Most businesses know that offering company perks is a great way to attract and retain high performing staff. Larger corporations generally have more room in their budgets to utilize innovative and leading edge employee benefits, however small businesses can still compete effectively by ensuring their benefits packages are targeted and desired.
Our infographic on the top five most common and uncommon employee benefits for small businesses has been created to give you an idea about where your current package might sit in the market, and how you might structure it to make the most out of the budget you have.
Common benefits for employees at small businesses
In terms of commonly offered perks, employees of small businesses have a similar selection of benefits as those working for large, multinational corporates:
- Health insurance benefits
- Disability insurance coverage
- Extra paid leave incentives (including maternity, paternity, sick and holiday leave)
- AD&D (Accidental Death & Dismemberment)
- Dental & Vision packages
These traditional benefits are common because of their general appeal to workers, without being terribly complex to manage. Health, and health related, perks are commonly utilized in many workplaces these days as a way to not only help protect your employees when they need medical care, but to encourage them to recover faster and return to work as soon as possible.
Uncommon benefits for employees
Less common, but still highly regarded employee benefits offered by small businesses include many emerging company perks; things that focus on holistic health, happiness, and preventative matters. The most popular we have helped implement include:
- Preventative health (e.g. nutritional advice)
- Wellness plans (e.g. gym memberships)
- Travel insurance
- Maternity coverage
- Employee Assistance Programs (e.g. confidential counselling)
The reasons small businesses are often averse to offering such benefits can be due to budgetary constraints, and the difficulty in offering targeted wellness benefits that are general enough to apply and be useful to all of their staff. Having underutilized benefits can be a massive waste of investment for businesses, so trying new and innovative approaches to employee benefits can seem like a huge risk.
How can my business structure our employee benefits package better?
Benefit packages offered by small businesses, don’t need to be complex, nor do they need to be overly simple. At Pacific Prime, we can work with you to ensure that the benefits you choose to offer will meet both your hiring and budgetary requirements, as well as being perks that your employees will understand and value. Simplifying insurance is our mantra, and you can be sure that our health and insurance partners will have flexible options for you to pull together into a complete package.
How do can a small business support and maintain benefits?
Pacific Prime prides itself on its after-sales support services, a commitment you likely won’t find elsewhere. Our consultants can help develop a communication plan to promote engagement and benefits understanding with your staff, can answer all benefits-related staff enquiries on behalf, and will work with your senior leaders and decision makers at renewal to ensure that you’re always aware of the performance and sustainability of your employee benefits package before you decide to recommit to them.
What about other insurance for businesses?
Pacific Prime has a range of company insurance solutions outside of employee benefits, making dealing with all your insurance matters much simpler. We can offer Property & Casualty solutions, business interruption and liability insurance, indemnity, cybersecurity options, and group travel and accident coverage.
I’m ready, how can we chat?
Great, our consultants would love the opportunity to meet and get to know your needs, so we can work out how best to support you. To find out more about what we offer, check out our Corporate website, or Contact Us to start the conversation.