Employee benefits packages for nonprofits can look much different than employees are used to.
Employee benefits packages are one of the key factors potential employees look for when accepting a job offer. However, with the strict budget of a nonprofit, it can be difficult to offer a strong employee benefits package to your employee. Rethinking the way you look at benefits offered to your employees can help you attract and retain the right employees for your team.
Think of your staff as stakeholders
Engaging your employees in the decision-making process for their benefits package can help you figure out what is most important to them. If your employees want benefits that are not doable on your budget or with your access, be honest and work on an alternative plan. Being open about all concerns and goals can help your employees feel much more valued and comfortable.
Be creative
Not all benefits have to fit the same structure. Recognizing birthdays, allowing employees to work from home once a week, or even celebrating a milestone of the company can be seen as a benefit. If you are located in a city, work with the surrounding businesses, such as gyms, coffee shops, and movie theaters to see if you can work out some deals for your employees.
Consider a flexible spending account
Flexible spending accounts (FSA) give your employee the opportunity to put a portion of the paycheck aside on a pre-tax basis for qualified health expenses. Qualified expenses typically include prescription co-pays, over the counter drugs, daycare fees, doctor’s office co-pays, and gym fees. Since the money in an FSA is not subject to payroll taxes, it is like putting money straight into your employees’ pocket.
When it comes to finding the right employee benefits to offer at your nonprofit, contact the experts at Colorado Nonprofit Insurance Agency in Denver, Colorado.
