Make 2023 Year of the Employee with Benefits

3 Reasons why Benefits Matter in
​Small Businesses and Nonprofits

When you think of employee benefits, I'm sure you think of large businesses. You may also think about businesses that have profit margins to contribute to the benefits financially for their employees. If you are a small business or nonprofit, I want you to know that benefits are important to your employees and if you haven't already, are worth pursuing. Here are three reasons for prioritizing benefits in your small business or nonprofit.

BE COMPETITIVE FOR QUALITY EMPLOYEES
Most employees who work for small businesses and nonprofits are committed to the product, service or mission. They may choose to work for a small business or nonprofit because of the values conveyed by the organization. What about the employee who has multiple offers and will need to do an analysis of two organizations? Benefits may become the deciding factor. Small businesses and nonprofits can be competitive! Voluntary benefits such as dental, short-term disability, accident and even a life insurance policy can show your employees you care about them especially if you find affordable products who also support a benefit infrastructure for your small business and nonprofit. Did you know that pre-tax benefits taken by employees will lower the payroll taxes? Now that is something small business or nonprofit accountants might be interested to learn more about. 

ESTABLISH A HEALTHY WORKFORCE
Every day we are hearing about the mental health crisis in our country. Your employees are no exception. Being able to be creative with benefits can create healthy employees who are supported to do their job and also contribute to their family and community. As I have been working with small business and nonprofits, I am hearing so many creative ways they are supporting their employees with out-of-the-box benefits. One nonprofit recently let me know that they have created more sick time to leverage missed days that may be needed to support their mental health. I also know a mechanic shop who buys lunch every Friday for the team and encourages them to take vacations. If they don't use their vacation, the owner mandates they use it. Flexible work schedules can also be used to provide balance and ensure employees are at their best when on the job.

DEMONSTRATE GRATITUDE
With turnover, silent quitting and no shows, I know it is hard to think gratitude toward some employees. No matter an employee's decision to be a good or bad employee, providing benefits beyond the salary is a way to show employees you are grateful for them. Without them how would you keep your doors open and serve the people you want to help? Being able to convey a total compensation value to your employees will allow them to know that your contribution to them is more than a salary. Recently I heard that an employer purchased brand-name company branded winter jackets for every employee in the company. Their HR couldn't believe how many employees said "Thank you and how they felt appreciated". They felt valued and knew their employer was grateful for them.

Final thoughts, benefits don't have to cost the business money, just offering or finding relevant ways to have your employees feel supported will increase your profits as you retain and recruit quality employees.