How many letters of resignation have you received in the last year? Are the faces you greet every morning in the office the same faces you were greeting six months ago?
Being a small business owner, dealing with high turnover rates can put undue stress on you and your business. According to a 2013 study, there was over a 15 percent turnover rate across all industries in the United States. While small business insurance can help you with the business interruption you’ll face should some of your staff quit in a short amount of time, offering benefits like workers’ compensation insurance and paid sick leave will keep your employees loyal to your business for years instead of mere months.
Here are five employee perks to consider offering your staff for a fun, satisfying and happy work life.
Provide workers’ compensation insurance : Not only is workman’s comp. required by law in a few states, it protects your employees and your business should an employee suffer a fall, break or illness as result of doing work for your business. Workers’ compensation covers medical fees, physical therapy fees, hospital stays and lost wages. If an employee is hurt on the job, they have the comfort of knowing that they will be taken care of.
Have weekly team lunches: Everyone loves food, especially when it’s free. Providing your staff weekly team lunches will demonstrate that you appreciate all of their hard work while also promoting positive team member relationships. If your staff is divided by department, having an office lunch will get employees from different areas to sit down together to enjoy a warm meal and good conversation.
Remote work days : You know the struggle of leaving the house early every morning just to sit in traffic for the next hour. When you live less than 20 miles away from the office, this daily gridlock becomes an aggravation. If your staff has to deal with heavy travel times, they may look for another job closer to home. Allowing your staff to work remotely a couple of days a week will show that your trust them to get their job done and will increase their motivation.
Relax the dress code : Unless you’re meeting with clients, is there really any need to wear a pair of dress slacks and a blazer? The Balance recommends having a casual dress, dress policy. Being able to dress in a pair of jeans and a cardigan instead of a pencil skirt and heels will help your employees to feel more relaxed and will better focus their energies on the tasks at hand, not their appearance.
Student loan debt relief : College class graduates of 2016 owe an average of just over $37,000 in student loans. At large, Americans owe more than $1.3 trillion. Working long hours just to pay back college loans is incredibly trying, especially when the paycheck covers little else.
If you can’t afford to up your staff’s salary, but, you can afford annual bonuses, Business News Daily suggests making one of those bonuses a loan debt reimbursement bonus. By providing a financial package that goes directly to the repayment of your staff’s student loans you are assuaging their financial stress and showing that you value their educational and work efforts.
If nothing else, make sure you can provide your employees workers’ compensation. Visit CoverHound today for a free quote.
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