In a time when many small businesses are struggling to hire enough workers and about 60% of owners say they don’t have enough people on staff, offering a generous compensation package can help keep your small business or franchise from being short-staffed.
But how do you create a package that attracts a talented team while still maintaining the bottom line?
Prospective team members often look at the entire compensation package — which includes access to health care, time off, and more — when making decisions. The more attractive the package, the better is for recruitment and retention. In addition to considering health care options for small businesses and franchises, it’s important to look at other sought after workplace perks that keep your people happy and engaged.
Get Insight from the People Who Matter Most: Your Team
As you develop offerings for your team and explore the different health care options for small businesses, there are a few important questions to ask. These questions will help you prioritize what you need to offer, while also giving your people what they want.
- What are we required to offer? Depending on the type of business, your location, number of employees, and operational standards, you may be legally required to provide certain benefits to eligible team members.
- Who is on my team? Workers need and want different benefits at different stages of their lives, so offering a package that allows them to personalize their selections is appealing.
- What do my people want? Talking to your team or sending out surveys can help you target offerings to their needs and preferences.
- What can we offer in-house? Offering perks specific to your business, such as free or discounted food, or discounts on merchandise or services, are not expensive, but help preserve morale. Rewards programs that recognize individuals for their work are also low-cost benefits that keep teams engaged.
Health Care Options for Small Businesses (and More)
Once you have answers to those key questions, you can start looking at options that fit your company’s budget.
Without a doubt, the most sought-after benefit is access to affordable health care. The high cost of health care means that most people want a budget-friendly option that allows them to see a doctor when they need to.
Demand for a health care option for small business and franchises that includes telehealth, urgent care, and behavioral health services is also increasing. Thanks to the COVID-19 pandemic, the number of people using telehealth for non-emergency care has increased considerably. And with about 20% of U.S. adults living with some form of mental illness — and 62% reporting work-related stress that affects their well-being — access to support for behavioral health is a must-have for many people.
Other benefits that commonly appear on wish lists include:
Flexible sick leave and paid time off. Even before COVID made staying home when you’re sick the norm, rather than the exception, many businesses were changing their approach to time off and giving full and part-time workers more flexibility in how they earned and used their paid time off. For example, many companies no longer separate sick days and vacation days, instead allowing people to accrue time off that they can draw from whenever they need to.
Remote or hybrid work arrangements. While it may not be practical for every business, offering people the option to work from home or remotely when possible is a welcome benefit. Not only does remote work potentially widen the pool of available talent, but it allows a better work/life balance that can help keep your full and part-time staff engaged and productive.
Remote work options allow your team members flexibility outside of the traditional 9 to 5 schedule and help them balance responsibilities for childcare or caring for aging parents. In fact, nearly 30% of workers who transitioned to working at home during the pandemic said they would quit their jobs if they were asked to return to the office.
Wellness programs. Workplace wellness programs are nothing new, but the pandemic has increased the focus on self-care for many people, something they wish to continue. Wellness programs that provide support for physical and mental well-being are important to your staff, but they also benefit you by helping reduce absenteeism and increase overall satisfaction.
Education benefits. From training and mentorship to tuition and student loan assistance, workers are looking for benefits that can help them achieve their educational goals without falling into debt.
Retirement benefits. Most people are concerned that their retirement savings are not on track. Younger workers in particular have uncertainty about the future and the availability of Social Security benefits, so retirement plan accounts remain a top benefit for many people.
How HFH Go + Walmart Health Virtual Care Can Help
Many small business and franchise owners have limited options for providing full and part-time staff with access to health services.
HFH Go + Walmart Health Virtual Care offers an affordable health care option for small businesses and franchise owners who want to support their staff members. Subscribers can access telehealth services from medical providers at affordable rates, including urgent care and behavioral health sevices.
To learn more about HFH Go + Walmart Health Virtual Care and HandsFree Health, and how they can help you offer attractive benefits to your employees, schedule a demo today.