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 right plan design for your business’ future. The participants are full-time, W2 employees of small- to medium-sized businesses, defined as companies with 1 to 499 employees. Health insurance 3. "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. We use employee feedback site Glassdoor as the platform to encourage all employees to explain why they love working for us. When most people think about benefits, they’re usually thinking about health and insurance benefits. 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. All the little freebies add up quickly, after all. And try to veer on the healthier side – you don’t want your whole team having a daily 3 p.m. sugar crash. 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. Compt lets us say “yes” to the varied requests we get for perks by putting the choice in the individual team members’ court. Ensure full tax compliance with your perks so you and your CFO can rest easy. Even where not legally mandated, employee benefits are critical to the long-term success of a company – both for enticing quality employees and even potentially as an instrument of savings. *Small business defined as 250-750 employees. Sleeping during the day has also been in the news lately as a … 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 … Plus, unlike other perks software solutions in the market, with Compt companies can offer perks that are both taxed and untaxed. But when you own a small business, you don’t always have the budget to spend on the non-essentials. Empathy and Support. Flexible Work. Employee training – Supporting professional development among your … 9 unique employee perks to attract talent, Everything you need to know about candidate experience. Free stuff. September 04 2017 Here at Peninsula, we are focused on staff wellbeing. Wellness initiatives are also win-win because they decrease your team’s need for health insurance, while also reducing absenteeism and improving productivity. Central to the Compt software is perk stipends. Fortunately, there are simple ways for employers to create the plan that’s best for their organization without breaking the bank. 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? Invite your team to start using their perks. One of the most common benefits for small business employees is the payment of part of their Gym fee. 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. 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. Paid time off such as PTO, sick days, and vacation days 2. Commuter benefits. What is inside an employee benefits package for small business? Interestingly, 80% of small business employees have access to unpaid family leave, … Making up that 47% are employees of varying ages, cultures, lifestyles, and locations. Paid leave. Because of this perk, I was able to expense a flight home to surprise my mom for her birthday. Before you can start building your aspirational list of employee benefits, first you must meet certain federal and state requirements. Make your perks strategic by aligning them with your company's mission, values, and goals. 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. However, they’re highly important to top talent: according to recent Gallup research, 87 per cent of millennials say development and career growth opportunities are very important to them in a job. You work hard to grow and scale your business. A comprehensive package consists of health and dental coverage, paid time off, disability insurance, a retirement plan, and sometimes, industry dependent benefits. © 2018 WP Online Holdings Limited. Short term disability insurance 10. Here are five employee perks that every small business should be offering (you can afford them, we promise). In fact, just last month Basecamp CEO Jason Fried admitted to Business Insider that he’s running out of ideas for employee perks. 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. No, you don’t need an in-house chef. Childcare be… There is no shortage of expense reimbursement platforms out there; these tools are a dime a dozen. We have 1 or 2 employee discounts with other businesses (e.g. Long term disability insurance 9. Also on the list of benefits employees and small businesses wanted to see were several low-cost or even free options, for example: Some of the perks include early finishes, working from home, flexible hours, free food, team lunches, annual events and birthday day offs. Plus, deciding upon which benefits will appeal to prospective and current employees is also no small feat. Kate Palmer - HR Advice and Consultancy Director. This is perhaps the most sought after employee benefit. Consider leading a weekly yoga class in a meeting room, or running a daily walking club. Life insurance 4. Employee benefits for small businesses. Health benefits. Luckily, health insurance is increasingly easier for small businesses to offer as more cost-effective options, services, and platforms become available. AnyPerk is a low-cost... 2. Get rid of the manual payroll reimbursement process where employees aren't engaged with the process. The variety of perk categories available within the Compt software makes the possibilities endless for both the employer and employee. Technically, anything that your business offers to employees beyond their wages, workplace safety, and vacation can be considered an employee benefit. Here is a list of popular employee benefits in the United States: 1. For a complete run-down of the options, check out our recent article here. 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. Likewise, perks are often auxiliary and are separate from compensation like salary or wages. By using our website you consent to the use of cookies. Employees can use HRA funds to buy their own individual insurance, or pay for qualified medical expenses if … Skip the vendor recruitment and management process altogether. 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. Sometimes employees need time off with super short notice. Employee perks for your small or medium-size business. Catered lunches . Offering perks like these will help foster employee morale and overall engagement — and we all know that keeping employees happy is good for business. Some ideas might include discounted access to local public transportation or gas cards for employees who drive. ... As you dig in, keep in mind that there’s no such thing as perfect small business benefits, package because every business is different. More than 30,000 small to midsize businesses choose the Chambers Plan to protect their employees with comprehensive group benefits , including Health and Dental insurance, making it Canada’s #1 employee benefits plan … – Post a job on Workopolis now. 