Employee benefits for startups with seed round funding are an important, and often overlooked, topic.
One of the purposes of seed round funding for startups is to hire the talent necessary to take the business to the next level. As a startup, it can be difficult to attract the most qualified people. In this stage, it’s important to think through what you are offering to prospective employees. One way to do that is to craft an employee elevator pitch. Recognize that qualified people generally have multiple options for where they can work. So, beyond your elevator pitch, it’s important to think through candidate expectations as it relates to their overall compensation package. While it’s natural to start with salary and stock options, don’t underestimate the importance of a robust employee benefits program.
An important way to both attract and retain talent is with competitive employee benefits. Here are a few types of employee benefits for startups with seed round funding:
Providing employees perks that come with working for your startup is an affordable way to leverage yourself against competition when it comes to recruiting and retaining employees. Benefits such as work from home assistance, an employee gym membership, or childcare services are unique ways of putting money into your employees without just dumping it into salaries. Other benefits such as offering generous PTO or implementing a flexible work policy are also ways to give your employee benefits a competitive edge, and are virtually free.
There are ways to expand your employee benefits without even touching salaries or the basic employee benefit plan (medical/dental). When you add on benefits such as Tuition Reimbursement, 401(k) Contribution Matches or Flexible Spending Accounts you’re able to bring your benefits to the next level without bringing your budget to the next level.
The first step to improving your company’s employee benefits program in an affordable and efficient manner is to compare benefits quotes. When you take the time to compare benefits quotes you’re able to make an informed decision on what the best employee benefits plan really is for your business. HRO makes it quick and easy – schedule a call today.