When starting a business and building a team, it can be a difficult balance of keeping costs low and ensuring you have happy employees. People are the most important part of a business and it's imperative to make sure they feel valued. A great way to do that is through the benefits you offer them.
Startups that really look after their employees tend to provide benefits across healthcare, financial, holiday/leave and lifestyle.
Members of your workforce will get ill at times and providing healthcare benefits can help them recover, feel more at ease when it comes to their health and in turn boost productivity. Staff will feel more valuable and cared about which can increase loyalty to your startup.
Healthcare benefits can include:
Private Medical Insurance (PMI)
Private Medical insurance is great for staff to get the best treatment and often jump hospital waiting lists. Many policies don’t cover existing medical conditions but it’s still a great benefit to have access to.
Income Protection (IP)
Income Protection can be a valuable benefit with employees feeling safe in the knowledge that they are protected should they suddenly be unable to work.
Critical Illness Cover
Critical Illness Cover pays employees single lump sums should they become permanently disabled or develop a serious illness. Payouts can depend on various criteria including age, gender, health history etc…
Healthcare Cash Plan
Healthcare Cash Plans provide tax-free contributions towards day-to-day healthcare such as prescriptions, dental work and optician appointments.
Financial benefits can help with employee retention and recruitment as it gives added monetary incentive beyond basic salary.
Financial benefits can include:
It’s important to help your employees safeguard their future financially and pension schemes are a great way to do that. The four main pension schemes are:
- Final Salary Scheme
- Money Purchase Scheme
- Stakeholder Scheme
- Group Personal Pension Scheme (GPP)
There’s value in speaking with an advisor before deciding which pension schemes to offer to your employees.
Money can be a big motivation to most employees and a cash bonus can really drive performance within your business. Cash bonuses are often a one-off payment linked to individual performance along with company performance.
You must provide all employees with a minimum of 28 days' paid holiday a year, although this can include bank holidays. Many businesses offer above this to differentiate themselves from competitors. And linking holiday entitlement with length of service provides staff with an incentive to stay.
Benefits do not just come in health and financial forms, there are plenty of benefits that can really improve your lifestyle too.
Some of the most popular benefits you can offer to employees of your startup or small business are:
- Childcare Vouchers
- Mobile Phone Discounts
- Gym Membership
- Duvet Days
- Birthday Day Off
- Friday Drinks and Socials
- Cycle to Work Scheme
- Flexible Annual Leave
- Stock Options
- Training and Development
Key Benefits to Make Your Startup Stand Out
Finding unique benefits to offer your employees can make your startup company stand out. Whether it’s creating more flexible work environments or opportunities for development, financial incentives or healthcare benefits, you can create a benefits package that not only helps you find workers, but also encourages employee retention.
Special thanks to Crowd Order for collaborating with us on this post.