Wanted: 3 ZERO COST Benefits To Give Your Employees

In today’s economy, it’s harder than ever to find exceptional talent. Of course, finding talent is only half the battle. Keeping those good employees is the hard part. You offer the usual small business benefits, raises and perks- some more expensive than others. But the economy is testing your patience, requiring that you find creative ways to retain those rock stars.

But how, exactly, can you raise the stakes, sweeten the pot and create an environment that employees want to be a part of…all without breaking the bank?

Implement a few of these perks and you’re sure to offer the best to your employees, without sacrificing profits.

1. Offer credit union memberships.Cincinnati employee benefits

Signing up with a credit union takes just a few minutes. The benefits?

• Reduced or no banking fees
• Low-cost personal loans
• Insurance (for some, not all)

And there’s something in it for your business too, as credit unions are now doing commercial loans or lines of credit for businesses. Cost to you – zero.

2. Offer supplemental insurances.

A little less known benefit: supplemental insurance. It supplements, not replaces, health insurance. The benefits?

• Out-of-pocket expenses, like deductibles, copayments, lost wages, food and medication may be covered.
• Gaps from existing insurance plans are covered.
• Employees with preexisting and serious health conditions may be covered too.

Benefits from these plans are paid directly to employees and they decide what to do with the funds. Cost to you – zero.

3. Offer payroll deductions for IRAs.

Employers have had to cut back on business sponsored retirement plans as they have sought ways to keep the business open. Employees are still willing to save for their retirement, but they want to save with a deduction that won’t appear in their bank account.

Enter the payroll deduction IRA plan.

These IRAs can be either the Roth or the Traditional IRA through a mutual fund company. It is easy to set up through the current payroll company and is managed by the employer. Cost to you – zero.

Did we forget to mention? These make you look good.

As the smart and savvy small business owner of your company, show your employees that you appreciate their hard work and dedication. Don’t worry. You can keep the “no cost” part to yourself. We won’t tell.

Have any other suggestions or ideas? Leave a comment here and tell us what you think!