is skimping worth the cost in loyalty?
by jody grunden
traditional benefits often include things that many brick-and-mortar office workers take for granted such as paid time off, health insurance and a retirement plan.
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why do i say these are taken for granted? well, some distributed companies may hire independent contractors to cut down on their expenses when it comes to “frivolous” things like this, but we believe in building a great place to work, and to us that means offering the kind of benefits that make employees feel secure and cared for.
here are the benefits we offer our employees:
fair compensation
we call our compensation plan m.a.r.g.e., which stands for motivating and retaining great employees. this plan is designed to attract, motivate and retain talented teammates who drive the company’s success. we strive to provide employees with fair and competitive compensation that meets at least the national average. we set the pay for our accounting team at the 50th percentile and for our leadership team/management at the 90th percentile.
“…one reason fair and adequate pay is so essential is that it takes people’s focus off money, which allows them to concentrate on the work itself.” – daniel h. pink, “drive”
incentive programs
in addition to fair compensation, we offer an incentive plan we call b.a.r.t., which stands for building a(n incentive plan) requires transparency. we believe it’s important to incentivize our team to achieve higher margins, and transparency with our team is a key part of that. b.a.r.t is essentially a profit-sharing program focused on our gross profit.
insurance programs
we offer the following insurance benefits to regular, full-time employees:
- medical insurance
- dental/vision insurance
- life insurance
- short-term disability
- long-term disability
retirement
we sponsor a 401(k) retirement savings plan for regular, full-time employees and part-time employees on a prorated basis. we match up to 3 percent for the first 3 percent contributed and an additional 1 percent for the next 2 percent contributed to your 401(k) contributions.
the boring stuff
in accordance with applicable law, we also offer all team members workers’ compensation insurance, unemployment compensation insurance, social security and medicare taxes.
these benefits are all fairly traditional, so they may not seem like anything special to you if you currently work in a brick-and-mortar environment. if you’re planning to transition to a distributed company, i don’t recommend skimping on any of these things. working remotely is a great perk for workers but offering the standard benefits in addition to that incentive will help you build a great, loyal team who knows that you care about them personally, not just the work they can do for you.