Starting a business is hard enough — finding the right employees shouldn’t have to be. That’s why we’re here to give you the five essential benefits you need to get more applicants for your startup. Keep reading to find out what they are!
A Competitive Salary
One of the most important things you can offer prospective employees is a competitive salary. In order to attract top talent, you need to be willing to pay top dollar. Research salaries for positions similar to the ones you’re looking to fill and ensure you’re offering an amount that is in line with the market rate. Otherwise, you’ll likely find yourself at a disadvantage when it comes to hiring. Currently, the average salary in the country is around $56,000. If you’re hiring someone at entry-level, ensure they can get higher than that amount. They should also have something that can help them reduce their expenses. Here are some great options:
Americans spend about $4,500 on commuting alone. That’s already a big chunk of money your employees could spend elsewhere. If you offer commuter benefits, they can use pre-tax dollars to cover their commute costs. This saves them money and reduces their taxable income, which is a win-win for both of you.
Child Care Services
Child care can cost around $9,000 per year, so it’s no wonder that many parents struggle to afford it. However, if you offer child care services at your workplace, you’ll attract a lot of applicants who are parents. This benefit is precious to working mothers.
Robust Insurance Coverage
Insurance is something that almost every employee seeks. Here are some essential insurance policies that your company should have:
Also known as medical insurance, this policy covers the cost of an employee’s healthcare. This includes things like doctor visits, prescriptions, and hospital stays. It should cover at least 50% of the cost of these services, but 100% is ideal.
This policy helps to cover the cost of an employee’s dental care. A dental insurance plan typically covers services like teeth cleanings, x-rays, and fillings.
A vision insurance policy covers the cost of an employee’s vision care. This includes things like eye exams, glasses, and contact lenses.
A life insurance policy gives financial protection to an employee’s family during their death. The benefit amount is typically based on the employee’s salary and can be used to cover things like funeral costs and outstanding debts.
If your company works in a highly physical industry such as construction, then you’ll need disability claims. This insurance covers an employee’s wages should they be injured on the job and unable to work. They should also have access to disability insurance claims services. This will ensure they can claim everything they’re entitled to and get back on their feet as soon as possible.
There are other types of insurance that your company may need, depending on the industry you’re in. Make sure to speak with an insurance agent to get a full list of what policies would be best for your business.
Generous PTO Policies
Who doesn’t love a generous PTO policy? Offering your employees ample time off will appeal to them and help improve their productivity at work. After all, happy employees are productive employees! Even if you can’t offer unlimited PTO, try to be as generous as possible with your policy.
- A generous PTO policy includes:
- Holiday pay
- Sick days
- Vacation days
- Paid time off for personal emergencies
- Commuter Benefits
Employee Stock Options
For many people, the opportunity to own a piece of the company they work for is very appealing. However, if you can offer employee stock options, you may find yourself with more applicants than you know what to do with! Be sure to consult with a financial advisor before implementing this benefit, as some risks are involved.
A Positive Work-Life Balance
In today’s day and age, people are looking for a positive work-life balance. They want to enjoy their time outside work without worrying about their job. If you can offer a healthy work-life balance, you’ll attract a lot of applicants. Here are some essential benefits for a positive work-life balance in your workplace:
More and more Americans are looking for the ability to work from home. If you can offer this benefit, you’ll find yourself with a lot of applicants.
A flexible hours policy allows employees to choose when they start and end their workday. This is a great benefit for parents or people who have other commitments outside of work.
Unlimited Vacation Days
Who doesn’t love the idea of unlimited vacation days? This benefit allows employees to take as much time off as they need without worrying about using up all their vacation days.
If your startup needs many applicants, consider offering some or all of these benefits. You may find yourself with more applications than you know what to do with!