Top 4 Employee Benefits Packages That Can Ignite Start-Ups Performance
Updated: Jan 15
Employees are a crucial asset in every organisation. Your staffs give life to other resources to induce performance and productivity. However, maintaining competent employees is not an easy task. Particularly for start-ups, winning the competition against giant companies can be a hard tackle. Start-ups suffer from shoestring budgets and limited resource. Hence, it is hard for them to offer a large number of employee benefits above the salary.
Nevertheless, as a start-up entrepreneur in the UK, offering employee benefits can be beneficial to your business. You do not need to come up with new packages. Rather, you can use the statutory employee benefits to improve your venture. Here are the 4 employee packages that you can use to ignite start-up performance:
While no employer can prevent their staffs from falling ill, you can determine when they will become productive again. For start-ups, having staff out of workplace due to illness can heart your performance. Particularly, when a person is a hard-to-replace skill, your start-up productivity can suffer a blow. However, you can change this by offering healthcare insurance to your staffs.
Healthcare benefit such as Private Medical Insurance (PMI) can enhance the retention of your employees. Also, they fasten the return to work period and minimise the absenteeism costs. This way, your venture will retain its competitiveness and productivity.
Certainly, every employee knows that they will die one day. Nevertheless, no one is certain about the exact time. For staff with families and breadwinners, they want assurance of support to their dependants in case they die while on service. Providing life insurance to your employees helps them to have some peace of mind. Hence, they focus on their task other than worrying about their kids’ future. This way, your business productivity and profitability rise.
As an employer, your staffs expect you to offer them job security. Employees are likely to stay in your organisation if you have a pension scheme. Retaining employee for a longer period comes with several benefits. First, your organisation will have sustainable competitiveness. The competitiveness will be a result of having staff with deep understanding of your organisation’s mission and vision. Hence, they will always work to realise it.
Also, you will save the hiring costs. When employees leave your start-up, you need to hire and train new ones. The recruits will take some time before they start being productive. This aspect will affect its competitiveness and lose customers in some instances.
Employee investment program
Promoting your employees into shareholders can help you to ignite growth in your start-up. As an entrepreneur in this stage, your main objective is growth. While you can have the right skills, financial restrictions make it hard to retain them. The best way to deal with this problem is by allowing employees to invest in your venture. You can offer top performers and productive employees an opportunity to purchase shares.
Through this program, you will get more funds for business expansion. Also, your venture will retain top-performing employees. This way, you will ignite growth and competitiveness of your start-up.
In a word, applying these employee benefits comes with many advantages to your start-up business. Hence, it is recommendable to consider them.