Any successful business owner will tell you that one of the most important parts of the job is to keep a happy workforce. Attracting and maintaining the best employees is key to any successful business. The best way to do that, besides a hefty paycheck, is to offer unique benefits that make employees feel appreciated and hopefully deters them from seeking other employment. It is beneficial to employers to offer better benefits and hold on to the best employees rather than offer less and keep a high turnover rate.
There are some employee benefits that are basically required if you want to get the best employees; health insurance, for example. A lot of employers mistakenly believe that they have to pay for 100 percent of the insurance bill for their employees. Most states require employers to pay at least 50 percent of the premiums. Most employees will understand that they will have to carry some of the responsibility for these things as well. Work out a good deductible/premium ratio that both you and your employees will appreciate.
It is also advisable to offer some kind of retirement plan. Most successful companies go with the 401(k) plan. A popular way to do this is to set up a defined contribution plan that will allow the employee to decide how much of their paycheck will be sent directly to a retirement account. Many businesses also offer a small matching percentage contribution to the account. For example, an employee may choose to dedicate 6 percent of their pay to the retirement fund and you may offer to match 3 percent of it.
After offering both health and retirement, it’s time to be imaginative. Choosing special perks can also help you to draw a certain kinds of employee that may be like-minded and get along well. Some examples of perks offered by successful companies include gym memberships, holiday time off, extra maternity/paternity leave, paid day off for birthdays, sports season passes, company spa days, fridge full of free drinks, education subsidizing, and more. Get creative!
Maintaining a happy workforce will lead to a more successful company. If you want to grow your company into something really special, lay out some sweeter pollen than the other tulips and daisies to attract the better worker bees.
Garland & Mason, L.L.C. – New Jersey business lawyers