Business

4 Employee Benefits and Compensation Benefits You Can Offer in 2023

Part of being a competitive employer is offering employee benefits and compensation that makes your staff feel valued and motivated. It’s obvious when an employer really takes care of their employees and that feeling radiates throughout the company. Things like complimentary life insurance, 100% health insurance coverage, additional annual leave and tuition reimbursement can do a lot to make your employees feel more valued and motivated. Keep reading to learn more.

Life Insurance
This is one of those things you don’t really think about until you need it. But if you have dependents and you’re a main income provider for them, it just makes sense to have some life insurance. Should the worst happen, you can relax knowing that your family will receive a considerable sum of money that will go towards funeral costs, living expenses, and whatever else you’ve planned to spend it on. It can be quite a relief during one of life’s most difficult periods. Taking this a little further, it can be wise to talk about how you’d like any life insurance payments or investments to be spent in your absence. Leaving it to your surviving family to sort out can actually be extremely stressful and cause strain on their relationships. A will can help them navigate this tough period and help preserve their relationships so they can focus instead on their grief rather than finances.

100% Health Insurance
As they say, health is wealth. If you live in the USA then you know how intimidating and stressful health insurance can be to navigate. Be a company that helps to take care of this or your employees so they can have the confidence that any health issues for them and their family will be properly resolved. If you’re a larger company you can negotiate some better health coverage plans allowing you more competitive pricing. You can also do a partial payment option with your employees to help share the expense. There are so many options but the first step is finding a company that offers some competitive packages to businesses so you can see what the real cost to your business will be and what benefits your employees will receive. Even if you’re somewhere where there’s a reliable public system, private healthcare can be a considerable benefit that helps your employees to feel taken care of and valued.

Extra Annual Leave
There are few things better in life than vacation days spent with loved ones. They’re a great way to recharge, to ground yourself, and to have employees who come back to work refreshed. You might be surprised that an extra few days a year actually inspires most people to become more productive. You can negotiate extra annual leave days to show your employees that you care about their personal lives and want them to enjoy their break.

Tuition Reimbursement
Why not encourage your employees to seek further education? You can have conditions about how much you’ll cover and what fields are appropriate, but encouraging your employees to learn and grow shows that you care about their long term career trajectory. If you’re looking for another type of gift, check out Simply Whispers for some beautiful earrings.

I hope these benefit and compensation ideas give you some new ideas to try in the new year! Are you looking for a new CRM program? Check out Finmo here for more information.

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