Recruiting and retaining staff has always been a challenge for small business owners. More often than not, money isn’t the biggest problem for potential employees; it is the benefits that they lose when moving from a larger employer that can be a sticking point during salary negotiations.
Relief for this particular problem has been announced by Standard Bank, which already protects more than 240 businesses and provides a funeral and disability benefit for almost 3 000 workers to Small and Medium-sized enterprises (SME’s) that have accounts with the bank.
To date, the benefit scheme has already paid out R1.5 million in worker claims.
Now, says Felix Kagura – Head of Long Term Insurance Propositions, Standard Bank, the initial success of the solution has led to the bank extending its offer to all SME’s- whether or not they are Standard Bank clients.
“By their very nature, SMEs attract people who wish to work in smaller businesses. They enjoy being part of a company where there is a possibility of growing their roles as the company gains market share. In many small enterprises, colleagues work closely together and become part of an ‘extended family’ sharing work and social activities. Caring for their needs is therefore important as it increases the bond between an employer and their employees and helps keep employees loyal to the company.”