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Offer customized benefits
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September 14, 1999: 1:38 p.m. ET
Custom benefit plans promote worker loyalty; build your presence on the Web
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NEW YORK (CNNfn) - Cookie-cutter benefits don't cut it any more with today's demanding employees. Even the smallest companies are figuring out how to keep their employees happy in today's tight labor market. While it takes more time to customize your benefits package, it's often worth the effort.
Here are some tips:
1. Survey your employees to find out what kind of insurance coverage they prefer. Some people are covered on their spouse's health insurance plans, so they may prefer eye, dental or even legal insurance benefits instead of medical coverage.
2. Make sure the dollar amount of the benefits you offer your employees is fair and equal. You have to be fair to everyone on your staff in order to stay out of serious legal trouble.
3. Work with a benefits consultant to make sure you are complying with all state and federal benefit requirements. It's easy to lose track of what you have to offer to remain in compliance. Make sure you have the required coverages, including workers' compensation and state disability insurance coverage.
4. Be creative. Look into offering tuition reimbursement, child care contributions or benefits for same sex partners. You want your employees to think twice about leaving.
5. Ask other business owners what kind of benefits they offer and what works well for them. Don't operate in a vacuum.
Establishing a Web presence
Small companies on a tight budget need to be creative when it comes to building a powerful Web presence. Even if you don't have millions to spend, you can create a viable, vital site.
1. Visit as many Web sites as possible to figure out what you like and don't like. Check out your competitors' sites and visit them often to keep track of their promotions, new products and marketing campaigns.
2. Contact the producers of the sites you like and ask for the name of their designer. If you like the look of a site, it makes sense to hire the same creative team.
3. Determine whether any of your customers, clients or suppliers would be good Web link partners. The Web works best when connections make sense and everyone benefits financially and otherwise.
4. Set a budget to develop, design, host and update your site. Figure out how much you can spend to promote your site. Print advertising is often out of reach. Web advertising is not cheap, but can be very effective.
5. Be creative about promoting your site. Barter for banner ads, ask sponsors to help promote your site online and in print.
6. Give visitors a compelling reason to visit your site often. Change the content and promotions at least every two weeks. The worst Web sites are static storage places for old content and out-of-date offers.
(Syndicated columnist Jane Applegate, author of 201 Great Ideas for Your Small Business and a business owner herself, covers small business for CNNfn.com.)
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