Offering great benefits is the key to building a strong workforce. From health insurance to paid time off and flexible schedules companies have been on a constant endeavor to ensure employee retention. But, the effort to minimize costs incurred by the company while still satisfying employees still remains a constant battle.
Employee benefits offer them with some amount of flexibility and freedom to work along with managing some aspects of their personal life. Companies compete to offer varied benefits so as to attract and retain top talent. Offering health insurance, paid time off, work from home options, HRA, performance-based incentives, professional development with training programs and workshops, wellness programs, pension plans, maternity and paternity leave, and the list goes on…. Well, in this blitz of completion and in the attempt to retain top talent, HOW MUCH IS TOO MUCH? Where should a company draw a line? Where is the golden mean – where companies are not completely drained off their funds while trying to keep their employees motivated enough?
Many small businesses worry that offering too many employee benefits will be too expensive for the business to bear. The truth is that you cannot afford not to offer benefits. Investing in employee welfare will definitely pay off in the long run. The trick of the trade is to strike a balance between welfare and the hole it drills in your pockets. There are many options out there. Choose the ones that are best suited to fit your work culture, long term goals, and your company policies. Employee welfare need not be so complicated! Simply take care of your employees before they rush out of the door – straight to your competitors!
After all, if you do not take care of your employees, your competitors will!