The right compensation can be the key to retaining your best employees and attracting talented newcomers. Small business owners can maximize the value of their compensation with smart spending on employee benefits.
A recent article from MarketWatch, a Wall Street Journal publication, advises that “the right menu of benefits can help businesses hold on to their most valuable staffers”. The article discusses how small business owners can use employee benefits as a business tool.
Although this article analyzes the US market, similar trends apply here in Canada. While cash compensation and bonuses for performance are a great way to incentivize and reward employees, to be competitive, businesses also need to offer benefits coverage to employees. The value of employee benefits cannot be ignored, particularly when health and dental benefits in Canada are tax-free to the employee when received.
Certainly not all businesses can afford to offer the most comprehensive benefits plan. However, employers can share benefits costs with employees, reducing the burden on the budget. (Click here to see our series on the many ways to share benefits plan costs, including payroll deduction and healthcare spending accounts, for example.)
Benefits plans can be customized to best reflect the needs and goals of the business. It’s important to remember that younger employees may have different needs and expectations than older employees. The article suggests that employers keep that in mind when devising a benefits plan strategy.
Tim Kochis, founder and president of Kochis Global, says that small businesses “will ultimately have to respond to their competitive landscape. That is the driver. … In order to attract and retain the kind of employees they want, what kind of [benefits] do they need to provide.”
We encourage you to check out the article, and think about some of the ways you could use a benefits plan to the advantage of your business.
>> The Benefits Trust offers a wide range of customized benefits plan solutions for small and medium sized businesses. Please contact us to discuss your company’s goals and how we can build the perfect benefits plan for you. Related Posts
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