Find right benefits package for budget

Companies are starting to get creative with the benefits they offer to their staffs. Interesting options include pet insurance, on-site child care and elder care to name a few.

These are great extras to offer any employee. As a small-business owner, these may not be affordable options. Here are some tips if you would like to try and fit some of these extra benefits into your budget:

Poll your current staff. Find out what their interests are and what type of benefits would be most appealing to them.

Research. What are your competitors offering?

Find low-cost options. An example of a low-cost option is enrolling your company in an IRA. A SIMPLE (Savings Incentive Match Plan for Employees of Small Employers) IRA plan offers great advantages for businesses. You may be thinking that you can't afford to match the contributions of your employees who choose to participate. Well, there is another option: You can choose to contribute a fixed percentage.

This is a great way for your employees to have the benefit of retirement savings at low cost to both the employer and the employee.

Supplemental insurance also is a great option for offering benefits for your employees at low or no cost.

I recently polled a client's staff members. This particular group is fairly young, and they were interested in health club memberships, discounts and incentive packages. Getting these types of employee perks was fairly easy.

There are several local gyms that offer wellness packages for employers. I recently heard an East Shore Athletic Club representative say that they have packages they can offer to businesses with as few as five employees.

Another option is to trade a discount with another employer. This is a way to offer something to your employees at no cost to you.

Incentives are another low-cost benefit. If the employee helps the company do well, they get a monthly or quarterly bonus.

There are lots of ways to do cash incentives, so you have some flexibility there. Many employers choose to pay incentives on a monthly or quarterly basis to keep motivation high. I have found annual incentives typically motivate employees around the third and fourth quarter.

Talk to other business owners to see what they are offering to their employees. If they are tight-lipped about it, then call small-business owners in other markets. The Internet is also very helpful to find out this information. LinkedIn is what I call the business owner's or professional's Facebook. Use the discussion forums to ask questions.

There are numerous low- or no-cost options for employee benefits.

Call your insurance agent or a human resources professional to see what options may be a good fit for your company.

Pat Eardley is a human resources adviser with more than 16 years' experience in human resources management. She supports small-business owners, allowing them to have more time by focusing on creating a successful business environment for them and their employees. You can find out more about Pat and the services she offers at www.pateardley.com.The Job Coaches are experienced volunteers from the Center for Women's Job Counseling Program. Ask them a question at 763-7333 or email info@c4women.org. If you want further assistance, make a counseling appointment; a donation of $35 is requested.