Although providing benefits that your employees care about can be a significant way to stay competitive as a small business, offering employee perks may also be an effective strategy for keeping your most valuable employees and attracting future hires.
Employee perks are optional, non-wage services or amenities that are offered by employers to workers and not part of salaries or compensation. By offering appealing and affordable employee perks to workers, a small business can help keep their employees engaged, motivated, and productive.
Note that, while similar in nature, employee perks are different from employee benefits. Employee benefits, such as group health insurance, dental insurance, vision coverage, and 401(k) or retirement account contributions, are not considered perks, since benefits are usually considered a form of compensation that augments an employee’s salary and provides coverage for more essential needs.
Common examples of employee perks that may be offered by small businesses include:
While there are many employee perks for a small business to potentially consider and choose from, a company should focus on the perks that are most likely to be useful and valuable to their workforce.
If you are a small business owner, offering employee perks that are both within your budget and relevant for your workers may be an impactful way to enhance your overall employee rewards program.
Providing popular perks may also help a small business stand out as an employer of choice during its hiring and onboarding process:
By selecting affordable perks that can be offered at little to no additional cost, such as flexible work hours, a business may help boost employee satisfaction and productivity while also being mindful of their bottom line.
Ask your employees what their preferences are for particular perks and services that they would find helpful or beneficial for their typical work day. By taking their perspective into account, you can maximize the effectiveness of the workplace perks that you do decide to offer.
Plus, when employees know that the business owner values their point of view regarding perks and benefits, they are more likely to be happy, productive, and loyal to their company for the long term.
For a small business owner, offering employee perks may help reduce employer turnover, contribute to the retention of your most valuable employees, and assist in the recruitment of future hires.
Ultimately, the importance of employee perks goes beyond any specific offering by representing how a small business cares for and supports the daily well-being of its employees.
To learn more about offering group health insurance coverage as a benefit for your employees, visit eHealth.com today.
This article is for general information and may not be updated after publication. Consult your own tax, accounting, or legal advisor instead of relying on this article as tax, accounting, or legal advice.