April 11, 2018 | By Joe Quintana – Corporate Wellness Magazine
Small business owners are continually faced with the perennial question of how to stay competitive with their larger counterparts. In every aspect of running a business, from pricing, to quality, to distribution, staying competitive can seem like a David and Goliath situation for small business owners.
This is especially true when it comes to attracting talent and hiring the right people. Simply put, large companies have deeper pockets. They have greater resources and can offer more in terms of benefits and pay. Granted, there are many advantages that come with working for a small company. Greater flexibility, a more personal connection with the overall vision and operations, and more opportunity are just some of the reasons people prefer to work for a smaller company.
Nonetheless, though someone may wish to work for a small company, when it comes down to it, they will often choose a larger company with larger pockets simply because they get more money and more benefits.
Managers in small organizations constantly think about ways they can recruit strong candidates. How can they sweeten their overall package? How can they wow a candidate, but not hurt their bottom line?
We’ll look at four reasons offering voluntary benefits can be a cost-effective solution for small businesses hoping to expand their benefits package and compete against larger employers.
1. Doesn’t cost the employer anything