The growing number of small businesses shows no signs of slowing down—clearly making the point: the spirit of entrepreneurship is alive and well. Nearly 25 percent of 28 million small businesses are employers (for those self-employed folks, you’re considered non-employers). That means, there are approximately six million of you, running a business with additional payroll or employees. And even if you have no employees right now, you’re probably going to hire someone sooner than later if you want to grow your business.
As a small business owner, you can’t stress enough the meaning behind “strength in numbers.” Whether you’re managing all your company’s social media accounts or cold-calling potential customers, you understand the value of a few good workers to help with your never-ending workload. And as the holiday season is upon us (yet again), it’s a good time to reflect and ask: have I thanked my employees today? A simple gesture of gratitude can have them feeling valued and rethink any plans of leaving. After all, everyone loves a little validation every so often!
Here are some ways you can show a little appreciation to your employees:
Fortunately for those with a tight budget, federal law does not require businesses to provide company benefits. In fact, the government only requires you to stay compliant with the Family and Medical Leave Act (FMLA). FMLA gives employees the right to leave their job for 12 weeks out of a 12-month period for any of the following reasons: birth and/or care of a child; care of an immediate family member who has a serious health condition; and/or care of the employee's own serious health condition.
But for some, supplemental benefits are a key way to not only attract new talent but to retain existing staff. A “standard” benefits package might look something like: retirement plans; 401K options; paid vacation and sick leave; time off for voting, jury duty, and military duty; and tuition reimbursement.
Looking to get more creative? Here are some outrageous benefits that other companies offer:
● Unlimited sick and vacation days
● Telecommuting option
● Bi-monthly company happy hour
● Game room with ping pong table
● Play room for children
● On-site doctors and medical services
● Food and snacks at any of their 16 gourmet cafes
● Bike and scooter usage
● $3,000 reimbursement for personal vacations
● Neverending cereal bar
● 72,000 sq. ft. fitness facility
● Scuba certification
● Employee garden (size of a city block)
● Health and dental center with dermatology treatments, like Botox
● Three- to six-month paid sabbatical
● Season passes for snowboarding
● Company shuts down if there is two feet of snow
Did your employee work on a major project? Was it a success? Did it generate more customers and revenues? If you’re nodding head along to these questions then it might be a good idea to consider giving your employee a promotion! Promotions are a great morale booster, not only for the promoted employee but for the rest of your employees. Think about it: it shows your staff that if you work hard, you’ll be rewarded for all your effort and time.
Before you give the good news, come equipped with their new job title, pay raise, and additional benefits you think they deserve. Outline what you expect from them in their new role. Now, comes the fun part! Tell your employee. But do it in private. You can pull them into a conference room or take them out to lunch. It’s up to you. But don’t casually mention it in the hallway.
Let’s say your company had a record-breaking year. If so, congratulations! Like in most businesses, it’s teamwork that builds a strong company and drives increasing revenue year after year. You might want to reward your employees for all their success. It’s a great time to give bonuses as most companies give out year-end bonuses to those employees who exceed a set goal.
So are you ready to make your employees holiday season a little bit brighter? Here are some legal documents to make the process a whole lot easier. ‘Tis the season for giving—and thanking our employees!