3 Ways an ESPP Benefits Your Salt Lake City, Utah Small Business
Businesses that offer healthcare and dental insurance and a 401(k) plan are giving employees benefits that are common with many companies. By adding an employee stock purchase plan, or ESPP, you can spruce up your benefits package.
This powerful act gives employees a long-term stake in the business, its health and ultimate success. Here are three engaging reasons why offering an ESPP to your employees is good for business.
1. Attract and Retain Top Industry Talent
While baseline benefits are appreciated, they do very little to make you competitive with other companies offering the same. Make your business more attractive to top candidates by offering an ESPP the benefits mix.
2. Give Employees Ownership in the Business
An employee stock purchase plan is usually a very cost-effective way for employees to purchase company shares. By creating an ownership culture within your business, employees feel they have a greater stake in making the business a success.
3. Improve Employee Performance
Not only can an ESPP become a powerful motivator of ensuring success, but it can also incentivize employees to perform better. Attendance may improve with fewer absences. Because employees are satisfied with their job, they are less likely to quite, which reduces the turnover rate.
In all likelihood, an ESPP will produce a more engaged and more valuable workforce.
Realize the Benefits of Your Own ESPP
Colonial Stock Transfer Company, Inc. provides personalized employee plans and administrative solutions to companies in Salt Lake City. Visit http://www.colonialstock.com/ and out how their full services team can help your employee benefits package.