Highly skilled employees expect a reasonable benefits package. During tight labor markets, more generous benefits packages may be required to get the best and brightest. “Benefits” include all the good things you provide for your employees above and beyond wages.
Benefits include time (vacation, sick days, holidays, maternity/paternity leave, flex time), insurance (health, dental, vision, disability, workers’ comp, life), additional compensation (profits sharing, retirement plans, stock or stock options, bonuses), professional development (courses, conferences, training, classes, coaches), and perks (sky’s the limit, from a gym membership to the company jet). Just keeping up with our overly complex healthcare system is at least a full-time job. Labor law requires a legal degree – indeed, some of the terms used above will give some attorneys in some jurisdictions heartburn! Outsourcing your benefits planning is usually the correct path.
While the founder may get started without many benefits, attraction of the first employees will require a benefits plan.
Hiring the right people will make or break your business, and hiring is fundamentally a competitive process.
How to assemble a benefits package that will attract the employees you need.