Many businesses, both big and small, offer the following incentives to their employees.
First of all, most potential employees look for a company that offers a well rounded health plan. Depending on how extensive your budget is, you may include dental and optical coverage, which could make your company more attractive than your competitors.
Offering a retirement plan, such as a 401(k) or SEP, can also give you an edge when you’re hiring. Some employees may want to roll over their current retirement plan into the one that you offer, while others will want to start building their nest eggs.
Finally, it’s standard to provide paid vacation time to your employees. One way to decide how much vacation time you want to offer is to find out what other businesses in your industry offer, since you want to remain competitive. You’ll want to include your company’s policy for vacation days in your employee handbook, so that your employees know when they can expect an increase in the number of days they get.
Another benefit that employers are starting to offer young employees is assistance in paying off student loans. Because student loan debt is a financial burden on millions of young people in and entering the workforce, this is a benefit that may be a valuable recruitment and retention tool.
To attract employees, you may want to provide flextime, which lets your employees set their hours or compress a full work week into four days. Or you can let your employees work remotely, which allows them to work from home, on the road, or from another city.
Making these schedules work can be a challenge for you as the business owner, since it maybe more difficult to create a cohesive office atmosphere. But if you schedule regular online conferences or in-office meetings, your employees will still feel connected to one another and your company in general.