For a complete run-down of the options, check out our recent article here. Health Savings Accounts (HSA) working with HDHPs are a great option for small business owners too; with HSA, once the employee is enrolled in the plan, the employer deposits money into their account every pay period. Sometimes those little “extras” that add to employees’ work-life balance can trump higher salary bids by competitors. Flexible Work. Introducing Flexbox: Benefit plans for small businesses with 2 to 20 employees Available for businesses based in Ontario, Manitoba or Saskatchewan without group benefits for the past 2 years. Wellness initiatives are also win-win because they decrease your team’s need for health insurance, while also reducing absenteeism and improving productivity. Empathy and Support. What is inside an employee benefits package for small business? Free stuff. A wellness program doesn’t necessarily have to mean fitness subsidies or expensive classes. We know that food makes employees happy. Some ideas might include discounted access to local public transportation or gas cards for employees who drive. Today’s seekers are looking way beyond salary to the free stuff and cool services that will make their day-to-day better. Here are the employee benefits you mustprovide: One of the most common benefits for small business employees is the payment of part of their Gym fee. Employee perks for your small or medium-size business. Health insurance 3. Employee training – Supporting professional development among your … Consider leading a weekly yoga class in a meeting room, or running a daily walking club. Healthy Cafeterias and Snack Machines: Having access to healthy meals, snacks, and beverages can go a long way toward... On-Campus Career Development: Learning is … BUILT IN COST CONTAINMENT. Retirement benefits or accounts 7. And it’s not just about recruitment either – perks (we’ll keep calling them that for now) also play a huge role in keeping existing employees happy, productive, and loyal. Vision insurance 6. It’s no surprise, then, that companies are offering their employees everything from chef-prepared lunches to on-site massages, with more and more over-the-top treats added each year. Just be sure to consider all diets, allergies, and other restrictions before you buy a month’s supply of peanut butter. Short term disability insurance 10. Paid leave. – Listen to Safe for Work, the Workopolis podcast However, there wasn’t a tool that specifically said, 'Corporate perks aren’t as simple as reimbursing employees; there’s more to think about. “They do not set organizations apart but are essential in attracting and retaining employees,” writes Gallup. While not required at the federal level, paid holiday, vacation, personal, and sick leave are among the... 2. Cost containment features are built directly into plans, saving your employees money. Compt also provides you with real-time data and insights about employee perk usage and overall engagement, making it easy for your clients to identify trends and adjust their perks program as needed. Eligible small businesses can contribute pretax dollars to qualified HRAs of up to $4,950 for each single employee and up to $10,000 for each employee with dependents. Group Insurance & Employee Benefits Enjoyed by 30,000 Canadian Businesses The Chambers of Commerce Group Insurance Plan has been protecting Canadian firms for over 40 years. Solutions Associate, Midaxo                                      Employee User. For more on employee perks and benefits, download our free eGuide, How to create a benefits package, today. Investing in small but varied perks helps reduce turnover. Luckily, health insurance is increasingly easier for small businesses to offer as more cost-effective options, services, and platforms become available. DATA DRIVEN ANALYSIS. A perk stipend is a sum of money given to employees dedicated to perks. It is not like having an inside gym at the office like the big … Compt lets us say “yes” to the varied requests we get for perks by putting the choice in the individual team members’ court. The one-size-fits-all benefit solutions  that constrain users to a specific vendor are quickly becoming a thing of the past. And one of the biggest items on this list? Meet Compt, the all-in-one perk management solution that helps companies create and manage employee perks programs based solely on the unique needs of the company and its employees. 10 things that make a job awesome, – Subscribe to the Hiring Insider newsletter Today, numerous job functions are remote-friendly, from accounting to web development. Invite your team to start using their perks. Instead, they can consider offering work incentives to staff.Incentives can be run on a daily, weekly or monthly basis, rewarding staff with a prize once they meet a specified target. Central to the Compt software is perk stipends. Some benefits include overtime, profit sharing and retirement benefits. The basics category includes the must-haves that most employees would change jobs to obtain. ... As you dig in, keep in mind that there’s no such thing as perfect small business benefits, package because every business is different. Gallup’s State of the American Workplace breaks down all employee benefits into four categories: basics, important to some, differentiating, and added value. Before you can start building your aspirational list of employee benefits, first you must meet certain federal and state requirements. Competing with larger organizations, who most often provide larger salaries and comprehensive benefit plans, can make it nearly impossible. Make your perks strategic by aligning them with your company's mission, values, and goals. Flexible Work Hours One of the best small business benefits to employees is flexible working hours. In the United States alone, there are 30.7 million small businesses* employing 59.9 million people -  47 percent of the United State’s total workforce. 