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Low-Cost Benefits That'll Make Your Employees Happy

Boost satisfaction and loyalty with these inexpensive extras for your benefits package.
October 23, 2002
URL: http://www.entrepreneur.com/article/56492

In addition to standard benefits like retirement plans and health insurance, there are plenty of benefits that cost your company little or nothing but reap huge rewards in terms of employee satisfaction and loyalty. Consider these ideas:

The employer deducts the monthly service fee from the paychecks of those employees who want to take advantage of the service. Typical fees range from $15 to $25 per month per employee and cover most routine and preventative legal services at no additional cost. More extensive legal services are provided at a lower rate when offered in this manner, saving employees money.

The benefits to your employees are threefold: most likely they'll increase their savings rates (especially if you offer automatic payroll deduction), have access to lower loan rates, and pay lower fees--if any--for services.

Services credit unions frequently offer include:

Only state-chartered credit unions are allowed to add new companies to their membership rosters. To find a credit union that will accept your company, call your state's league of credit unions or call a few local credit unions. When comparing credit unions, get references and check them. Find out how communicative and flexible the credit union is. Examine the accessibility. Are there ATMs? Is there a location near your business? Consider the end user--your employees.

Once your company is approved, designate one person to be the primary liaison with the credit union. That person will maintain information about memberships as well as enrollment forms and loan applications. Kick things off by asking a credit union representative to conduct on-site enrollment and perhaps return periodically for follow-up or new sign-ups.

Excerpted from Start Your Own Business.