Top 5 Employee Benefits Startups Can Afford

September 9, 201610:53 am901 views

There has been a sudden spurt in the increase of start-ups across the globe. With growing awareness on entrepreneurship, there has been a mega boom experienced in the growth of start-up culture.

This has led to creation of many job opportunities for the talented workforce, especially those who had run out of jobs either due to automation, restructuring, termination or might have just chosen a different path to follow their dreams working for a start-up brand.

Managing startups can be tough, especially in a volatile economy, where customer preferences change quickly, employee expectations increase, with dearth of skilled workforce and attracting the best talent seems to hold the key to successful venture.

Now in these volatile times, thriving within budget and meeting all considerations adequately can be quite challenging for start-ups. Also attracting the best talent to work for a startup organisation isn’t easy.

See also: Benefits of Coffee Breaks at Work

While there are plentiful of reasons, why employees today prefer working for startups, and not for MNCs – nevertheless they do seek reassurance of the fact, that their payment considerations and need for benefits would be duly met.  

Since employees are the most valuable assets for startups to thrive and sustain the growth momentum in competitive times, it is important for founders of these startups to ensure that the workforce is satisfied, happy and contented with their workings.

Employers also need to ensure that the employees are provided with competitive salary, perks and benefits to retain key talent within the company for long. Also appropriate salary is paid on time to keep up the employee morale.

Here are some affordable ways by which, HR managers can compensate the talented competent professionals in startups for their contributions:

Flexible working hours

Flexible working allows employees to have a better work-life balance and manage their time well. This benefit is not commonly offered by MNCs and corporates, as they generally follow the strict working hour discipline norms.

Startup companies encouraging flexible working hour policies could gain more from a motivated, less-stressed workforce able to strike an effective work-life balance without impacting productivity and quality of deliverables.

Commuter policy

A commuter policy allows employees to work from home in some specific circumstances such as taking care of the parents or sick kids, guiding their child on the first day at school, attend family events and more.

The commuter policy drives employees to engage and build better trustful relationships with the employer brand. Having a good work-life balance leads them to be more productive and resilient to execute the job roles on time.

Health insurance

This employee benefit while might seem common with MNCs, it is not so commonly offered by startups. Therefore, it is important for any organisation irrespective of the size or state of workings to ensure that the employee wellness and health initiatives are given preliminary importance.

When employees are valued and cared, they often tend to stay loyal with the brand and dedicate more time, deeper interest in their workings for better profitable returns. Sickness and frequent absenteeism are clear indicative signs that an employee could possibly be emotionally unhealthy or could possibly be low on morale to contribute effectively.

It is important for HR managers to intervene during the process and understand employee concerns, thereafter devise strategies to perk up motivation levels and derive optimum productivity.

Providing health insurance benefits would help employees’ to care for their health first and recover soon in case of terminal illness, seek best medical advice and treatment from the best practitioners in the business and return back to work in the pink of mental and emotional health.

Free snacks and refreshments

Snacks and coffee are two tempting benefits employees cherish, during their odd-even breaks at work. Startups should offer this benefit to decrease tension, stress, burnout and elevate the happiness quotient at work among employees

Unlimited vacation time

Providing unlimited vacation time and other Paid-Time Offs (PTOs) can seem quite a risky proposition for startups to offer employees at the onset. However, this is one benefit that can attract the best talent from the industry to emerging startup scene.

When employees are empowered with a higher sense of trust showcased by the organisation, they feel more engaged, valued and respected for their contributions. In return, they tend to perform much better, maintain sense of loyalty towards the employer brand, and do not follow means of deceit or playfulness to quit without notice or discontinue workings.

They further find a sense of belonging to work hard, deliver their best at work everyday, find a fulfilling purpose to grow with the company, and stay for long-haul.

These employee benefits if offered by startups will not only increase employee loyalty, motivation and engagement, it would further attract best talent from the industry to join the booming start-up biz.

Next read: Affordable Rewards and Recognition to Give Your Employees

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