You are the HR consultant to a small business with about 40 employees. Now the firm offers only 5 days of vacation, 5 paid holidays, and legally mandated benefits such as unemployment insurance payments. Develop a list of other benefits you believe it should offer, along with your reasons for suggesting them.
- Issuing Performance Bonuses
Small businesses can leverage performance bonuses to increase employees’ level of motivation. Thus, the firm should avail of a performance bonus to employees besides fixed salaries and wages. To include performance bonuses to employees, the firm can proceed to design achievable objectives to evaluate employees’ performance. Apart from motivating employees, performance bonuses instill an organization culture were employees are self-driven.
- Availing Development Programs
Small and medium scale enterprises initiate development programs to increase overall productivity. For this reason, the firm should design relevant development programs that are anchored to fully increase employees’ potential. For example, the firm can include communication and interpersonal skills reasons in the training programs. Thus, the employees’ work satisfaction will increase as they have relevant skills to serve customers. Additionally, the average output per employee will also increase.
- Providing Life insurance
Lastly, life insurance impact positively employees performance. Thus, the firm should award life insurance benefits to its employees by subsidizing their monthly premium or fully paying the underlying premium. Out-comely, the employees’ sense of belonging and commitment to the firm will be unblocked. Additionally, the employees will have strong morale thus making them more productive.
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