Reasons Your Small Business Should Provide Quality Company Benefits

Although providing company benefits can be costly, you get more in return. Investing in top quality benefits is an important part of running a successful small business. There are so many benefits to giving your staff appealing added extras to their salary. Reasons Your Small Business Should Provide Quality Company BenefitsIf you are thinking about what benefits to provide then make sure you do some research to find out what other companies are doing and what might be appealing to your employees. If you already provide excellent benefits then don’t forget to remind employees what they are entitled to. Some employees often don’t even realise some of the benefits that they are given. Here are 5 reasons to provide quality company benefits for your staff.

1. Be Competitive
You need to be able to provide impressive benefits in order to compete with other companies in your sector. If you create great benefits people will start to see that you have something to offer. You won’t lose existing staff to competitors or miss out on attracting the best talent.

2. Make Employees Feel Valued
Employees need to feel valued and appreciated. One of the ways you can do this is provide them with good benefits. You can do an incentive based benefit scheme where staff get more benefits added on as they achieve more or bring in more business. Employees are more likely to work harder if they feel their company has great benefits. There is nothing like extra money in the pay packet to act as a motivator.

3. Attract Quality Candidates
Candidates will quickly scan the benefits you offer on a job description. They will look at all the other important factors but your benefit scheme might just give them the push they need to click ‘apply now’. With better benefits you should start to attract some high quality candidates who are looking for a company with a good reward scheme. This can include private health schemes, a good pension scheme or bonuses for the top sales person.

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4. Staff Retention
Keep your existing staff on board by providing the benefits they want. It helps to regularly review benefits to see if you are providing the things that matter the most to your current staff. People come and go and expectations change. It’s worth being pro-active and listening to your employees views. Take out the benefits they don’t want and replace them with others that they do. Staff are more likely to stay longer if they feel they are being rewarded for their hard work.

5. Positive PR
You can build up a good reputation and generate some positive PR through having an excellent benefit scheme and looking after your staff. Employees might be more positive when speaking to the press and other companies.

According to a study by HR Magazine in 2010 the top three employee benefits paid by employees were holiday entitlement at (79%), bonuses (74%) and flexible working hours at (46%) see HR Magazine for more details. With pay cuts and pay freezes the norm until recently, employees are relooking into alternative methods to improve morale. What sort of benefits is your own company currently offering? This maybe the ideal time to review your own benefits scheme.

About Neil Maycock

Neil Maycock advises companies on human resources, productivity, and motivation issues. He recommends MyHRToolkit for HR related needs.