Small business owners are constantly faced with the question of how to stay competitive with their larger counterparts. How can you attract and retain staff at the same level?
Small business owners are constantly faced with the question of how to stay competitive with their larger counterparts. In every aspect of running a business, from pricing to quality and distribution, staying competitive can be difficult for smaller companies. This is especially true when it comes to attracting and retaining employees.
Larger companies tend to have larger budgets, meaning that they can afford to invest in the best resources on offer, giving their employees more in terms of benefits and pay. At least 66% of workers agree that a strong benefits and perks package is the largest determining factor when considering job offers, and according to the OmniPulse Survey on behalf of Randstad, 61% are willing to accept a lower salary if a company offered a better benefits package.
According to research by One4all Rewards, 83% of employer respondents want to give regular bonuses and rewards to their employees to boost morale, motivation and loyalty. And yet, 53% of these respondents said they couldn’t afford to provide benefits because their organisation does not have the sufficient budgets.
It is a fine line for small companies regarding benefit packages. How can they impress a candidate without straining their finances?
What are the positives to investing in benefit schemes?
No matter the size of the company, all employees deserve a benefit package that protects, engages and rewards them. Good benefit schemes will attract and retain staff, but it is not just about the statistics.
Ensuring your employees are fully supported and rewarded will make your workplace a happy, productive environment to be a part of.
Absence from employees can have a direct effect on the company and a knock-on, indirect effect on the rest of your workforce. Staff will often have to cover for absent colleagues, increasing their workload and causing morale to fall. This may lead to mistakes due to an excessive amount of work and could potentially jeopardise relationships with customers. If employees are regularly taking time off, it can delay projects and restrict consistency within teams, leading to low productivity levels too.
Investing in workplace wellness programmes that are specifically tailored for employee health and wellbeing could help reduce the impact of this. By creating a positive, safe and healthy environment for your employees, you can increase morale, improve your employees’ work-life balance and, in turn, positively impact your business.
Health benefits make your employees feel valued, and they encourage your workforce to think proactively about their health. When your employees feel appreciated and healthy, they are likely to be more productive in the workplace. In addition, organisations stand to make substantial cost savings by promoting health in the workplace and reducing sickness absence.
So how can you attract and retain staff at the same level as your larger competitors?
Bravo Benefits are here to support all companies with managing and supporting the health and wellbeing of their workforce. Our Smart Hive and Smart Hive Mini platforms offer a wide option of benefits at a very affordable price, and can be tailored to suit the size and needs of your workforce.
Our Smart Hive helps you to deliver an effective employee benefits package and improve employee engagement through innovative communication tools. The platform can be customised to suit you and your employees’ needs, meaning that you can ensure that you are providing the best benefits package to your workforce.
Our Smart Hive Mini is a scaled down version of the Smart Hive and is aimed at SMEs with up to 50 employees. For a reduced price, you can choose up to three benefits with access to existing benefits, facilities to register and upload employees as well as employee self-registration. Your employees will have access to resources and fact sheets and a document library. You will also get the option of upgrading to our larger Smart Hive.
Our platforms revolutionise the way SMEs can offer employee benefits. Every employee deserves to be rewarded and supported, and with our platforms, you can ensure that your employees are getting the benefits they need, attract new employees and increase employee satisfaction and retention.
To find out more on how we can help you, contact us on 0330 333 9100 or email a member of our team at email@example.com