The primary reason why an employee accepts a job is because of the paycheck that comes with it. However, there are other benefits that employers may offer that can either make up for a low salary or complete what may be a generous compensation package. What are some of the most popular benefits that employers can offer their workers?
Consider a Vehicle Reimbursement Program
A vehicle reimbursement program allows a worker to get paid for each mile that he or she drives for work purposes. For instance, if an individual drives 100 miles for a work-related conference, he or she may get paid a predetermined amount per each mile driven. While the government offers a standard rate per mile, employers may pay any reasonable amount even if it is more or less than that amount.
Paid Sick Days Are Attractive
In addition to offering the standard two weeks of vacation for full-time workers, it may be a worthwhile to offer paid sick days. This allows a worker to stay home and recover if he or she has the flu or another serious illness that could be spread to other workers at the office. It may also allow a worker the flexibility to stay home if his or her child is sick and needs to be attended to.
Stock Options Help Employees Take Ownership of Their Work
It is important for employees to take ownership of their work. Offering stock options literally allows employees to own their work and be directly responsible for both the company’s financial success as well as their personal financial success. Offering an equity stake in a company may be a great way for startups or small businesses to attract top talent that they may not be able to otherwise pay at market rates.
Help Employees With the Cost of School
Tuition assistance programs can make it easier for workers to get a certification or an advanced degree needed to move up within the company. For those who already have student debt, employers can help by offering to make some or all of their student loan payments for them. Younger workers especially appreciate the ability to save money for a house or to start a family as opposed to putting all of their salary toward their student loans.
When you take care of your workers, they are more likely to perform well for the company in return. Higher morale generally leads to better productivity and less turnover, which means increased sales and lower labor costs. Overall, the company will see a solid return on the investment it makes in providing popular benefits to its employees. For more information, CarDATA is a helpful website with additional resources.