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A WORD
ABOUT BENEFITS |
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We are all
familiar with the standard benefits - health insurance, vacation and
sick leave. Most companies try to offer the best package they can
afford. The following three suggestions may help you develop or
improve your current package:
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| 1. |
When
calculating what you can afford to provide, factor in the higher rate
of turnover that will result from offering sub-standard benefits.
(see “Cost of Turnover”
section). Most companies are surprised to find that offering higher
salary and/or benefits can often cost considerably less than their turnover
expenses. |
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| 2. |
If
you do have limitations, there are many “soft” benefits that you can
offer. For example, additional time off with or without pay, lunch
paid for by your company once a week or month, a casual dress code, birthdays off and
movie tickets are all extra perks that can make a difference.
Although we offer an above standard package to our employees at
Riverside Personnel, they all look forward to the FREE tickets they
receive to the annual “Kiwanis Turkey Barbecue” and Pancake
Breakfast or Shopping dollars for Inland Agencies
"Shop to Stop
Breast Cancer". These tickets provide a fun time for our employees and their families as well
as support to our local non-profits! |
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| 3. |
When
making a hiring decision, inquire about the benefit needs of the
individual you are considering. If they require a specific benefit
or total package that you do not offer, history has shown that the
employee will not be able to afford to stay with you long term.
Sometimes you have to be willing to walk away from a good candidate
if you cannot meet their salary or benefit needs to avoid the potential
turnover costs.
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