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5 Perks Every Entrepreneur Should Offer To Their Employees

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5 Perks Every Entrepreneur Should Offer To Their Employees

As an entrepreneur running a start-up business, attracting and retaining top talent is essential. While new businesses are often short on cash, one way to achieve this is to offer market-leading perks that employees would not be able to do without.

In this post, we’ll look at five great perks for employees that every forward-thinking entrepreneur should offer to their team to ensure they attract and retain the best team members.

1. A Gym Membership

Reducing sickness in the office is something that businesses have been struggling with for years. But the simple fact is that fit and healthy employees tend to be happier and less likely to take time off than their less energetic counterparts.

Many roles at start-ups are sedentary, meaning employees usually spend the vast majority of their time sitting at their desks, making it difficult to stay naturally active. That issue can be compounded when employees commute by car, and they may end up getting very little exercise at all.

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Offering a gym membership to your employees can be a great way to empower your team to get fit and healthy. Cost can be a barrier to getting in the gym, so with this removed, it’s much easier to give it a go.

Some employers take it even further by organizing team sports after work, such as a company softball team, yoga, or spin sessions. These are great ways of getting your team into a healthy habit as well as an excellent team building opportunity.

2. A Personalized Workspace

For most start-ups, there’s lots to do, so roles are very demanding, with team members likely to spend upwards of 50 or 60 hours in the office to meet deadlines! As a result it’s important to ensure your office is a genuinely nice place to be.

That doesn’t just mean having a nice looking office, it means allowing your team to add a personal touch to their workspace so it feels like their own. In fact, in a recent survey, 63% of employees agreed this was important to them.

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That could mean letting your employees choose their office chair, set up their own notice board, add some photos and other personal items, or even spec out their workstation so they have gear that they enjoy working on.

3. A Chance To Socialize

Being able to get to know the team is another important factor when it comes to running a successful business. Team social events really helps to build a sense of camaraderie among your employees, which improves job satisfaction. It also means team members who get along with one another are more likely to want to stay in the business – as leaving a great team would be another one of the things they’d miss out on if they left.

This could involve team trips to the bar at the end of each month, or parties to celebrate the launch of a new campaign, project, or feature. Part of your marketing and PR strategy may involve entering industry awards, so why not bring the whole team to the awards ceremony to give them a chance to reap the rewards and feel instrumental in the company’s success?

You could also offer other social events such as barbecues for employees and their families, meals out after work, or tickets to the latest cinema releases for groups of employees who’ve worked particularly hard to get a project completed.

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4. Flexible Hours

For many office based roles, it’s no longer necessary to have to work in the office for set hours, particularly if your team is not customer-facing and does not need to be reachable during standard business hours.

The fact is that business hours aren’t always the most productive, as some employees are morning people, some are night people. On top of that, commutes can be so much quicker by avoiding the times of day that the majority of people travel. Offering flexible hours can help employees get the most from their day as a result.

On top of that, it offers better job satisfaction by letting employees schedule their work around their lives, not the other way around. That could mean taking the kids to school or working from home to make a dentist appointment at midday.

Ultimately, your employees are trusted to make important decisions about your business, so isn’t it time to let them start taking control of their own schedule?

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5. No Arbitrary Vacation Allowances

As Richard Branson argued back in 2014, flexible working has revolutionized how and where we do our jobs, so why do we still stick to strict annual leave policies? Inspired by Netflix, Virgin went ahead and scrapped arbitrary vacation allowances. Instead, the focus is put on what work employees get done, not hours worked over the entire year.

Naturally for small companies, there are some limits – the business must be able to support employees taking time off. As a result, unlimited holidays may be offered provided the business can handle a particular employee taking time off. That might mean a developer taking a day off as a hard earned break after completing a lengthy project, or allowing employees to schedule holiday time, provided there is someone with their skill set available to cover for them.

But taking time off is not just a benefit for the employee, it’s a benefit for the employer too. Vacations offer a chance for employees to gain some down time, de-stress and clear their heads. This often results in the employee returning refreshed and re-energized with new ideas, as well as avoiding burnout, which can lead to long term sickness.

As a result, many forward thinking companies encourage employees to take the time off that they’re entitled to, to help foster a happy and productive team.

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Featured photo credit: Kevin Curtis via unsplash.com

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Last Updated on January 27, 2022

12 Reasons Why You Should Consider Working in Singapore

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12 Reasons Why You Should Consider Working in Singapore

Nine out of 10 foreign workers are satisfied with working in Singapore, a recent governmental survey reports. Being ranked best for numerous criteria from best intellectual property protection laws to the easiest country to do business in, Singapore also receives a bunch of accolades for the overall quality of life, top education standards and efficient medical system, ranking the nation as the healthiest in the world. So, what exactly makes the City of Lions such an impeccable place to start your career or relocate your business? Here are just 12 reasons why you should consider doing it!

1. Singapore ranks second as the most globalized economy in the world

The Global Competitiveness Report 2014 – 2015 named Singapore as the world’s second prospering economy. By defining “competitiveness” as the set of institutions, policies and factors that determine the level of productivity of a country, the report claims to be the most authoritative assessment of the country’s prosperity and well-being. What does that mean for you and me? High wages, low unemployment rate, excellent work conditions and nourishing business development and investment climate.

2. Salaries are extremely lucrative

As the economy is booming, Singapore companies are hungry to acquire overseas specialists, offering top salaries and lucrative benefit packages to attract highly-skilled workers and talents. With a median salary of 3.500$ per month, software engineers can earn up to 72.000$ annually, whereas general practitioners usually receive around 80.000$ per year, according to PayScale. Elementary school teachers earn around 34.000$ per year and working as a waitress part time will bring you around 1100$ per month.

