The Tribune

Employee benefits are any form of compensation paid to employees over and above their regular salary or wages. Employee benefits come in many forms, and are an important part of the overall compensation package offered to workers. Here we outline three common examples of small business employee benefits that will prove most beneficial in 2021.

In response to a raging pandemic, health insurance, a flexible work schedule and incentive pay are top of mind for the employee returning to their traditional workspace. There is an understanding that all employers will make the social distancing provisions necessary to keep everyone safe. These additional benefits, though, will certainly earn you some brownie points with your employee base.

1. Health Insurance

Offering health insurance as an employee benefit is generally one of the simplest but most effective steps you can take to reward and attract talent. Health benefits can also deliver a range of benefits, such as increasing productivity, boosting morale and helping shape a positive company culture. The main point of a medical insurance plan for employees is to protect and support the health and well-being of staff, so they can remain active and productive members of your company. As we navigate through this pandemic and the health implications, your employees will be eternally grateful if they knew you cared enough to safeguard their health and well-being.

1. Flexible Work Hours

A flexible schedule allows an employee to work hours that differ from the normal company’s start and stop times. In all flexible schedules, the employer expects a full-time employee to work the required hours or more. Employees stand to experience a good number of benefits when their company offers flexible hours as a benefit of employment. One that many workers point to first is the flexibility to meet family needs, personal obligations and life responsibilities conveniently. If you have a flexible schedule, you can go to a parent-teacher conference during the day, take an exercise class, or be home when the washing machine repair person comes. Flexible work configurations allow employees to work when they accomplish the most, feel freshest and enjoy working.

1. Incentive Pay

Incentive compensation is a form of variable compensation in which an employee’s earnings are directly tied to the amount of product they sell, the success of their team, or the success of the company as a whole. Incentive compensation management is the strategic use of incentives to drive better business outcomes, and more closely align sales representative behaviour with the goals of the company. Lord knows that what we all need in this coming period is an engaged workforce where people are motivated and driving better business success.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.