Step Five - Customized Employee Benefit Packages

THE STONE GROUP
1981 MEMORIAL DRIVE
Suite #223
CHICOPEE, MA 01020

Michael J. Stone
phone(413) 726-9095
toll free: (866)615-6698 Mike@BuildaBetterWorkforce.com

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Step Five - Customized Employee Benefit Packages

There are two categories of employee benefit packages. There are the benefit packages you choose from a vendor, and the kind you create. Both types of benefits are important when you are considering entrance into the BBWF world.
Let's start with the ones you create. The benefits you create will set you apart from your competition, and don't forget there is a lot of competition for top talent. It is often the benefits you create that make working for you most memorable.
Be imaginative. Try to create unique benefits that are appropriate for your workforce, and reveal a bit about yourself. This is a great opportunity to add some extra fun and energy to your workplace.
I know of one privately owned company that converted a storage area to a relaxation room. They brought in a massage table, and a few days a week the local massage therapist came in and gave massages. The clearly stated message was "I know I've added stress to your life, now I want to take it away so you can enjoy your time off."
They also had an on-site garden and delivered fresh fruits, vegetables, and flowers to their employees on a regular basis.
Find competitive advantages in the midst of the current paradigm shift. Today's business chatter is flooded with doomsayers discussing the current shrinking talent pool. What they fail to address is the incredible opportunity it presents to the small business owner.
You can be more flexible, and quicker to act on change. The fact that baby boomers are retiring is not nearly as frightening as you're being told. The fact is many "boomers" will still be seeking opportunities. They may not be seeking jobs, but projects that keep them active, challenged, and vital; that allow them to make some money; and that don't have the demands of a full-time job.
As a small business owner you have the opportunity to offer flexible scheduling that could expand your pool of applicants as well as improve the work/life value proposition. After all, flexible scheduling is one of the most valued benefits for today's employee.
When considering vendors for employee benefit packages don't rush to the standard providers. Consider using a broker who can offer you more flexible plans that can address the needs of your specific workforce.
Flexibility is a key here. The needs of your employees may change as time goes by. The more your employees use the benefits you provide, the more they will appreciate them, and you. Therefore, it is a valuable investment to be sure that each and every employee understands the benefits available to them and uses them as needed.
Bonus: The more attractive your customized employee benefit programs are, the less important salary becomes. Maybe you can't afford to pay what your more established, larger competitors are paying. That is not an excuse to settle for less. Be more creative and offer incredible benefits your larger competitors wouldn't possibly dare to offer their employees. Word will spread fast and top performers will be standing in line to work for you (for less money).
You don't have to be Apple, Rubbermaid, or Google to be a "Most Admired Company." You can however, pay attention to the things they do and incorporate some big business thinking to your company.