Having a startup company can be very challenging. Aside from brainstorming ideas and getting all the logistics organized, another thing to consider which can definitely affect your labor force is employee’s benefits.
Of course, this is considered as an entrepreneur’s most significant challenge. It can definitely put a hole in your pocket, retention of high skilled employees and maintaining your company’s values.
Founders of startup businesses find it wise to offer employees certain benefits because of one goal and that is to build the company’s culture. Asking why? Well, benefits can do a lot of things within a company. It can help your employees boost their morale and confidence in doing their jobs, they can feel their value in your company and they can feel that their presence is being recognized.
Giving them a sense of security while working can definitely push them in working hard and staying with the company.
Thinking of rolling out benefits to your team? Here are 3 things that you should consider:
Benefits should compensate the basic needs of being an employee. Of course you want your team to be present at all times and to be capable to meet the goal and the deadline. Considering to give them health insurance can give you more profit, less expenses. You don’t want to be a regular to the emergency room, right?
Being true to what your company can really give them sometimes cuts off the curiosity and the exaggeration. Be wise in considering what benefits to offer and how much will the budget be for each can definitely save you time.
Present and explain to your employees, most especially to new hires, what they will get as benefits. Make it clear and honest when telling them what you are capable of giving. Always highlight what you can give and avoid reduction of benefits.
Make use of health insurance subsidies.
There are certain requirements for a certain plan. Make sure to study them thoroughly and be wise in choosing before actually purchasing it. Be mindful of special coverage such as maternity benefits, emergency cases and also the process of giving extended benefits to family members. Yes, it is true that you are wishing to save money for your growing business but, it is also important not to put your team’s health in jeopardy.
Hire yourself a broker.
Business founders usually need to play a lot of roles all at the same time. They do not have all the time in the world to deal with complexities the insurance world can offer. Get a broker. He can handle everything for you. The best part of this is that, he gets the job done, your employees are getting benefits and, they won’t ask you for anything. Brokers are compensated by deals they close. They are compensated by the insurance companies in the form of commission. They can give you smart advice. They can provide you quotations and they will take care of all the paperwork for you.
Next read…Hiring and Building an Awesome Team
Article contributed by Startup Jobs Asia‘s Team.
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