Let’s face it: some candy is better than others. Everyone has their own preference, but chances are you’re picking a Reese’s Peanut Butter Cup over a roll of chalky Smarties. The same could be said for the benefits a business offers. When it comes to benefits for small businesses, current and potential employees have some idea of what to expect. No one anticipates giant campuses or access to a fleet of Segways. But what do they expect? And what benefits for small businesses can set them apart from larger competitors?
There are a few essential benefits for small businesses. Well, any business really. Those are health insurance, disability and paid time off. Given how expensive hospital costs can be, a small business not offering health insurance will have a hard time finding employees. For similar reasons, disability is included on this list. When someone is injured and cannot work, they’re in greatest need of help.
Paid time off (PTO) is also essential because personal health is important and work can be stressful. Employees that feel they can take time off have a healthier relationship with work and are less likely to burn out. It’s also hard to believe a potential employee would sign onto a job without PTO. It’s like planning a 12-hour road trip without bathroom breaks.
Retirement plans, professional development plans and other similar resources might also be considered essential benefits, but these generally aren’t setting you apart from your competition.
Not every company runs a business where workers can perform their jobs remotely. Those that can however, have a serious edge. Many employees appreciate the flexibility of this benefit, so much so they might even consider it mandatory for any job they take. Employers can further extend this benefit by offering reimbursements for the business use of personal assets. This might include their wifi, their utilities and potentially their rent.
Many companies depend on their vehicle programs. Anywhere workers drive countless business miles to meet clients, sell products or perform services. And companies should ensure each driver is compensated appropriately. What does that look like?
There are many different options when it comes to vehicle programs. Some of those, like car allowances and mileage reimbursements, aren’t as accurate as they should be. Others, like fleet programs, are too expensive to employers. That’s why so many small businesses opt for the fixed and variable rate (FAVR) reimbursement program.
With FAVR, companies provide employees with a fair and accurate reimbursement for the business use of their personal vehicle. This gives employers better cost control when compared with purchasing or leasing vehicles, or providing taxable car allowances. Under the right FAVR program, mileage receipts are IRS-compliant and guarantee tax-free reimbursements.
The market is saturated with jobs that require phone usage. Many companies opt to provide employees with corporate devices. However, this can be very expensive and difficult to manage. Additionally, most employees already have devices. There are a few ways employers use this to their advantage.
Using a BYOD program, employers enable employees to use their personal devices for work. Companies can reimburse employees for a portion of their monthly bill, in addition to general phone usage costs. This keeps program costs down while still ensuring employees are compensated appropriately.
We may not be in the business of basic benefits like health insurance, disability and financial planning. However, we are experts in mileage reimbursement, device mobility and location services. Whether you’re looking for a new vehicle program, a new device program or a remote work policy, we can help. You can learn more about our solutions here.