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3. Progressive personal tax system

Calculating and paying taxes in Singapore is extremely easy and usually takes around 30 seconds to submit your online tax return. If you already obtained a residence permit, your personal taxes in Singapore range from 0% if you earn less than S$ 22.000 per year to 20% for incomes above S$ 320,000. Non-residents are expected to pay a flat rate of 15% from all income gained in Singapore. In addition, all of your earnings gained overseas and brought to the country are not subjected to any taxes.

4. Getting a work/residence permit is really easy…

With a population of only five million, and dropping fertility rates, Singapore is highly interested in acquiring new residence and labor force to boost the country’s economy to soaring heights. If you already have a job offer secured, applying for a work permit would take only a few clicks on the governmental website and you will know the outcome within just one day. No lines, no paper bureaucracy and no huge list of supportive documents or blankly stated requirements. Their entire procedure is even simpler if you are a business owner wishing to relocate your business to Singapore, or a start-up entrepreneur wishing to develop your company within the island. You are likely to receive your work permit for a longer term, plus the renewal process is fast and simple. Residence permits are usually issued along with your work permit for the same period of time.

5. …And the same with permanent residence status

If you have lived and worked in Singapore for over a year and enjoyed your experience, you can start considering applying for a permanent resident card. Again, the whole process can be done online without much hassle or paperwork involved. Among the factors of a successful outcome, expats name young age (below 50), educational background (degrees obtained in Singaporean universities will earn you extra points), the industry you work in (again extra points to those who are involved in scientific research and working with innovative technologies), and your ability to speak one of the four languages. The processing time does take up to six months.

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6. The adaptation process goes easy

As English in the main working language you won’t experience the dreaded language barrier. The local society is an absolute melting pot of Chinese, Malay, Indian and British cultures with 42% of population being foreigners. There is a huge amount of expat communities and meet-ups, restaurants serving awesome foods from all over the world, and imported goods you are used to buying back at home. As expats say, “Singaporeans are generally very comfortable with diversity and have been very welcoming to foreigners” with rare case of racism or religion discrimination occurring. There are numerous international and English schools available, along with pre-school daycare centers, so your kids won’t experience much troubles either when changing environments.

7. Top notch higher education

If at any stage you feel like lacking relevant educational background or certain skills to get a promotion, you should consider getting a degree in one of the six Singapore universities. National University of Singapore currently ranks number one in Asia and 22nd in the world offering degrees in Arts, Law, Medicine, Computer Sciences, Public Policy and nearly any other profession in demand. Tuition fees for undergraduate programs range from S$ 28.600 to S$ 129,200 for medical degrees. However, all students (foreign or resident) can apply for governmental grants and tuition aid, cutting down the costs by 50%, as currently around 20% of government spendings go into education. If you are aiming at a top executive position, getting an MBA in Singapore will cost you S$ 58,000 full-time or part-time.

8. It takes three days to open a business

Being ranked #1 for the ease of doing businesses by World Bank consequently for seven (!!!) years, starting your business in Singapore is easy and fast indeed. The whole process is done online and your registration will be deemed completed within a few hours after you pay a registration fee of the S$65. Afterwards, you can either refer for further assistance to ACRA (Accounting and Corporate Regulatory Authority) offering you a huge selection of agencies and providers to handle all your business needs – from business start-up services to preparing all the documents for your annual returns.

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9. Singapore is rated #1 as the best labor force in the world

As your business grows and you feel it is time to expand, hiring new professional team won’t be much of a struggle. With expats and work migrants flooding the market, local labors are known for their effectiveness, strong work ethics and superb educational profiles. Filling in top executives and managerial positing will not be a problem either as the share of high-skilled professionals with relevant background rose from 27% in 2003 to 31% in 2013. Moreover, 25% of residents reported to have worked for the same company for 10 years, which means less personnel changes and headhunting.

10. Low crime rates and zero corruption

Currently ranked the 5th least corrupted country in the world, Singapore surpassed a long chain of reforms and law enforcement practices on the road to a bribe-free society. The Corrupt Practices Investigation Bureau has kept an eye on matters since 1952 and tries all cases according to strict Singapore laws with long-term jail sentences and huge fines up to S$ 100,000. Same goes towards any sort of crimes–even minor offenses are treated with extreme severity. Think: three months of jail and three hard cane strokes for painting graffiti on a war memorial. When living and working in Singapore you don’t need to worry about your belongings getting stolen, nor your life threatened. Besides, you don’t need to have any sort of “special connections” to do business and get through all the legal and bureaucratic procedures.

11. You can become a millionaire in less than 10 years

According to a recent report issued by Boston Consulting Group, over one half of wealthy Singaporeans accumulated the majority of their wealth in less than 10 years. That’s the quickest growing rate in the world. Now, Singapore boasts one of the highest millionaires’ density in the world with 8.8% of the population having assets over one million US dollars. The phenomenon exists due to the ease of doing businesses in Singapore, advantageous location with easy access to nearby booming markets of India, Indonesia and Malaysia and quick implementation of progressive new technologies.

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12. Absolute political stability

Obviously, your business and you as an employee do not exist in a vacuum and are highly dependent on governmental policies and law-making. The Singaporean government is known for conducting open and fair policy towards constantly introducing new laws, tax relieves, and regulations to enhance the countries’ business environment even more. With the People Action’s Party forming the majority in Parliament since 1965, Singapore has a very stable and orderly government indeed.

Featured photo credit: Larry Teo via unsplash.com

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