Unlocking Affordable Employee Benefits For Small Businesses In Bangalore

There is no doubt that employee benefit is a way to hold on to the talents and resources of the company. With Our job consultancy at Bangalore Services, we can help you know a few affordable benefits you can provide to your employees. So, keep reading to dive deep into a few cost-effective strategies used by our payroll services in Bangalore. 

1. Flexible Schedules

There is nothing wrong with offering flexibility at work and letting employees work whenever they want for free. This flexibility, supported by reputable job consultancies in Hyderabad, includes options like split shifts and the freedom to work on different time arrangements showing that an employer trusts the workers to juggle between their work and family or personal needs. Recruitment agencies in Hyderabad have observed that this approach significantly contributes to maintaining a healthy work-life balance, leading to emotional and physical relief for employees.

2. Allowing Paid Time-off

Coming to the main topic of discussion, it can be safely stated that offering extra paid time off is one of the most affordable employee benefits for small businesses and employees in small firms. It can be important for companies to provide paid holidays, sick days, and other forms of flexitime that go beyond legal requirements, including where specific legal requirements exist in some jurisdictions. Some more working days would be beneficial as it enables the continuation of the work when life intervenes, but it does not have to be significantly more than the additional few days per week.

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3. Remote Work Options

Providing employees the option to work from home, partially or wholly, is more significant after the COVID-19 disaster. Many employees can avoid a long and expensive commute, and the location is not a constraint when hiring because employees can work from home. For this reason, remote work is considered one of the most affordable employee benefits for small businesses. Even if the work can be measured with productivity standards set and achieved, then it will be a positive experience for both parties.

4. Professional Development & Training

Communicating with employees about aspects such as promotions, bonuses, or any other form of pay is beneficial. The following ten points convey to your workers that you are concerned about their career paths in your organisation and are prepared to devote time and resources to offering internal or external training and development. It can easily be the most affordable employee benefit for small businesses from the aspect of an employee. 

Informing employees about promotions, bonuses, and other forms of remuneration is necessary. It demonstrates to your workers that you are interested in their career advancement and are willing to invest in their professional growth by providing internal and external training and development. It could easily cater to the most essential. 

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5. Additional Health Benefits

Health insurance and other related expenses, such as claims, also increase annually for employers, which is a problem for small businesses that cannot afford this crucial benefit. However, measures such as health savings or flexible spending accounts that enable employees to deduct before tax for medical costs are acceptable. Businesses may also join with the PEOs or co-ops to get better rates and better group health plans.

6. Retirement Planning Support

Today, it is difficult for small businesses to provide full pensions for their employees; however, they can give other retirement savings options such as 401(k) or SIMPLE IRA. In today’s scenario, if a company cannot afford to make corresponding employee investments or match employee investments, merely allowing the employees to save and invest for retirement can be beneficial.

7. Paid Family Leave

While the Family Medical Leave Act says that only 12 weeks can be unpaid in circumstances such as childbirth or adoption, it would be wise to pay employees during such a crucial period in their lives. When you provide only a partially paid family leave, you are also showing people that you genuinely care about the work-life balance of working parents and caregivers.

8. Employee Assistance Programs

Stress, grief, marital problems, substance abuse, anxiety, and depression disorders are some of the mental health issues that plague people at some point in their lives. Employer-sponsored third-party counselor/psychotherapist is a service that provides up to five free and anonymous sessions to assist workers in addressing issues before they reach crisis. 

9. Supplementary Insurance

Additional insurance products such as accidental insurance, critical illness, and health insurance assist employees in catering to sudden expenses. A common feature is that premium rates are relatively minor, and significant assistance is provided during critical times. Providing these supplementary insurances acts as an affordable employee benefit for small businesses. 

10. Tuition Reimbursement

If you can sponsor or partially or fully refund some of the continuing education tuition, your organisation will grow. Allowing the tuition fee for a course may bolster the business but help it build the business.  

11. Paid Sabbaticals

Granting full-time employees paid vacations after a five-year service gives workers more energy to invest in full-time work. It is also the most strategic and affordable employee benefit for small businesses. Doing that allows the employee to come back to work fully rejuvenated for work or production again. 

12. Employee Discounts

One organisational reward that can be offered at a relatively low cost and yet would attract the employees’ attention throughout the year. Adding more perks and options from affiliating local businesses like gyms, restaurants, entertainment outlets, or stores doesn’t cost much but offers privileges.

13. Employee Recognition

Like the previous approach, appreciation programs include peer-to-peer awards and employee boosting. It is motivating to be valued for contributions even though one may not win the prizes offered. Something as basic as verbal affirmation, expressions of appreciation to employees, or even gestures of care put your company forward. 

The Final Say 

Let it be proven that the employee must be valued most in any organisational setup. They claim they should be deprived of a few compensations to contribute to the company’s development. That is why Cube Consultancy recommends using affordable employee benefits for small businesses from their perspective. Even in the sense of defence, it could be said that other, comparatively considerably more critical, expenditures are unnecessary. So, again, use as much creativity and thinking as possible when deciding what sort of rewards would reasonably be provided to those who participate at a reasonable cost.