Become an employer of choice! How to create a competitive SMEs employee benefits package
Every business should work to prove their dedication to their employees. While most employers don’t realise this; it is something that should be acknowledged. Because whether you like it or not, an employer and employee’s relationship should be mutually beneficial.
If a business continuously loses its best employees, you won’t be able to reach your business’s goals. This is because you aren’t retaining your most skilled candidates. And for employees, they need a job to finance their lifestyle. But, employees won’t stay where they don’t feel appreciated. This is why both parties need to work well together to ensure that everyone gets what they want. Now, this is even more necessary for SMEs as small business owners are still trying to grow and expand their companies.
SMEs need to portray themselves in a way which makes employees want to work for them. Even ones who have worked in huge corporate companies for years. And, what most employers don’t realise is that word of mouth is still a powerful marketing tool which can bring you, valuable workers. And, many employees often prefer to work for small companies. This is because there are better growth opportunities within the company. Smaller companies often offer impressive fringe benefits if they cannot increase your salary. Now, let’s discuss how you can create a competitive small business employee benefits package for your employees.
Choose the right insurance company
First things first, you need to find the right insurance company for your business. There are many available insurance companies in South Africa, but you need to find one that you feel resonates with your business’s goals. So, if you wish to help your employees with their financial burden in the case of their death or disability, or help them with the burden of burying a loved one, then you need to find a group cover that offers those options. This will help you get group cover options that resonate with your employees’ needs. And, if you’re uncertain, you can have a survey done at work and find out what your workers’ are most worried about. A few common concerns are:
- Benefits programmes
- Job satisfaction
- Favouritism
- Being overworked
- Being micro-managed
- Pay fairness
Find a benefits plan that offers a variety of benefits
As a small business owner, you need to find ways to stretch your Rand. So, try and find a benefits plan that includes more than one benefit. Since there isn’t a one size fits all benefit plan, shop around for a cover that offers a variety for your employees. Those benefits can be group life cover, disability cover, life insurance and funeral cover. Of course, it’s not expected that your company offers all available benefits as you are an SME but, as long as you have ones that tackle the concerns your employees are more likely to have.
Invest in the growth of your employees
What many employees want in their careers is an opportunity to grow. Sadly, not every company offers this, which leaves employees feeling stuck and dissatisfied. Whereas investing in them can help curb dissatisfaction, improve retention, boost your company’s reputation and increase engagement in the workplace. Now, as a small business, this is what you want for your company, and this is where your business can have a competitive advantage. You can invest in your employees by allowing them to get online certification course and grow their skillset. This will help them to figure out which career path they want to pursue.
Give your employees a balanced between their work and personal life
Many employees want to find an employer who understands that there is more to life than work. And, although they need the job, they would also like to have time for their personal life. This is what can set your benefits package apart from other companies.
Final thoughts
Having competitive benefits packages is exactly what will set your SME apart. And, with the benefits mentioned in this article, you’re guaranteed to have employees knocking at your door. So, are you ready to win over employees with your benefits package? Start today!