Any business aiming for long-term sustainability and profitability should prioritize its employees’ well-being. This is because each task necessary for your business’s daily operations involves an employee. However, that is only a small portion of it. Unlike massive organizations, small businesses might not have the finances to provide voluntary employee benefits to their staff. Nevertheless, you can stay on top of your small business by providing your workers affordable, voluntary employee benefits.
Employees Seek Paid Time Off (PTO)
Even though PTO is not mandatory by U.S. law, employees seek voluntary employee benefits in a company. The reason is that employees need relaxation time to allow them to reboot and return to work. As a result, working around the clock can easily lead to burnout. Although PTO might add to a small business’s overall expenses, the benefits outweigh the costs. For example, your business can significantly increase employee productivity – usually returning to work highly energetic and efficient.
Consider Offering Health, Vision, and Dental Coverage
Employee wellness is critical for the success of every business. According to the Affordable Care Act, small businesses with fewer than 50 employees are not legally obliged to provide health insurance. However, most employees consider offering health insurance due to the rising healthcare costs. Therefore, companies providing health, vision, and dental coverage have a competitive edge regarding employee retention and recruitment.
Another type of desired voluntary employee benefit to provide to workers is disability insurance. Disability insurance allows eligible employees to file for temporary wage replacement due to non-workplace-related sickness or injuries. As a small business owner, you can opt for short-term disability coverage that lasts up to 6 months with benefits ranging up to 67% of an employee’s salary. Or you can provide long-term disability for full-time employees, paying 50 to 60 percent of the employee’s wages.
Provide Flexible Work Hours, If Possible
A significant number of employees desire work-life balance instead of bigger salaries. It’s one of the most desired voluntary employee benefits after health insurance. Nevertheless, there are different ways small businesses can provide work flexibility:
- If possible, workers can work from home or remotely.
- Employees can choose their work hours.
- Provisions can be made for temporary or part-time work.
Overall, voluntary employee benefits enable you to care for your employees, thereby earning their commitment to your business goals.
Get in 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!