9 unique employee perks to attract talent, Everything you need to know about candidate experience. “Many small companies are focusing on benefits and perks that are a bit more manageable financially but also represent their culture and accommodate their employees’ lifestyles,” writes Gallup. This is one of the biggest employee perks that attracts and retains employees. For many employees, this is the most attractive perk that any company can offer as flexible work gives... 3. Commuter benefits. You work hard to grow and scale your business. Skip the vendor recruitment and management process altogether. The variety of perk categories available within the Compt software makes the possibilities endless for both the employer and employee. While the above small business employee benefits involve monthly premiums, insurance policies aren’t the only perks out there. Offering perks like these will help foster employee morale and overall engagement — and we all know that keeping employees happy is good for business. Health benefits. Employee perks might need a bit of a name change soon. Employee benefits for small businesses. All rights reserved. Gallup’s State of the American Workplace breaks down all employee benefits into four categories: basics, important to some, differentiating, and added value. … “I’d love to continue to give more and more things to make people happier and more comfortable,” he said. Since small businesses may be unable to award their employees with large salaries, they can use employee perks to boost their morale and improve their retention rates. I wish there was a way to find and suggest other partner-employee discounts to our HR department! "There are certain benefits good employees feel they must have," says Ray Silverstein, founder of PRO, President's Resource Organization, a small-business advisory network. An office with a laid-back, startup feel is a plus for a lot of job seekers – and something that larger corporate companies have a hard time scaling up. There is no shortage of expense reimbursement platforms out there; these tools are a dime a dozen. Life insurance 4. A comprehensive package consists of health and dental coverage, paid time off, disability insurance, a retirement plan, and sometimes, industry dependent benefits. Everything you need to know about taking care of your employees and creating a great place to work. Keep your company's greatest asset - your employees - delighted with perks that will help your company attract, engage and retain a happy and engaged workforce. But a well-stocked snack pantry and quality coffee maker can go a lot farther than you think. Here are five employee perks every small business should consider offering their employees. Employee benefits, also known as perks, are provided to employees above their salaries. In fact, wellness programs can save companies over $250 a year per employee, according to Sun Life and Ivey Business School’s ongoing survey into ROI in Canadian corporate wellness programs. All the little freebies add up quickly, after all. Compt is an employee perks management software that helps companies - large and small - build and streamline perk stipends that offer customized perks for employees while being flexible and scalable for HR. And try to veer on the healthier side – you don’t want your whole team having a daily 3 p.m. sugar crash. Keep your company's greatest asset - your employees - delighted with perks that will help your company attract, engage and retain a happy and engaged workforce. The ability to offer every perk in the market through different vendors is impossible. But here’s the rub: while that’s all well and good for a multi-billion-dollar company, offering perks becomes a little more difficult for small businesses trying to find and retain top talent. Employee Perks Your Small Business Can Afford 1. The right plan design for your business’ future. Employee perks are becoming a staple of companies’ strategic approach to attracting, engaging, and retaining top talent. Employee perks a small business can afford; Employee perks a small business can afford. Motivating employees in your small business needn't cost a fortune. Also on the list of benefits employees and small businesses wanted to see were several low-cost or even free options, for example: Now that you have some ideas for employee perks to offer, you’re in a better position to please your team and show your appreciation for them. Employees can use HRA funds to buy their own individual insurance, or pay for qualified medical expenses if … The respondents receive health, dental, or vision insurance through their employer. Everyone likes concert tickets, movie outings, and passes to sporting events. Most small businesses select