How to ensure your small business has big benefits

The importance of employee benefits for small businesses

As a small business, your employee benefits become particularly important for employees who know they may not receive the same monetary compensation in your business as they would at a larger company. Having a flexible and well-communicated employee benefits program helps you to attract and retain top talent within your industry with your employee benefits without spending your entire budget. Through benefits such as pension schemes, mental health support, flexible working, health insurance and wellness packages, the wellbeing of your team is significantly improved as is their productivity – boosting your profits in the process.

Keep reading this blog to find out how these perks make a big difference at a low cost.

What are some low cost and big value employee benefits?

Having employee benefits in your small business can be ultimately the key to success, as they can bring positivity to many factors in your business. This can be from staff morale, to increased productivity – when employees enjoy their work environment, they are more likely to put more effort into their tasks, resulting in more efficient working time. Employee benefits do not have to be a great expense for your small business, but are a great investment. Consider implementing small business employee benefits such as pensions, health insurance, mental health support, flexible working and wellness packages.

Here are some examples of employee benefits, which are low-cost, and highly valuable:

Pension Schemes

A generous pension scheme is a great employee benefit for small businesses as it will allow you to attract and retain the best talent. It is highly likely that your employees will want to plan for the future, this includes their retirement. A large motivating factor for employees is making sure that they have the necessary funds to retire when they want, usually around age 60. According to a 2017 study by The People’s Pension, 69% of employees think pensions are important when looking for a new job. The size of the company also factored into this decision, with 55% of employees valuing a pension from a small business. By providing a generous pension scheme as a small business employee benefit, you’re competing with larger companies who may not offer one as valuable, as well as all the other valuable benefits you offer. A pension scheme is a great investment to make sure you get the best employees.

Mental Health Support

Show your team that you care about their mental health by providing a low cost employee benefit. For small businesses, mental health support may become particularly important as they deal with a fast-paced working environment. It is also incredibly important to ensure your staff do not experience severe burnout as this has been cited as one of the top reasons why young people quit their jobs. Partnering with apps such as Headspace to give your employees free membership access is one way to provide this benefit. In return, you get a stronger, happier and more productive team.

Flexible Work Schedules

Allowing flexible work schedules is an incredibly powerful employee benefit for a small business. It is extremely valuable for your team members to feel they can have a healthy work life balance and this is a key small business employee benefit that will set your company apart from the rest. According to a recent study for the rec hub, 78% of remote employees would be willing to take a pay cut to work from home. It is clear that flexible working and remote working options are incredibly popular and do not have to cost you the earth. Where you cannot offer remote or hybrid work options, offer flexible working schedules for employees who wish for their timetable to be tailored to their needs. For example, staff members who would like to finish early to pick children up from school or attend an appointment in the middle of the day. This shows your staff that you care about what suits them and you understand they have priorities outside of the work environment.

Health Insurance

Providing your employees with private health insurance is another great way to show your team that their physical and mental health is valued. Rather than going through the NHS, private medical care means your employees will have a shorter waiting list and waiting times and therefore lower absences from work. Incorporating health insurance as part of your employee benefits means that the well being of your staff is put first, making your employees feel looked after and more likely to stay working for your small business.

Wellness Packages

Happier and healthier employees will only thank you and your small business. There are a number of companies you can partner with to provide your employees with wellness packages and support to help them feel less stressed and more settled at work. A great example of a wellness benefit would be offering free gym or sport memberships to your employees. Another way to incorporate wellness employee benefits would be to provide health meals and snacks. Both of these low-cost examples help your team to save money and improve their wellbeing.