7 benefits small businesses can offer to attract and hire top talent
- The increased desire to continue working from home after the pandemic can be a major benefit for small businesses.
- To poach the best talent, small business owners offer remote working benefits and wellness incentives.
- One CEO offers his employees a monthly stipend of $ 150 from the WFH, while another gives an annual grant of $ 700 for domestic vacations.
From working entirely remotely to seemingly endless video conference calls, COVID-19 has undoubtedly changed the way we work over the past year.
And while its long-term effects remain to be seen, the increased desire to continue working from home after the pandemic has prompted many workers to consider more flexible workplaces – a trend that is pushing companies to fight to attract employees. talents.
“You have the Silicon Valley companies paying for dry cleaning and massage,” said Million Dollar Baby Co. CEO Teddy Fong. “But if not done right, these benefits can be like a Trojan horse to get people to stay longer and do more work.”
Instead, Fong opts for smaller, more thoughtful changes that can make big differences in the lives of his employees.
Here are seven unique benefit ideas from small business owners who were successful in recruiting talent this year.
1. Offer benefits that match your brand’s mission
Many companies give their employees two weeks of paid vacation, but how many To pay their employees to take vacations?
Million Dollar Baby Co. – known for its line of baby furniture brands, including DaVinci and Babyletto – gives new meaning to the “paid time off” phase.
With nearly 150 employees between their office and warehouse, the family business, run by the children of its founder, CEO Teddy Fong and Vice President of Sales Tracy Fong, offers employees an annual grant of $ 700 for everything. inner journey.
The only caveat: after returning from vacation, employees must present their learning to the entire team (on
“A member of the team recently spoke for 20 minutes about how dolphins are trained in Moorea,” Fong said. “It was hilarious and too detailed. But moments like these bring our team so close.”
2. Invest in your employees and your business simultaneously
Two words: tailor-made suits.
Scott Kimberly runs a five-person law firm in Murfreesboro, Tennessee, but takes his employees on an annual pilgrimage to Manhattan to visit a bespoke tailor, where each team member is outfitted in a bespoke suit.
“It’s a win-win for me,” Kimberly said. “My employees feel valued and exude confidence.”
Kimberly knows that while large companies can naturally attract more talent, these companies don’t shell out $ 1,200 for costumes in the first year of employment.
“I would like to think that this makes my [team] feel like a million bucks and keep them loyal to that brand instead of [considering] big business, ”Kimberly said.
3. Offer timely incentives
Headsets.com has 31 full-time employees, and although most of them work remotely, the company is committed to having all of its employees vaccinated against COVID-19.
So much so that Headsets.com Founder and CEO Mike Faith is offering a $ 500 stipend to employees who get vaccinated before June 2021.
“We suggest resources for registration, but leave it up to each team member to decide how and if they get it,” Faith said, adding that the choice to vaccinate is completely optional.
Providing your employees with a cash incentive, while ensuring a safer workspace, is a total win-win.
4. Talk about your benefits
Rachel Brenke is a lawyer and business strategist who employs five full-time staff between her two companies, Eden Law and The Brenke Group LLC.
A cancer survivor, mother of five, and author of seven books, Brenke is no stranger to the importance of a balanced personal life – and its employee benefits align with that value.
In addition to unlimited PTO, quarterly bonuses and a retirement contribution plan, Brenke recently offered his COO a platoon for exceeding the company’s revenue targets in Q4 2020 and 2020.
“As a mother of five and a training-loving athlete, I know how important this is to a fully virtual and flexible business,” said Brenke, adding that the Peloton gift supported her manager’s desire for operator to pursue his own fitness journey. .
Meanwhile, Scott Kimberly knows that the bespoke suits he buys for his staff are also worn outside of work.
“I have no doubt that [my employees] proudly share where their costume comes from, ”he said:“ From a boss who cares about their employees and wants them to feel valued. ”
“Make your workplace a place your employees will brag about to their friends,” Kimberly said.
This will not only make your business look good, but it could also help you recruit more talent.
5. Make sure your benefits are brand-consistent
Go Text Blast, Inc. offered a remote work option to its six full-time employees long before the pandemic, but last year they upped the bet, also offering their employees a monthly work-from-home allowance. from $ 100 to $ 150.
“We are a technological start-up, so assure my developers” [technology] is always up to date was very important, ”said Matthew Payne, CEO and President of Go Text Blast, Inc., which also encourages employees to use the allowance for office supplies and Internet services.
Cycling tech company Hammerhead is also doing the talking – or cycling the cycle.
Bianca Nedjar, personnel manager at Hammerhead, told Business Insider US that the company offers its 40 employees an annual allowance of $ 900 for athletic endeavors (think: a marathon or wilderness survival hike), as well as Additional $ 200 per year for the purchase and maintenance of cycling equipment.
Whether it’s tech, fitness, or something else built into your business DNA, make sure your business benefits reflect the work at hand.
6. Think long term
“68% of millennials consider the benefits of fertility when choosing an employer,” said Parham Zar, founder and CEO of The Egg Donor & Surrogacy Institute in Beverly Hills, California.
And EDSI takes note, covering 50% of the total cost of IVF and medication for their employees.
With an average IVF cycle costing $ 12,000 or more – and medications starting at $ 1,500 or more per cycle, the cost savings for their team are astronomical.
And while 2020 births were down from 2019, Miami-based law firm Mark Migdal & Hayden is also convinced that family planning is a priority for their employees.
The firm offers four months of parental leave paid at 100% to any employee welcoming a child by birth, surrogacy or adoption, also allowing employees to schedule the four months of leave at any time over a period of six months.
“Studies have shown that [parental leave] is not only beneficial for employees and companies, but also for combating postpartum depression and stimulating the emotional development of children through the parental bond, ”said Etan Mark, founding partner of MM&H.
Taking care of your employees, especially when they are away from the office, is essential for long-term retention.
7. Ask people what they want
It’s easy to guess what a potential employee might want from a benefits standpoint, but how many companies stop to ask?
Every six months, Million Dollar Baby Co. distributes an 80-question survey to its 150 employees to assess their level of satisfaction with the company. In the age of COVID, these questions range from “Do you have a best friend in the business?” “To” Do you think you have enough time with your team? “
“We don’t want to assume that an employee likes something just because we do it,” Fong said. “We want to establish benefits that are genuinely beneficial to our employees.”
“And when you build trust, I think you can get a lot of honest feedback.”