Anyone looking for work will tell you they’re looking what employee benefits their potential employer offers. Job seekers need more than a high salary to feel motivated and valued, especially as it has become more difficult to find or keep stellar talents.
Reports have shown that 37% of Canadian workers want to change careers or are looking for new jobs with greater opportunities. Meanwhile, another survey revealed benefits packages as the top factor driving staff retention.
So, for small-business owners, staying competitive in an ever-changing job market is the key to retaining top talents. But what are the benefits available to workers in small businesses? What are the advantages they offer?
We’ll answer those questions below, so keep reading!
What Are Employee Benefits?
These are forms of compensation that aren’t monetary in value, provided by an employer in addition to their regular salary or wages. These perks can include health insurance, retirement plans, paid time off, disability insurance, life insurance, wellness programs, and more.
Because benefits are a significant part of an employee's total compensation package, they can vary from employer to employer. Every company has different compensation packages designed to attract and retain people. Either way, your business would profit from offering incentives because this helps provide a sense of security for future staff.
Why Should You Offer Employee Incentives?
For small-business owners, employee retention is a significant factor in ensuring your daily operations run smoothly. Attractive benefits include holiday pay, personal leave, and dental insurance.
Perks such as free food or drinks in the break room or morale-boosting activities such as sponsored retreats and outings do little to sway job seekers from joining your company. People are more interested in incentives that provide protection or time flexibility. Even providing a work-from-home option can increase retention rates.
In some cases, what’s included in each compensation package may be mandated by law, such as paid time off, pension plans, and overtime pay.
The Advantages of Providing Benefit Packages
Offering various incentives for workers will help your company for several reasons:
Attracting or Retaining Top Talents
Comprehensive benefits packages can help small businesses attract and retain high-quality personnel. This is because certain perks can be a deciding factor for job seekers when choosing between job offers or staying with a current employer.
Increasing Job Satisfaction and Productivity
Providing benefits such as retirement savings accounts or an employee assistance program tells staff that you care about their future while they’re working for you. This enhances job satisfaction rates and overall boosts morale in the workplace.
The Benefits Employees Want
Small businesses like yours must stay ahead of the curve. Researching market changes regarding incentives and providing a wider variety of compensation makes you a more desirable choice for job seekers.
Here are some of the most desirable workplace advantages:
Healthcare or Insurance
Many employers in Canada offer health insurance plans despite having public healthcare available to all residents. This is because those with private health insurance gain access to a wider variety of medical facilities and potential treatment options.
Some employers also offer vision or dental plans in their compensation packages.
Providing access to gym facilities or workout classes is a great workplace incentive that has become more popular.
This is an attractive option because it shows employees their company recognizes the importance of having a healthy workforce. Additionally, wellness programs can help reduce health risks, especially for sedentary workers.
Remote work opportunities
Since the pandemic, more and more job seekers have been looking for jobs with remote work or telework possibilities.
This is because it reduces commuting times and costs, cuts down food costs, and eliminates the need to rent a place close to work—all of which contribute to the rising cost-of-living crisis being experienced across the country. Remote work opportunities also promote the work-life balance needed to maintain workplace productivity.
Paid Parental Leaves
Being a parent is one of the most difficult jobs in the world. Aside from having to juggle work responsibilities, it also creates new demands and priorities at home.
Although guaranteed by the Canadian government, employers can top up their benefits so their employees receive their full pay while on leave. Doing so alleviates financial worries for new families while showing the employee they care about their well-being.
Why Should You Offer Employee Incentives as a Small Business?
While you, as an employer, have to ensure government-mandated employee benefits are offered to your would-be personnel, small businesses also need some form of insurance to be able to operate legally.
Accidents can happen at any time—you can be held liable for damages and repairs or even be taken to court should someone decide to file a lawsuit against you.
While many insurance policies are available to you, it’s important to gauge how much coverage you need without paying for unnecessary plans. This is why it’s important to purchase small business insurance from a reputable commercial insurance broker like KASE Insurance.
Why Small Businesses Should Choose KASE Insurance
The job market is constantly growing and changing. By offering competitive employee benefits packages, small businesses can stay ahead of their competitors and attract top talent.
As an award-winning commercial insurance broker based in Toronto, KASE Insurance knows how fierce the industry can be. As such, we are always excited to partner with small business owners to find competitive packages that suit their needs.
Our team of experts is always available to help you secure an employee benefits package that’s too tempting to turn down.
Contact us today to learn more!