Benefits for small business employees

Working on an Small business can be a very exciting challenge. It can also be an opportunity to learn more than you would do while working on a big corporation as you have access to a wider spectrum of tasks and responsibilities.

Unfortunately, the salary and benefits package is usually not that generous as SMEs don’t enjoy the big one’s margins on business. This means that they can not spend as much as they would like on their employee’s benefits.

If you are an small business owner or manage the Human resources area you will be happy to know that there are plenty of options on the benefits and perks side. Plenty of options that you could add to your employee’s package without paying much more.

9 Type of Benefits / Perks that you could implement at your SME

1. Flexibility:

One of the main request that candidates have during interviews are about flexibility in the workplace. This is obviously a quick win for big organisations that can adapt better to those kind of requests as they have higher resources and structures. However, there are always things that you can do to improve flexibility in your SME, like making flexible by an hour the starting and leaving time, working from home on ad hoc basis, etc.. It may not work for all type of employees, like the customer service staff in a shop, but it creates a fantastic work environment if you are able to provide it.

2. AD HOC health insurance:

Amongst all types of employee benefits, health insurance is one of the most valued perks by candidates during the recruitment processes. Plenty of options are appearing on the market with new solutions that give SMEs the option to provide health care to their employees without paying the whole amount. How this health care packages work? You can pay checks, like you do with childcare vouchers or restaurant tickets. They usually have an expiration date, and you will need to pay a minimum amount per year.

However, it is a fantastic option to cover the routinary checks, specially in those countries where there is a waiting list on governmental health care.

3. Life insurance

It may not be something on your top list, but it is something not that expensive and that will add to the salary package. If you are only spending money in one employee benefit, don’t make it this one, but it could be a good addition to the health insurance.

4. Training

If you can not afford to pay external training, build a policy where you can help them with free hours to work towards their education.

If you have the possibility to pay for some training, we have prepared a list of the best online learning sites so you can find the appropiated training for your team and the best budget for your pocket 🙂

5. Mobile phone and Internet at home

This shouldn’t be an expensive bill and it is something that your employees could appreciate.

6. Gym

Talk to a local gym, yoga place or running club and try to agree a reduced fee for your employees, if this is not possible, create a system where you can pay the total bill or at least a part of it. It will help them to stay healthy and in the long term it will save you money in sick leave absences.

If you are not into paying the gym for your employees, you could all join an sport team (the one that you prefer and allows most of your employees to play it) or create it together, e,g: create a football team, or tennis tournament once a year. It helps building the moral, they will bond together outside the office as a team and it will have the same effects in their health as paying for the gym, and it is one of the funniest employee perks!

7. Psycological help

Specially if your industry is stressful, please consider providing psycological help online as part of your benefits plan. There are plenty of companies who give support over the phone and in a confidential way. They are usually not very expensive and can be a huge difference to your employees who may be struggling at a certain moment of their lives.

It has been proved that when a usually good performer changes their achievements, it usually has to do with a personal problem or stress at work. They don’t have to come and tell you, and they may not be aware of their underperforming. However, it is always positive to know that you have someone confidential to go and talk about anything that could be distressing you.

Some studies conducted by medical unions, “More than 10% of in-person visits to the doctor would be perfectly substitutable by digital consultations and is expected to grow steadily in the number of video consultations of 34% to reach 158 million sessions in 2020.”

According to the director for the Ibero-American market of Mentavio, Carlota Esteve, “Telemedicine does not replace traditional consultation, but offers patients and professionals a new way with important advantages in care and service.”

8. Afterwork events

If you are working close to the city centre, try to pay for some afterwork events, that will make the team feel closer to each other and they will think it twice when they want to move to another company if they have friends inside. Be careful with this, when you choose an activity, please try not to discriminate any of your employees (e,g, people who don’t drink, vegetarians, other religions, etc…)

9. Employee’s discounts

Big organisations receive offers from the local vendors and big brands to offer them discounts to their employees. However, there are also some online platforms that for an small amount per year, add you to their platform and your employees will have the opportunity to have discounts for the local supermarket, local nursery, hairdraisser, etc…

You will not give them money, but they could save some money thanks to you.

If your company provides a service or you are a retailer, calculate if they can have an employee’s discount. Would that be affordable to you? Most of the big supermarkets say that their main retainer for their staff are the discounts. It really increases your salary if you can do your monthly shopping a 25% cheaper that if you were working somewhere else.

A piece of advice before you finish reading, being small makes easier to keep your employees happy. However, if you are planning to grow soon, please make sure you think how the employee benefits you are about to implement will increment their cost in the future should you grow.

We will keep updating this post with more benefits for small business employees as we get to know new ones.

We hope you found this useful.

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