Your startup needs to get rolling somehow. At some point, it’ll expand from being a small business to a medium-sized one. And at that point? The sky is the limit. Getting new employees onto your payroll is a step in the right direction, but you’ve also got to think of fresh ways to convince them to stay. After all, workers don’t leave companies; they leave managers. Upper management is responsible for everyone’s wellbeing, not just the bottom line. In that respect, here is a glance at how to provide your employees with more robust benefits as you all blaze forward into the future.
Just Before Sharing Equity is Possible
Eventually, you can start sharing equity with junior employees. However, before that can happen, it’s a good idea to rethink the benefits packages that you offer. It’s also the high road to profit-sharing; high salaries and extensive health coverage might not be perks you can afford. At least, not yet.
Before Recruitment Shortfalls Happen
Whenever a sluggish job market becomes the norm, recruitment slows down as well. While there’s plenty of talent out there, getting in touch with them is much harder. Besides, many other rivals are fishing from the same pond. That’s why you need to step up your employee benefits game before the economic downturn makes everything uncertain—case in point: the ongoing upheaval caused by the Covid-19 pandemic.
Once It Is Fiscally Responsible and Feasible
Another potential avenue for deployed revised employee benefits bundles is once your company can reasonably afford to do so. Unfortunately, health insurance tends to be astronomically expensive. It can be a tough burden even for corporate giants known all over the world. So what can your humble little LLC do? One way to find out if it is worth it is to see if your team members want some degree of insurance coverage. Chances are quite good that they do.
Adding on Supplemental Employee Benefits
A relatively inexpensive way to bolster your employee benefits offerings is to tack on supplemental benefits. Subsidized training is going to yield bountiful benefits. Some of your workers might be laboring under crushing student loan debts or cannot afford a college education. Generous vacation time, PTO, and even paid volunteer time make a remarkable difference, as well.
A Customer Testimonial
This week’s customer testimonial comes from Barry Goldberg of Ambassador Services. Here is what Barry had to say about our services rendered: “Tammy and Drew, thank you for doing what you say you are going to do! I’ve been a policyholder with you all now for over 4 years now, and it’s great to know that the policies work when you need them most.” We’ll have a little bit more from Barry next week. Thanks again!
Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for the latest voluntary benefit news!