⛑ Insurance package
Although contractors typically do not receive healthinsurance as a benefit, there are ways to provide it. Contractors can choose tobe insured locally or with an international company that offers worldwidehealth insurance. In the first scenario, each country has its own privatemedical insurance provider, and contractors can select their preferred packagewith reimbursement from the company. Alternatively, companies like SafetyWingsoffer international health insurance, where contractors can sign up themselves,and the company has access to a portal to view all contractors' insurancestatus in one place. It is important to note that the decision of who pays forthe insurance may affect a contractor's classification as an employee orcontractor. If the contractor signs the contract and pays for insurancedirectly, they are more likely to be classified as a contractor. On the otherhand, if the company signs the paperwork and pays for the insurance, thecontractor is more likely to be classified as an employee.
🏖 Paid time off
Offering paid time off is another effective way todemonstrate to your team that you value them. While paid holidays are generallyconsidered an employee benefit, there are still ways to provide this forcontractors. One approach is to establish a monthly payment plan rather than anhourly one. This ensures that contractors receive a consistent income for theirservices while also allowing them to plan for time off, including holidays andlong weekends, without concern about earning a reduced salary. This strategycan help your workers feel recognized and at ease, while also ensuringcompliance with applicable regulations.
💰 Stock Options
Issuing stock options to your team is a straightforwardway to show your appreciation, as it is generally easy to comply withregulations across most jurisdictions. It is possible to issue stock options toany entity that has a relationship with your company, making it a universalsolution for aligning the benefits given to employees and contractors. Thisensures equal treatment for both groups.
💻 Remote office set up contributions
As an employer, you are responsible for providing youremployees with the necessary tools to perform their work. However, when workingwith contractors, it is the opposite. The tools used by contractors are theirproperty and responsibility. Nevertheless, this doesn't mean that you cannotcontribute to their setup. Contractors need to think about equipment such aslaptops, accessories, office chairs, supplies, and software solutions to workfor you.
According to Buffer's State of Remote Work report for2020, over 20% of remote workers have their phone costs covered by theiremployer, and a similar percentage have their home internet costs reimbursed.There are various ways to show your appreciation and contribute to their worksetup. For instance, you could offer vouchers or gift cards for electronics,reimburse a percentage of the price of a new screen, send a new headset as agift twice a year, or provide regular bonuses as part of their salary tosupport their setup. Such gestures will not go unnoticed, and you'll end upwith a content and valued team.
📕 Education budget
Encouraging your team to continuously improve theirskills and stay up-to-date with current trends is essential for any company.There are numerous ways to support their development. Consider paying for theiraccess to conferences, online classes, or webinars. Let them know that ifthere's a book that would enhance their work, the company will reimburse itscost. If they express interest in attending an event or skill-specifictraining, offer to cover the expenses.
Furthermore, it's crucial to provide your team with thenecessary tools to disconnect and recharge. Therefore, include subscriptions toguided meditations or courses on mental hygiene habits at work as part of thepackage. Remember, investing in your team's growth and well-being is investingin the success of your company.
🎡 Events and gatherings
Being a part of a remote team can be a uniqueand wonderful experience, but as more companies offer this option to theirteams, there is a growing focus on how to keep these teams engaged and create asupportive virtual workplace. In addition to building a strong company cultureand fostering communication online, regular gatherings can be an effective wayto achieve this goal. Depending on the level of dispersion among your teammembers, you may choose to hold annual or semi-annual work-cations in a chosendestination. Such team-building events offer a chance to spend time withcolleagues outside of work, create meaningful memories, and simply have fun.These events do not have to be extravagant or held in expensive hotels thatrequire fundraising efforts. Every little gesture counts, and bringing yourteam together in person can help to improve their performance and ultimatelygrow your business.