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. Companies who use Compt have greater employee engagement with perks. Professional development, education, and training opportunities are particularly important to small businesses because they don’t have to take much out of the operational budget. This article is based on research for our recent eGuide, How to create a benefits package. 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. Solutions Associate, Midaxo                                      Employee User. Small business owners can take the time to get to know their people on an individual basis, understand their needs, and provide the hands-on mentoring and professional development that will serve them throughout their entire careers. 1. Not to mention the laborious and manual administrative processes to manage them. We know that food makes employees happy. 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. Under the law, businesses that have more than 50 employees are required to offer some sort … – Listen to Safe for Work, the Workopolis podcast Here are five employee perks every small business should consider offering their employees. A wellness program doesn’t necessarily have to mean fitness subsidies or expensive classes. Everything you need to know about taking care of your employees and creating a great place to work. “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. 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. 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. With your employees purchasing their perks, the process is the same whether your have 10 employees or 1,000. Learn more about perk stipends in our Ultimate Guide to Perk Stipends. We’re not talking specialty offerings like at big tech companies, but having a few treats like coffee,... 3. 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. That's priceless. The information on this site is provided as a courtesy. Compt helps you support everyone equally, whether they're a single city-dweller or married in the suburbs. Things like a company car, monthly dining/entertainment allowance, hotel discounts, catered office lunch, gym memberships, and standing desks. phone provider), but the selection leaves much to be desired. Today, numerous job functions are remote-friendly, from accounting to web development. I wish there was a way to find and suggest other partner-employee discounts to our HR department! Perks are typically things that help an employee perform their job better. Employee perks a small business can afford; Employee perks a small business can afford. – Follow Workopolis_Hire on Twitter The Small Business Guide to Employee Benefits SO, WHAT ARE EMPLOYEE BENEFITS? The respondents receive health, dental, or vision insurance through their employer. I also love general employee discounts, but my company doesn’t produce anything a typical employee could use. You already have built-in advantages such as fewer layers of management to navigate, and a sense of belonging that can be harder to find in bigger companies. Health insurance. Retirement benefits or accounts 7. Motivating employees in your small business needn't cost a fortune. 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. Perks that make your employees happy don't have to cost an arm and a leg--really. Employee perks might need a bit of a name change soon. The ability to offer every perk in the market through different vendors is impossible. “I’m just running out of ideas for it.”. Flexible Work Hours One of the best small business benefits to employees is flexible working hours. Here are five employee perks that every small business should be offering (you can afford them, we promise). 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. While not required at the federal level, paid holiday, vacation, personal, and sick leave are among the... 2. BUILT IN COST CONTAINMENT. Employee benefits, also known as perks, are provided to employees above their salaries. All rights reserved. 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. Let your employees choose their plan elements – while your business gets cost certainty. “They do not set organizations apart but are essential in attracting and retaining employees,” writes Gallup. 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. Small businesses may not have the budget to be able to offer year-round benefit schemes or expensive employee perks. Other low-cost options include meditation sessions, mental health workshops, and healthy lunch potlucks. Instead of managing every perk and vendor individually, create a customizable program that is easy to use, scale and manage. Our software empowers your people to easily access all of their information, eliminating the volume of questions HR receives regarding balances or qualifying expenses. Just be sure to consider all diets, allergies, and other restrictions before you buy a month’s supply of peanut butter. 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. Gallup’s State of the American Workplace breaks down all employee benefits into four categories: basics, important to some, differentiating, and added value. Here are some of the benefits that employees want the most: Health coverage. But a well-stocked snack pantry and quality coffee maker can go a lot farther than you think. Or come in to work upset over things... 2. If jobs at your business can’t be performed remotely, consider offering commuter benefits as one of your employee perks. Employee Perks Your Small Business Can Afford 1. Vision insurance 6. Small businesses have a leg up in one of the most important perks for all employees: the need to be seen, heard, and valued. Mark Bilbe, Mimecast's general manager of North America,... Nap room . 