Are you a small business owner looking for ways to attract the best employees? If so, you aren’t alone. In today’s competitive business environment, it can be hard to find and retain talent.
Many employees are working to support themselves and their families, but money isn’t all an employee wants. You can attract strong employees by offering them time away from your office too.
Read on to learn how time is becoming as valuable as money for employee compensation!
Employees Value Time More Than Ever
Today’s workforce values time more than ever, and paid time off and flexibility of schedule are becoming some of the most attractive qualities a workplace can offer. Workers in all industries are seemingly looking harder for work-life balance.
Having a healthy level of work-life balance does more than just give your employees time away from your office. It has also been shown to make people happier and less stressed in and out of the workplace and allows your employees to return to the office re-charged.
Vacation Time and Personal Days as Employee Compensation
Time off is the second-most important employee benefit, behind only health care. Job benefits are part of the total compensation package, and you can attract strong candidates by offering generous vacation time and personal days.
Your time off policy must not be one that’s only meant to bring in great candidates. You should encourage your employees to use their time off benefits each year. A benefit is not a real perk unless you are committed to making it a priority for each employee.
Offering an employee a personal day or two each year is also a kind gesture by your office. It also gives a worker some flexibility to avoid using a vacation day for an unexpected event in their life.
For example, if their child has an all-day doctor’s visit or an unexpected medical procedure, taking a personal day is a great benefit for their working parent.
Paternity and Maternity Benefits
Paid paternity and maternity benefits are a great way to reward your employees regardless of their gender. When a new baby is born, there’s a lot for an employee to handle.
Both parents must adapt to their new life in and out of work, while also tending to the needs of their newborn. When an employee receives a period of paid time off after childbirth, it helps ease some of the stress of the situation.
You will need to review your employer costs for employee compensation in the form of this benefit to be sure you can afford to offer it.
Different Ways to Offer Employee Compensation
Employee compensation isn’t all about a salary and the potential to earn an annual bonus. Today’s prospective employees are interested in the total package being offered by an employer.
At Palmetto Payroll, we are your source for payroll, bookkeeping, accounting solutions, and more! We focus on serving the needs of our clients and helping each office operate smoother and more efficiently.
Contact us today to learn more about our services and how we can help take your business to the next level!