Today’s hiring market is tough. In order to attract top talent and retain your best employees, you have to offer a generous benefits package. Most employees consider it as a significant factor when deciding whether to accept a job offer or not, or to continue staying in the company. Some would even choose additional benefits over monetary compensation.
Owner and CEO of PowerUp Leadership, Susan Power previously highlighted how providing the right employee programs is essential to recruiting and retaining talent. While a salary increase is appreciated, there are also other ways to reward your workers. Here are a few of them:
Health and dental plan
While all Canadian residents benefit from the country’s universal health care system, you have the option to offer supplemental private health insurance to cover expenses not covered under the public health care plan. Although there it’s not a legislative requirement, providing additional health and dental insurance makes coverage more accessible and affordable to your staff. Additional benefits you can offer include accidental death and dismemberment insurance, out-of-country medical coverage, and accidental death and dismemberment insurance. Just be sure to study your province’s health insurance plan so you can offer your employees what isn’t covered by it.
Offering retirement benefits is one of the best ways to improve the compensation package you provide to employees. After all, it would impact both their present and future lives. For small businesses, the Registered Retirement Savings Plans (RRSPs) are ideal because they are less regulated than a pension plan, making it much easier to suspend should they encounter cash flow issues. RRSPs are also simple to manage as there’s minimal paperwork. Employees are also allowed to withdraw RRSPs early in case they need the money for something important like buying a house. Then again, withdrawing your RRSP early means losing the power of compounding, so you have to make that clear to your employees should you decide to offer this benefit.
Employees work hard to meet your company’s bottom line, and they’ll appreciate an employer that lets them play hard, too. On top of the 2 to 4 weeks of vacation time your staff is entitled to, you may want to consider giving them days off on their birthdays, or maybe even an extra week off during the holidays. By doing so, you’re also sending the message that your employees are people who can be trusted to deliver their work regardless of how many days they take off. You’re also positioning yourself as a company that focuses on producing great results, rather than just putting in the hours.
No employee wants to remain stagnant. They all want to advance in one way or another, and in order to do that they need to have continuous professional development. Business.com notes that providing a training program to your staff turns them into better workers and prepare them for roles that have bigger responsibilities. If the company budget allows, try providing paid junkets to seminars and workshops, access to online learning platforms, or even employer-sponsored schooling. When you invest in your employees’ education, you’re also helping them expand their skill set and pursue their professional goals.