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. For the HR teams working with these small businesses, attracting and retaining top talent is just one of the many challenges they face. … Dental insurance 5. See also: Cost containment features are built directly into plans, saving your employees money. The employee perk can also increase their productivity if there are fewer distractions at home. It is not like having an inside gym at the office like the big … Here are the employee benefits you mustprovide: Compt can help you setup and manage an entirely personalized perk program that aligns with your business goals and employee needs. This perk has allowed me to spend time with the people I care about. That said, it’s not impossible for small businesses to offer employee perks – and in fact there are some that they absolutely need to have to compete with the larger companies. All rights reserved.Tous droits réservés. After all, they’re not really perks any more – they’re a compulsory component of any competitive job offer. With Compt, your investment and support is more visible and employees are actively engaged. Employee perks are becoming a staple of companies’ strategic approach to attracting, engaging, and retaining top talent. Small business benefits package. This could mean everything from easing up on the business dress code (within reason, of course) to offering flexible work hours – whatever you can do to lean into the benefits of being with a smaller team. 9 unique employee perks to attract talent Plus, perks at work can not only help you attract new candidates but also also help you retain current ones. Kitchen stock. Find a plan See if your business is eligible 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. EMPLOYEE CHOICE. A perk stipend is a sum of money given to employees dedicated to perks. A guide for small business owners on what to offer as perks and benefits for their small business employees. If jobs at your business can’t be performed remotely, consider offering commuter benefits as one of your employee perks. The basics category includes the must-haves that most employees would change jobs to obtain. 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. You choose the perk categories you want to offer (e.g., health & wellness, remote work, food, or a combination), time-frame, and spending amount. Some benefits include overtime, profit sharing and retirement benefits. Competing with larger organizations, who most often provide larger salaries and comprehensive benefit plans, can make it nearly impossible. Sometimes those little “extras” that add to employees’ work-life balance can trump higher salary bids by competitors. Healthcare spending or reimbursement accounts, such as HSAs, FSAs, and HRAs 8. Speak with a Compt team member to see if it is one of the many in the works . Today’s seekers are looking way beyond salary to the free stuff and cool services that will make their day-to-day better. Sustainable Plan Designs. 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.”. Keep reading to learn about some employee perks for small business. These perks might include such things as a wellness benefit perk, or a learning and development perk. Health Benefits. Everyone likes concert tickets, movie outings, and passes to sporting events. Small Businesses Can Offer 1. For many employees, this is the most attractive perk that any company can offer as flexible work gives... 3. Your employees must live anywhere in Canada except Quebec, work year-round and be younger than 70 years of age. While the above small business employee benefits involve monthly premiums, insurance policies aren’t the only perks out there. It can boost loyalty. But being a smaller company doesn’t mean a benefits plan is out of reach. 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. Tuition reimbursement 11. “I’d love to continue to give more and more things to make people happier and more comfortable,” he said. However, there wasn’t a tool that specifically said, 'Corporate perks aren’t as simple as reimbursing employees; there’s more to think about. Gallup’s State of the American Workplace breaks down all employee benefits into four categories: basics, important to some, differentiating, and added value. For more on employee perks and benefits, download our free eGuide, How to create a benefits package, today. Flexible hours. Unpaid leave. Voluntary benefits small businesses can extend to employees 1. DATA DRIVEN ANALYSIS. This is one of the biggest employee perks that attracts and retains employees. Don's see yours on the list? You work hard to grow and scale your business. Workopolis is not a career or legal advisor and does not guarantee job interviews or offers. For small organizations, offering employee health benefits can be a challenge. 1. Investing in small but varied perks helps reduce turnover. Copyright Workopolis. With Compt, you can achieve 100% perks personalization by adding a supplemental perk stipend to your existing program, such as a remote work or wellbeing stipend. 10 things that make a job awesome, – Subscribe to the Hiring Insider newsletter , health insurance is increasingly easier for small businesses, attracting and retaining employees, ” writes.. Perhaps the most attractive perk that any company can offer perks that employee perks for small business taxed. On this list selection leaves much to be desired much to be desired I., from accounting to web development gym memberships, and vacation can considered! Want your whole team having a daily 3 p.m. sugar crash meditation sessions, mental workshops... Or wages site is provided employee perks for small business a courtesy are looking way beyond salary the... Gets cost certainty their job better your investment and support is more visible and employees are engaged. 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And scale your business can ’ t mean a benefits plan is out of.... Staple of companies ’ strategic approach to attracting, engaging, and other restrictions before you buy a ’. Work-Life balance can trump higher salary bids by competitors people via SurveyGizmo from September 24 29. Quebec, work year-round and be younger than 70 years of age, also! Development perk consider offering their employees job functions are remote-friendly, from accounting to web development ideas it.. Perks might include such things as a wellness program doesn ’ t a! Hras 8 will appeal to prospective and current employees is the same whether your have 10 employees 1,000! Employee feedback site Glassdoor as the platform to encourage all employees to explain why they love for... Add to employees above their salaries the biggest employee perks for small businesses, defined as companies with to... 10 employees or 1,000, who most often provide larger salaries and comprehensive benefit plans, make.