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Ideas for Employee Benefits for Remote Workers Small Businesses Can Offer

Employee Benefits | Ideas for Employee Benefits for Remote Workers Small Businesses Can Offer | MartinoWest October 2021

Initially, remote work was mostly peculiar to freelancers and independent contractors, and a minor consideration was given to designing programs that delivered employee benefits for remote workers.

However, according to a McKinsey report, COVID-19 has sped up companies’ adoption of technology for internal processes by three to four years. Another survey by Gartner shows that 90% of organizations who took part in the survey will continue to work from home even after the COVID vaccination.

The 2018 Glassdoor Employment Survey shows that 60% of potential employees will consider benefits and other perks as a significant factor for accepting or rejecting an offer. 63% of job seekers look at benefits and perks in job ads before deciding whether to apply for a job. Further, 80% of employees choose additional benefits over a pay raise.

In a 2015 survey, 40% of surveyed employees showed they’d prefer health-care insurance over all other forms of benefits. 37% preferred vacation/paid time off, 35% performance bonus, 32% paid sick days, and 30% 401(k) plan, retirement plan, or pension.

But how do companies benefit when employees are working remotely? As remote work becomes mainstream, it is an effective way of enhancing brand competitiveness and achieving higher returns with reduced capital investments. Besides the preceding report, their research shows that remote workers spend an extra ten minutes on work every day even though they take breaks that are 4 minutes longer than office-based employees.

Besides the benefit of increased productivity, the other benefit of working remotely for employers is spending little to nothing on office rent and other utilities. Remote employees mean that your company can source talent from all over the world without being limited by distance, local laws and regulations.

Contact MartinoWest and find out how a PEO can help you manage a remote workforce.

What benefits would you suggest we offer to remote workers? Recently, we’ve been getting this question a lot from existing and prospecting clients. So we put together the following list of remote work benefits for your consideration.

Examples of Employee Benefits for a Remote Workforce

1. Health Insurance

A health insurance plan is an essential aspect of remote jobs employee benefits for fully distributed global companies. Health insurance can be challenging to navigate if your employees work in different cities, states, or countries. However, providing health insurance for potential employees makes working for your company attractive.

To provide health insurance for your remote staff, start by collating demographic information from your employees, such as age, location, and dependents that you’d pass on to be potential providers. Among your options, consider:

  • Choosing a group benefit plan that is flexible and may not depend on your employee’s health history.
  • Seek for the services of MartinoWest. We will work with you to select a suitable health insurance provider for your business. MartinoWest will also be able to recommend viable Professional Employer Organizations (PEO) or Employer On Record (EOR) organizations that you can partner with to help manage your entire workforce or a portion of it.
  • Providing a monthly stipend for foreign employees is a great idea to cover for their insurance plan in their respective countries. The stipends mean you do not need to worry about the administrative aspects of organizing an insurance plan. It allows your employees to focus on what is crucial for them
2. Retirement or 401 (k) Plans & Benefits

401 (k) plans with an employer contribution are among the top most attractive remote working employee benefits an employer can offer. A US-based business with US employees can also offer financial counseling or investment advice to employees, equipping them with adequate knowledge to make good investment decisions.

3. Performance Bonuses

Rewarding exemplary performance with bonuses boosts morale and productivity, increasing a sense of loyalty to the company. It gives employees a reason to reach their goals, which assists to reach its goals more often.. The positive organizational results of performance incentives are effective ways to showcase the benefits of allowing employees to work remotely.

4. Paid Leave including Sick Leave

How do you reward remote employees? Give them paid leave. Paid leave, including paid sick leave, is yet another effective way of communicating that your company values the health and well-being of its employees. 

Leave time gives employees time to rest and re-energize without worrying about their income. Decreased productivity because of burnout, tiredness or fatigue means that your employees will miss deadlines or cannot complete tasks or work at an unreasonably slow rate.

Since most companies inadvertently overwork their best-performing employees, a robust leave policy helps you maintain the best employees at their optimal performance.

Other Benefit Options

There are other employee benefits that a small business can offer its remote team. They include:

  • Training and personal development opportunities–Consider organizing webinars, seminars, and online workshops for your remote staff. Given the constantly changing context, it is essential to build up your staff’s skills to ensure they’re offering the most current and competitive services for your business.
  • Co-working stipend—While working from home is fun, your employees need to be able to change their work environment once in a while. A co-working stipend means they’d be able to afford a co-working space, which boosts their attention and productivity.
  • Subscriptions—Entertainment is also another basic human need. Your remote employees can appreciate a subscription stipend for entertainment platforms such as Netflix andHBO, among others.

Summing It Up

So, what are companies doing for remote workers? In summary, most top-tier companies provide incentives to enhance employees’ loyalty and productivity as they work remotely.

With a traditional employee benefits program, your program for remote workers should be competitive, have a logical goal, and financially viable within the context of your financial performance. Depending on the diversity of your team, you can conduct a needs assessment that equips you to offer customized benefits.

Though the context is changing from office-based, central working arrangement to home-based work, employee benefits for remote workers are still an essential aspect of attracting top talents.

Please contact MartinoWest for a FREE, no-obligation consultation on employee benefits for remote workers.

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