Posted at 5 years ago in blog by M Lederman

If you’re a business owner, you have a vision for the future of your company—it may be to engineer a model of efficiency, expand to new markets all over the world, or simply bring to life a vision you have had since you were young.

In any case, realizing that vision takes growth.

For a business to grow beyond its founding core, it needs to recruit talented employees amid a sea of competition. In the start-up and small business space, it is likely the competition has more resources at their disposal to do so.

Offering a benefits package to your growing team can make all the difference. Your company’s growth depends on your ability to get the most out of your employees, and you can bet that when they come in for an interview, they’ll be asking:

“What benefits do you offer?”

The answer to this question can be a deal breaker for a talented new prospect. Chances are, they’re coming from a larger company that offered a robust plan, or leaving a company that didn’t offer anything at all.

According to a survey by Glassdoor in 2015, about 79 per cent of employees said that they would prefer new or additional benefits to a pay increase. The opportunity to work for your small business may be enticing, but it’s likely that a skilled employee with family obligations would not be willing to sacrifice their access to health benefits.

About 73 per cent of employees say that their benefits package plays a major role in their happiness at work, and when employees are happy, they tend to show more loyalty to their employer. Offering benefits will allow you will attract more qualified prospects and motivate the employees you currently have on board.

While adding a new monthly bill can be daunting, benefits are a small investment that can have a hugely positive impact on your small business’ growth and success.