People are excited and nervous at the same time to start working for a startup. Excited stems for helping create something new that has the potential to be the next great thing. However, there are some aspects of the startup culture that can be scary.
While the pay might be straightforward, the benefits of a startup can be all over the board. Depending on the funding and the leadership benefits can be elaborate, minimal or non-existing. Below we look at the essential that most startups should offer.
If you are looking to compete against other startups and land the best employees, you can offer health benefits is a must. If you don’t provide any, you cannot compete with other employers. It doesn’t have to be the best health insurance plans available, but people want to know they can go to a doctor and not have to pay an arm and a leg.
If the finances of offering better plans are too expensive for your startup, you can always start with a basic plan and offer more extensive plans and pass the savings on to the employees. This helps maintain the high-quality talent, and if there is ever someone that you are looking to land, you can always offer that specific person an upgraded health plan to land them as an employee.
Corey Haywood owner of a solar startup explains, “My guys want health insurance for their families and before when we didn’t offer it I was having a hard time competing with others in my field.”
Vacation Time & Personal Days
While health insurance is usually the number one crucial benefit on some people’s list vacation time and paid time off are a close number two. At a minimum, you will want to offer two weeks paid time off, and at least five personal days people can use for sick or whatever they need. Just because someone doesn’t get sick doesn’t mean the benefits should go away. In most companies to be competitive, it’s essential to offer paid time off.
If you want to go above and beyond what most startups are offering, you can try offering unlimited paid time off. Some tech companies have started doing this, and it helps keep their employees happy. There are plenty of pros and cons to this, and you will need to trust your employees not to abuse this benefit. Having an unlimited paid time off policy might balance out if one year, an employee never uses a paid time off, but the following year, they need to use more than what would usually be granted.
Another one of the fundamental benefits is providing a life insurance policy. These are usually cheap for an employer to offer and add value to the overall benefits package you can offer.
Ross Quade, an insurance agent, and owner of FinalExpenseLifeInsurance.com, explains, “Providing a higher benefit policy is a must in today’s startup world. Many of the younger startup employees want to ensure that their finances and loved ones will be highly compensated if anything ever happens to them.”
Snacks & Company Lunches
Most startups that receive some funding provide snacks and beverages for employees that work at their offices. Some of the well-funded startups provide lunch meals daily. However, if your budget doesn’t allow this, don’t do it. Even offering one company lunch a week can go along ways. People don’t join a startup because they offer free lunches.
In today’s competitive startup world, you have to keep up with what other companies are offering as part of their benefits packages. You don’t have to be like Google or Facebook and offer the moon; however; you should know some of the minimum expectations startup employees have.