Tips to Offering Affordable Employee Benefits

by | Jun 27, 2022 | Financial Advice, Insights To Business

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Affordable employee benefits take many forms. While most people think of health insurance and paid time off for vacation as common employee benefits, there are a few others that are just as rewarding and cost-effective as well. As an employer, it’s up to you to offer affordable employee benefits that your workers will feel good about. Providing them with options they can choose from that will help them build a better life for themselves.

Stock Options

If your company is looking for ways to build working capital, offer your employees an opportunity to purchase stock in the business. An employee is more likely to give 110% in the workplace if they own shares in the company. They can reinvest their earnings and buy more stock or they can cash out their dividends at the end of the month and earn a little extra money on the side.

Health Savings Accounts

Health savings accounts are a tax-exempt way to save money. They will also provide you with the money you need to cover your vitamins, over-the-counter medications, and any other type of health care expense you may incur throughout the year. Health savings accounts are controlled by the employee and can be used for almost any type of health or medical expense.

Health and Wellness Benefits

If you want to keep your employees healthy and showing up for work on time, offer them the health and wellness benefits they can use. Weight loss programs, gym memberships, corporate athletic challenges, and incentives for remaining in good health. You can also offer incentives for quitting smoking, dropping weight, or reaching a health and wellness milestone.

Retirement Benefits

Many employees choose companies because of the retirement benefits they offer. Do they provide a 401k or other type of retirement account? Does your employer offer quality life insurance policies? Many people are more concerned with their financial future and how they will deal with a reduced income that often accompanies retirement. Helping your employees prepare for that time is a benefit many are requesting.

Opportunities for Advancement

As your company grows, you may need to hire more people. Offer those opportunities for higher-paying jobs to employees you already have on the payroll. This provides them with a sense of value and accomplishment. Replace them with other entry-level applicants who you can train as they move forward with their employment.

Employer Reimbursement for Education

An affordable employee benefit is an employer reimbursement for education program. This gives your current employees an opportunity to complete their education and then provide your company with the benefits of what they have learned. In return for a commitment from them to work for the company, an employer paying for an employee’s education is a great way to offer an incentive to complete their degrees. Affordable employee benefits lay the foundation for a hard-working workforce. Talk to your employees and find out what they are most interested in. Give them the benefits they want and they will provide you with quality workmanship on many levels. This is a good way to utilize working capital if you are looking for a way to improve your company.