Corporations and better-funded companies may seem to have access to the best benefits. But startups and small companies can also offer employee benefits that are attractive to employees.
So when should you begin offering benefits to your team? The short answer is, offer as much as you can, as soon as you can. For additional guidance, consider these examples.
As Soon As You Want, If You Offer Equity
Companies just starting out may lack the ability to pay high salaries or offer traditional benefits like health insurance. But all companies have a mission and a goal. Offering equity to your employees allows everyone to share in that mission and goal.
If your small business or startup is just getting off the ground, consider leveraging this perk now, when you might not have the resources to offer more lucrative benefits. While equity doesn’t have the same immediate value of more traditional benefits, equity can certainly contribute to greater team morale and camaraderie.
While equity doesn’t have the same immediate value of traditional benefits, it can contribute to greater team morale and camaraderie.
The reality is, people are ultimately going to want health insurance, a 401(k), dental insurance, and other types of benefits. While some early employees may be willing to forsake that in place of equity to start, after a while it likely won’t be enough.
Before Attaining Talent Becomes a Challenge
Your company should never reach a day where you have a hard time hiring or retaining necessary talent because of your benefits offerings. If that day seems to be approaching, it’s probably time to start considering employee benefits.
Take a look at what kinds of employee benefits packages other similarly sized businesses in your industry are offering. Are they offering access to health insurance? Are they turning to perks instead of benefits? This can help you set a good benchmark around what prospective employees are looking for, and allow you to determine what you might offer to gain a competitive advantage.
Ref:https://www.justworks.com