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As a small business owner, it can seem difficult to compete with the benefit packages of well established, larger corporations.
Startups can share this problem as well when they begin trying to attract talent.
How do you design a benefits package for your team when you don't have the financial resources required to put a competitive package together?
Let's scale those benefits!
For more detailed information listen to the audio version of the podcast or watch the livestream recording.
Commitment to Your Team
Scaling Benefits for Your Small Business
There may be no practical way to create a benefits package that can compare to one from a well established, large company. I guess the first thing to do is decide that that's ok and we'll do what we can.
Given that, we still want to be competitive so as a startup or small business with limited resources we have to look for innovating & creative solutions.
One possibility is to create a documented program that scales our benefits over time.
Download the template I mentioned in the livestream here: Scaling You Small Business Benefits
The far left column shows examples of benefits you might want to implement. The columns to the right of that show the financial criteria that you might use to consider putting a given benefit in place. These are examples and should be modified to suit your business, market, talent pool and personal beliefs.
Committing to the Commitment - If you're going to create a scaled benefit program it will be important to document it and make it available to your team.
Always reach out to an human resources professional (HR) when you're developing a benefits package. They can help you avoid common mistakes and keep you within the boundaries of employment law.
If you're going to be adding financial benefits such as a 401K or profit sharing you will need to consult with an expert in managing these kinds of programs.
Once you document a policy... your coworkers will be watching to see if you hold to it. To make sure that your commitment is clear make sure that you implement the benefits when the business conditions are met.
Add benefits you can commit to both financially and personally.
Be clear. Make sure that both the benefits you're willing to implement are the criteria you expect before doing so are very clear.
Tip: avoid using time as a criteria (in most cases). Things like "We'll start matching the 401K in one year." Statements like this make assumptions about the financial condition of the company that may or may not be true when the time comes. It's better to determine the actual financial condition that you feel will make that benefit possible and use that criteria instead.
Download the template and design your own scaled benefit implementation plan!
- What benefits are common in your industry?
- What benefits are common among the potential employees in your area?
- Are there benefits your employees would value? Ask them!
What benefits does your business offer? Are there any you want to put in place? Drop a comment below and share what you're thinking!
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