Regardless of the size of your business, employees are key to achieving long-term success.
Employee benefits provide employees with security, increase productivity, and leads to overall better job satisfaction. LIMRA conducted a survey with 1200 Canadian employers and found that employee benefits continue to play a pivotal role as an attraction and retention tool.
An effective benefits plan improves areas of your business such as employee retention, attendance rates and attracts new recruits to your business. Employees value benefits plans which means they’ll stay if they are happy with what they are getting. They’ll also be able to take better care of themselves which will lead to less time taken off for sick days related to mental health or financial stress.
5 Small Business Employee Benefits
As a small business owner in Vancouver, here are 5 types of employee benefits you should consider that are valued by jobseekers:
Personal Benefits
Personal benefits are geared towards helping your employees maintain a healthy work-life balance. Offering this type of benefit can be through parental leave, vacation days and paid time off.
Whether it be for appointments or to attend family events, paid time off will allow your employees to properly manage their personal life and lead them to be more energized at work.
Financial Benefits
Financial benefits are related to money and include ways that you can help your employees succeed with their savings or retirement plans.
Your employees are likely saving for life’s big purchases or for retirement. As a small business, contribution matching is not likely financially feasible so offering them a platform to get started is enough.
Stock options and equity are another great way to offer employees financial benefits. They also provide your employees with an added sense of value. If they own a small portion of the business they’ll have a vested interest in seeing the company succeed.
Wellness Benefits
As Canadian’s we benefit significantly from free health care, however, Canada’s public health plan does not cover all medical and health-related expenses people have.
Wellness benefits are becoming increasingly more popular and sought after and include things such as vision, dental, and other extended health care coverage. Medical leave such as sick days and mental health days are also valued benefits you can provide to employees.
Another wellness benefit you can provide is an allowance for employees to spend on things such as gym memberships, fitness classes or equipment and nutrition.
Flexible Benefits
Flexible benefits are another way to provide your employees with a way to balance their work and personal life.
Over this last year, we have seen a significant increase in hybrid (remote) work. If it’s feasible for your company, allow your employees to keep a hybrid work schedule.
The traditional 9 to 5 is on its way out. Flexible work hours give employees the ability to switch their work hours to accommodate other aspects of their life. As well, there are some people who are more productive in the morning and others are more productive later on in the day.
Unique Company Benefits
As a small business, it may be easier to introduce employee perks on a smaller scale as your business is still in the early stages.
You can offer things such as free lunches on Fridays or stock the kitchen with coffee, tea, drinks and snacks for your employees to have throughout their day.
Other unique company benefits include:
- Commission
- Product or service discounts
- Referral bonuses
- Office equipment (ergonomic chairs and standing desks)
Unique company benefits depend on your industry and company since some will make more sense than others to introduce.
Working With Smythe Employee Benefits in Vancouver
Employee benefits are no longer an added bonus, they are a necessity, in the eyes of jobseekers and employees.
At Smythe Employee Benefits, our team is knowledgeable in local, provincial and national benefits trends. We’ll be able to help you come up with an effective employee benefits plan.
If you’re interested in an employee benefits plan for your small business in Vancouver, contact Smythe benefits for a free quote, no-obligation quote to get started.
