When your business reaches 15 to 50 employees, you have to be strategic about competing against other organizations for workers. While you may not be able to afford high-end pay, there are still many different benefits you can use to attract workers to your company. Often, small businesses don’t realize all of the existing advantages they already have, like a family-friendly environment or flexible schedules. By clarifying and communicating the things that make you unique, you can attract a better quality of talent.

Cost-Effective Benefits for Small Businesses That Won’t Break the Bank

From pet insurance to professional development opportunities, there are a number of cost-effective benefits your small business can use to compete with major corporations for top talent.

Pet Insurance 

Considering the cost of medical care for pets, it’s unsurprising that pet insurance is one of the up-and-coming voluntary benefits for small businesses. 97% of pet owners say their pet is a part of their family. Top companies, like Nestle, are already starting to offer pet insurance as a part of this trend.

Health Savings Accounts (HSAs)

An HSA allows workers to set aside money for qualified medical expenses. It is typically contributed to by the employer and the employee. These plans are offered in conjunction with a high-deductible health plan. Employees tend to like HSAs and FSAs because they’re a tax-free way to cover medical costs and prescriptions.

Flexible Spending Accounts (FSAs)

An FSA is similar to an HSA, but it is owned entirely by the employer. At the end of the year or when they switch employers, the employee loses access to those funds. Unlike an HSA, employers generally don’t contribute to an FSA, although they are allowed to contribute if they want to. Like an HSA, an FSA receives tax-deductible contributions. If the withdrawals are for medical purposes, they are tax-free.

Legal Insurance 

Legal insurance gives employees easy access to qualified attorneys. Employees can go to the attorney to draft legal documents, receive help in court, or get legal advice. These services are typically much cheaper when they are provided through an insurance plan than when someone has to pay for them out of pocket.

Vision Insurance

If you want to provide in-demand benefits without breaking the bank, consider investing in vision insurance. This affordable insurance costs only a few dollars a month per employee, but it often includes significant benefits. For example, employees may be able to use their vision insurance to get eye exams or laser eye surgery.

Flexible Hours and Remote Work

Many small businesses operate on a shoestring budget, so they don’t have extra money to spend on benefits. Fortunately, some benefits can be offered for almost nothing. If you give workers flexible hours or the opportunity to work remotely, remember to include these benefits in your job ads. Many workers want flexibility in how they work, so they’ll prioritize companies that can give them this flexibility.

Family-Friendly Environment

If you have a family-friendly environment, don’t forget to advertise it in your job listing. Many employees like working somewhere where they feel like they are a part of the family. If you have an upbeat culture or a relaxed atmosphere, you can also use these attributes as a part of your on-the-job benefits. Besides attracting talent, these workplace descriptors will also help narrow down the talent pool to people who fit in with your organizational culture.

Professional Development Opportunities 

For high achievers, professional development opportunities are an especially appealing benefit. These opportunities can be lunch-and-learns, online certifications, tuition reimbursement, or anything in between. In addition to being an appealing benefit, these development opportunities will also provide you with more highly skilled, productive workers.

Employee Recognition Opportunities 

When it comes to employee morale and retention, one of the most effective things you can do is give your workers recognition for doing an excellent job. Employee recognition can come in the form of bonuses, gift cards, or public recognition.

Retirement Plans

57% of Americans say they’re behind on their retirement savings. Because of this, work-sponsored retirement plans play an important role in helping workers prepare for their future retirement. Setting up a 401(k) plan can also lead to tax credits and deductions, so many of your upfront and ongoing administration and contribution costs can be minimized.

Wellness Programs 

Depending on your budget and employee base, there are a variety of different wellness plans you can adopt. For example, you could provide workers with gym memberships, discounted fitness gear, wellness apps, healthy cooking classes, or meditation classes. If your budget is limited, you may even be able to find local gyms and health centers that will happily give your employees a discount in exchange for getting access to new customers.

Set Your Small Business Up for Success 

As a small business owner, attracting top talent can be challenging. When you have to compete against Fortune 500 companies for your employees, you must be creative about the type of benefits you offer. Fortunately, there are cost-effective benefits available that won’t break the bank.

To learn more about offering benefits as a small business owner, reach out to our team of small business payroll and HR experts today.