Starting a startup company is not easy. There are a lot of risks and getting the best talent is hard enough if you don’t have any benefits idea. Singapore government provides grants for new startup companies in Singapore such as Startup SG Founder that provides mentorship and a startup capital grant of up to $30,000 on a co-matching arrangement. For a tech startup, there is Startup SG Tech where entrepreneurs can apply for either a Proof-of-Concept (POC) grant of up to $250,000 or a Proof-of-Value (POV) grant of up to $500,000 depending on the stage of development of their technology or concept.
Once you get the grants, you might think to find the best talent to begin the journey of your startup. Attracting talents to join your new startup is not easy. How can job seekers have trust to join a new startup company? How to manage the compensation package? What kind of benefits to offer to the job seeker? Here are some of the benefits idea for the employees.
As health care costs continue to rise each year, offering health insurance for employees can help startup companies retain the best talent to stay. You can offer a group health insurance plan where you pay for a majority of the plan while employees might pay their portion through payroll deductions.
Also, you can ask employees to choose their coverage level on their health insurance. This prevents you from paying a plan that might not even be used by the employees.
Paid Time Off
To help employees with work-life balance, you can offer paid time off for employees. Employees can use this benefit when they need a vacation or when they are sick. Larger companies may offer more time off, but even if you can only offer few days of paid time off, it can help attract and retain employees.
Flexible Working Hours
Not everyone has the same productive hours. Some are more productive in the morning but some are more productive at noon. Giving employees flexible working hours can make employees happier and do their best because they work based on their productive time. In addition, you can offer remote working for the employees. So they can work from their house or outside based on their choice.
Training and Skill Development
Other benefits idea is training and skill development for employees. Try to prioritize providing training to develop employees’ skills. This can include covering the cost to attend a conference or courses. If employees’ skills are getting better, it will benefit startup too. After attending conferences or courses, they may work more efficiently and smarter. This can help retain employees.
Employees might get bored and want snacks in the middle of their works. Instead of bringing or buying their own snack, why don’t you provide snacks for employees? When you have snacks at the office, indirectly, you tell employees that you care about their happiness and want to be as productive as possible. Also, having an empty stomach is not great for productivity. So, to make employees always productive, try to provide snacks for them.
Benefits idea for employees doesn’t have to be all about large paycheck and bonus. It is about small things that might be missed by larger companies. By providing some of those ideas, you can retain the best talent to develop your startup company.