Recently, two big companies announced monumental changes to their parental leave policies – Virgin announced that they would offer 1 year paid parental leave, and Nestl announced that it would be allowing employees to take 14 weeks of paid parental leave. These are big benefits offered by big companies. So as a small business, how do you offer employee benefits that can attract big talent?
According to the most recent U.S. Census, 11% of the American workforce is employed by small businesses with less than 10 employees. This puts these small businesses at a huge advantage when looking to attract and hire talented employees. Small businesses have a set of unique benefits that they can offer to get and keep dedicated employees. Here's a look at just a few:
Share
We’re not just discussing profit-sharing, although that is clearly one method to attract a talented employee. Focus less on materials benefits for an expert manager, analyst or designer, even more on making them a vital a part of the business. Someone who’s making $80,000 a year, but feels as if they are replaceable, can never really be satisfied with their job. Someone who’s making two-thirds that wage, but knows that they will earn more as the company grows, and that they have a say in how the company grows will be a whole lot happier.
Perks
Some of the heavy-hitters, like Google, have a fully-loaded employee cafeteria where employees can get their three squares a day, plus unlimited snacks and beverages. Other companies have on-site medical clinics or rooms for napping. All of these perks are really cool, but your small business doesn't need to offer the same ones to attract top talent. Try a stocked fridge in the breakroom with healthy snacks and beverages, or offer a stipend for employee gym memberships. You can keep employees motivated and feeling valuable to the company by giving them a gift card for a job well-done. Instead of offering stock options, give a quarterly or year-end bonus. Help your employees feel protected and secure by offering identity theft protection as a voluntary employee benefit.
More flexibility with work-life balance
Although your business may not be able to offer employees 1 year, or even 14 months of paid parental leave, there is room for more flexibility in employees work schedules. Allow employees to work from home a few times a week. Small businesses also have more flexibility in when people work, since the business may be seasonal. Give employees 2 weeks of paid vacation during the off-season, and be generous with allowing them to take personal days throughout the year. And if you go all out, follow Bart Lorang’s policy at FullContact where he gives employees $7500 as a “Paid, Paid Vacation“. If possible, allow employees to work from a different geographical location than where the business is based. With technology, a virtual office can be set up almost anywhere. That way, if you find great talent in a city different from your own you can still feel comfortable hiring the individual without requiring a life-changing move out-of-state.
Competitive wages and health benefits
As mentioned before, you may be able to offer a slightly smaller salary in exchange for the unique opportunity to be more valued in the company. But don't offer too low of a salary. Remain competitive by offering a similar wage. Obviously, a more educated and experienced candidate will need to be compensated accordingly. You should also offer your employees full health benefits. Don't be stingy in this area. Many a job offer has been declined because lack of full health benefits. You can join a small business insurance marketplace so that you can offer your employees full benefits at a reduced cost to your business.
Competing with the large corporations for top talent doesn't have to be all that hard. Using the above suggestions, you're armed and prepared to attract dedicated and capable employees who can help your company grow and maybe even catch up with the big corporations.
