There are a slew of benefit options for any organization. In this lesson, learn to determine the best benefit options for your organization.
- [Instructor] My friend worked for a company in Australia. The pay was good, but not spectacular. The competitive advantage of the company and the incentive people came to work there wasn't for the pay. It was for the benefits that shaped the company culture. When the time came for her to start a family, she got a full year maternity leave, free childcare, and awesome childcare summer camps. The point here is, the benefits that you offer your employees help to shape the company culture and reflect company values. This really brings me to another important HR guideline you should be considering for your organization. You need to create a stellar benefits package. Benefits are one of the ways we show value to our employees by providing perks that make your organization uniquely better from the rest. Benefits range from simple to elaborate. For some employers, this could be as simple as Jeans Fridays or flexible work schedules, benefits unique at your organization. Other benefits could include tuition reimbursement, free gym, childcare. For most, benefits include retirement funds, such as 401(k) or 403(b), medical insurance, paid vacation or paid time off, and Social Security. So, when putting together your benefits package, here's what I want you to do. First, you need to take care of your employees with basic benefits. While the specific of the US employer mandate is continuously being altered, a general rule is that if you have full-time employees, you must provide health coverage or pay a tax penalty. This could alter in the future, so you want to make sure to check your requirements as an employer. Basic health insurance typically comes in different packages of low, medium, and high deductible. Even without the mandate, it's good to provide at least basic benefits, including health insurance for your employees. Provide the basic benefits. Next, I want you to look at different options of benefits for your employees so that you can offer the best opportunities for your people. Ask what additional benefits do your employees want that you can provide. while there are basic benefits, there is no one-size-fit-all package. For example, I worked for a local community pool, and the director wanted to include life insurance for the employees. But most of the employees were under 18 without families, and they didn't want life insurance. They wanted free passes to the pool. So, create a benefits package that is tailored for your employees. Take advantage and be a little creative if you want. Google is known for their elaborate benefits, such as free fine dining, on-site laundry, and a massage therapist. Naturally, as a small startup, you typically can't provide all of this, but there is something that you can provide that is unique to your organization. So, take a look at your different benefit opportunities. After you have implemented your benefits, then communicate those benefits to your employees. Your benefits package is no good if no one knows about it. When I was student body president at the university, we had a slew of counselors to assist with the high stress and anxiety for the students. Problem was, few knew about the service or where the counselor's office even was. We had a needed and requested benefit, but since it wasn't communicated, it was not highly utilized. After we ran a campaign, more students were aware and able to take advantage of the benefit for the students. So, communicate your benefits to your employees. Here's what I want you to do. Take a look at your current benefits and identify what is good, what needs improved, and what has the potential to be stellar. Then ask your employees if they know about the stellar benefits that you provide, and encourage them to utilize these benefits to truly get the most of what you have to offer.
This audio-only course was created by Madecraft. We are pleased to host this content in our library.
- Building your team
- Choosing recruiting methods
- Creating compensation and benefits packages
- Training and developing employees
- Providing powerful performance feedback
- Having tough conversations
- Retaining your team