High Deductible Health Plans (HDHPs) because employees pay more of the treatment costs up-front before the insurance agency chips in. This is perhaps the most sought after employee benefit. © 2018 WP Online Holdings Limited. Perks are typically things that help an employee perform their job better. Kate Palmer - HR Advice and Consultancy Director. Dental insurance 5. Keep reading to learn about some employee perks for small business. Small businesses may not have the budget to be able to offer year-round benefit schemes or expensive employee perks. But being a smaller company doesn’t mean a benefits plan is out of reach. All rights reserved.Tous droits réservés. Under the law, businesses that have more than 50 employees are required to offer some sort … Paid time off such as PTO, sick days, and vacation days 2. This perk has allowed me to spend time with the people I care about. Things like a company car, monthly dining/entertainment allowance, hotel discounts, catered office lunch, gym memberships, and standing desks. Don's see yours on the list? Small business benefits package. Fortunately, there are simple ways for employers to create the plan that’s best for their organization without breaking the bank. Small businesses have a leg up in one of the most important perks for all employees: the need to be seen, heard, and valued. The Small Business Guide to Employee Benefits SO, WHAT ARE EMPLOYEE BENEFITS? Kitchen stock. Not to mention the laborious and manual administrative processes to manage them. But when you own a small business, you don’t always have the budget to spend on the non-essentials. AnyPerk is a low-cost... 2. You work hard to grow and scale your business. Other low-cost options include meditation sessions, mental health workshops, and healthy lunch potlucks. If jobs at your business can’t be performed remotely, consider offering commuter benefits as one of your employee perks. That's priceless. Compt makes it easy for employees to simply upload a photo of their perk receipt as they spend, and with just two clicks, you can download a monthly report for payroll. Let your employees choose their plan elements – while your business gets cost certainty. In fact, just last month Basecamp CEO Jason Fried admitted to Business Insider that he’s running out of ideas for employee perks. Ensure full tax compliance with your perks so you and your CFO can rest easy. With Compt, your investment and support is more visible and employees are actively engaged. – Post a job on Workopolis now. Speak with a Compt team member to see if it is one of the many in the works . Technically, anything that your business offers to employees beyond their wages, workplace safety, and vacation can be considered an employee benefit. Or come in to work upset over things... 2. Speak with a Compt team member today to discuss your company's goals and challenges with perks, and to see if perk stipends can help you achieve greater success. Catered lunches . Childcare be… We surveyed 1,109 people via SurveyGizmo from September 24 to 29, 2020, about employee benefits. “They are offering employees the flexibility, autonomy and development they want and establishing work environments that feel less like traditional, inflexible corporate cultures.”. By using our website you consent to the use of cookies. Whether you’re building a business from the ground up or simply improving an existing one, including employee benefits as part of the compensation package for new hires is vital. These perks might include such things as a wellness benefit perk, or a learning and development perk. A lot of these training programs are win-win: a mentorship program between upper management and entry-level employees, for example, lets companies groom employees to move into hard-to-fill roles in the future. Plus, unlike other perks software solutions in the market, with Compt companies can offer perks that are both taxed and untaxed. phone provider), but the selection leaves much to be desired. When most people think about benefits, they’re usually thinking about health and insurance benefits. The employee perk can also increase their productivity if there are fewer distractions at home. Whether you’re just getting started offering perks, already have some in place, or are looking for a better approach for you and your people, we can help. Here are some of the benefits that employees want the most: Health coverage. Some of the perks include early finishes, working from home, flexible hours, free food, team lunches, annual events and birthday day offs. Sustainable Plan Designs. The participants are full-time, W2 employees of small- to medium-sized businesses, defined as companies with 1 to 499 employees. Flexible hours. 1. Making up that 47% are employees of varying ages, cultures, lifestyles, and locations. Need to know about candidate experience available within the Compt software makes the possibilities endless both! Built directly into plans, can make it nearly impossible more – they ’ re a compulsory component of competitive. Allowance, hotel discounts, catered office lunch, gym memberships, and HRAs 8 many in works. Manager of North America,... 3, gym memberships, and passes to sporting events ’ d to! Other businesses ( e.g rest easy and benefits, also known as perks, are to! 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