September 7, 2023
Employee benefits 😱
Just hearing those words can send a shiver down the spines of many small business owners. It’s a whole world that can feel overwhelming, expensive, and incredibly complex. Especially if you’re tackling it with the same approach as those corporate giants we’re all trying to differentiate from.
But take a deep breath, I’ve got good news for you.
As small business owners, we hold the power to flip the script entirely. Those super expensive, cookie-cutter, one-size-fits-all benefit packages? Well, they’re tailor-made for the corporate giants, not the close-knit environments of our small businesses.
The real privilege we have as entrepreneurs is the ability to build out personalized benefit packages that resonate with each one of our employees. Yes, you read that right – you can tailor the benefits you offer to align with the unique values of each individual on our team. Standard benefit packages often come with a hefty price tag because they try to please a wide audience, yet they often include perks that don’t hold much value for a good chunk of employees.
(Psst, that’s what happens when you use a one-size-fits-all approach for something that should be as unique as a fingerprint.)
But let’s consider two team members, Jackie and Lauren, each with unique needs and values. While Jackie may find a childcare stipend invaluable, Lauren, who doesn’t have kids, would do a happy dance over a gym membership stipend. Now, picture offering a single benefit package with a hefty child care stipend – that money would essentially go to waste on Lauren. It wouldn’t speak to her, motivate her, or make her feel like the valued individual she is.
With a personalized approach, we can ensure that every employee gets support that genuinely resonates with them, making a real difference in their lives, both inside and outside the workplace.
At the heart of this approach lies a company culture that not only recognizes but celebrates the unique contributions of each team member. It’s about understanding that our businesses aren’t just entities; they’re lively communities of diverse individuals.
In this week’s episode of On The Up & Up, I’m diving deep into the world of alternative employee benefits. And trust me, we’re not talking about your typical, run-of-the-mill health insurance plans; these benefits are creative, custom-tailored, and designed to add real value and motivation to your team members.
We’re opening the door to a world of innovative benefits that can significantly boost your total compensation packages, making your small business all the more enticing to top-notch talent.
So join me this week as we kick off our month-long exploration of the world of employee benefits on this episode of On The Up & Up.