’t required to match contributions from employees, you may be eligible for tax benefits if you choose to do.
2. Increased paid time off.
A few small companies have adopted the idea of providing an unlimited amount of paid vacation time or PTO. This is an approach to attract workers who fear becoming burnout-prone, the condition that is thought to affect nearly 35% of workers.
However, while it might seem as if unlimited PTO is offered in many locations but it’s not. U.S. News and World Report discovered that just 4 percent of businesses offer this benefit. Unlimited PTO isn’t only a way of distinguishing your business, but it’s also a way to provide employees with the flexibility they want today.
It’s time to ensure that your general PTO rules won’t be misused. Your team must understand that their performance should be at a high level, and employees shouldn’t be able to leave without making sure that they’ll complete their tasks during their absence. It is essential to promote collaboration and efficient delegation so that when your team members take a much-deserved break, they don’t leave their colleagues in a difficult spot.
3. Contribute to self-care and learning
Many businesses encourage self-care and continuous improvement of their corporate culture. Many companies that can attract the top talent go an extra step by investing in improving the health of their employees and personal development.
If you wish your employees to look after their health, you could consider giving them a stipend to be used to pay for a yoga class, gym membership, and equipment for exercise or meditation apps. If you can invest in these initiatives, you’ll demonstrate that you value your employees holistically to your employees and potential employees.
This is also true for the growth and development of employees. You might consider publishing a list of books and allow employees to be reimbursed for the books they buy from it. Create a solid professional development budget that encourages employees to put money into their personal growth. Remember, the most effective way to build a team that constantly enhances its capabilities is to invest funds into it.
Your aim as the owner of a small-sized business must be two-fold. First, you must hire the most qualified individuals you can. And then, stay away from their way so they can impress your customer base. You can only accomplish your first task by attracting current and future stars. So get those benefits back, take a step forward, think up some new ideas and watch your employer brand grow.