What Compensation Should I Be Offering Employees?

As a business owner, you have a lot on your mind. From taking care of regular office tasks to making sure your employees are well taken care of you likely don’t have a lot of time for yourself. With everything you have going on it can be difficult to make sure that everything is taken care of. Knowing how to properly compensate your employees is one of the things you need to make sure doesn’t fall through the cracks.

Paid Time Off

Paid time off is an essential form of compensation that should be offered. Compensating through paid time off pays off for you as a business owner in more ways than one. There is a lot of research that actually shows that employees who regularly take time off are more productive when they are at work. That means that offering paid time off could actually increase productivity instead of decreasing it, making your business more successful. A generous PTO program will also help attract excellent employees to your business.

Health and Safety Benefits

You may consider offering a variety of health and safety benefits. This can range from health insurance, dental insurance, and workers’ compensation to more creative ideas such as gym memberships. Workers’ compensation will protect your business from lawsuits and your employees from large medical bills that come from accidents at work. Offering these kinds of benefits helps to ensure your employees are well taken care of, healthy, and in the best possible position to do their jobs. Protecting your employees also protects you.

Retirement Benefits

In addition to the benefits already discussed it is also a good idea to offer retirement benefits. Many employees are looking to the future when they chose their job, so retirement benefits are an important factor. When offering retirement benefits it’s important to think about what kind of benefits you want to offer and how much you plan to contribute to those benefits. A good retirement plan can set your business apart from your competitors and make you more appealing to potential employees.

Offering good benefits to your employees often helps with employee satisfaction which increases productivity and reduces turnover. In addition to the legally required benefits, extra benefits can set your business apart as an excellent place to work.

If you’re looking to hire more employees, contact us so we can find some for you!