CyberPolicy is monitoring news of the coronavirus (COVID-19) outbreak and has activated a business continuity plan in response to the situation. We have implemented precautionary and preparedness measures to reduce exposure to the coronavirus and are prepared to maintain normal business operations.
X

Consider Offering These 3 Fringe Benefits to Employees

If you’ve been in business for a couple of years but haven’t yet managed to keep an employee for longer than six months, it’s time to for some self-reflection.



Employees typically leave their job for three reasons:











If an employee feels that their talents are underappreciated, that their boss doesn’t care about the company and knows that the same boss is skimming the staff on benefits, they will seek work elsewhere. Nothing kills motivation faster than having a manager who makes false promises, disappears for days at a time and takes months to enact the supposed benefits package that was promised six months before.





If any part of you can identify with the managerial behavior above, you now know why the company can’t hold on to a good employee. Things need to change. A good place to start is with the benefits package you offer your employees.



How are they compensated outside of their monthly paycheck? Do you offer dental insurance? Does your company have commercial auto insurance? Do you help prospective out-of-state employees find housing?



To get good, hard working employees to stay with your company, think about offering these 4 fringe benefits!



Paid Holiday Time

To not offer paid holiday leave to your staff would be unusual, according to Entrepreneur. “Paid holidays and vacations are a staple of the employee benefits package. Rarely will companies not offer these two basic items in a benefits package, and once these two benefits are set, they rarely change except for the better.”



Being that your employees will already be on a fixed salary, the fixed payroll will remain unaffected by your employee’s week off. Just keep in mind that when you sit down to develop your paid holiday program that you need to account for the lost productivity. This may mean that the salary you offer is slightly smaller than you had originally planned for, and that’s okay—everyone loves paid vacation time!



Insurance

If your small business demands that employees drive and meet with clients on a regular basis, it is better to do so in an insured marked company vehicle. Your employees should not be expected to drive their personal vehicles to meet with clients in various locations every day. This will put miles on their auto, including other forms of wear and tear. By getting a fleet of vehicles to help your business with deliveries, catering or ridesharing and insuring them with commercial insurance, you are protecting your employees should they be involved in an accident as well as protecting your business.



Education Assistance

The graduating class of 2016 owes just over an average of $37k in student loans. Student loan repayment is a significant stressor, and if it feels like their job is only paying them in peanuts, employees who have student loan payments will look to work with another company that better satisfies their monetary needs.



Offering your staff educational assistance through a tuition reimbursement program will get them excited to work for your company as it will appear to them that you care about the business as much as you care about their lives. A company that puts their employees first is a company that freshly graduated millennials (and really all employees) are looking for.



If you want your staff to go the extra mile for your business, you need to be willing to go the extra mile for your staff. Invest in at least one fringe benefit: commercial auto insurance. Visit CoverHound today for a great deal.


© 2010 - 2021 CoverHound, Inc. All rights reserved. CoverHound© is a trademark of CoverHound, Inc. DBA: CyberPolicy Insurance Solutions - CA License No. 0L13180. DBA: CoverHound Insurance Solutions - CA License No. 0H52375