Think small businesses don’t pay? Think again !
- Although small companies do not have the resources that large companies have, they often pay workers generously.
- Recent data shows that wages for small businesses have increased by 5.1% over the past 12 months.
- Small businesses may be able to offer more benefits and flexibility than a larger business.
There’s a reason some people prefer working for big companies over smaller ones. Large companies often have a lot of resources at their disposal, which means they can usually offer excellent benefits and higher salaries.
But that doesn’t mean small businesses don’t pay generously. In fact, recent data from Paychex shows that the average small business employee earns $30.42 per hour. Assuming a 40-hour work week and 52 work weeks per year, that’s an annual salary of over $63,000.
But respectable salaries aren’t the only reason to consider working for a small company. Here are some other benefits you might get if you decide to take a job with a small business.
1. Generous benefits
Large companies often invest in expensive office space and equipment, which can limit the amount of money they can spend on benefits. Small businesses could do a better job of keeping overhead costs low, leaving more room for them to offer perks like paid health insurance and time off.
Also, small businesses tend to want to invest in people who will grow with the business. As such, they could offer some nice perks in an effort to retain workers.
2. Career Growth
When you work for a company that employs thousands of people, it can be difficult to climb the ladder. The advantage of working for a small business is that you may be just one of 20 people who help keep the business running smoothly. This means you could have more learning opportunities and more growth potential right from the start.
3. More flexibility
When you work for a company that employs 2,000 people, it can be difficult for your manager to make exceptions to meet your specific needs. But smaller companies tend to have more flexibility in this regard, so working for one might allow you to better balance work and personal life.
Imagine you have children who need to be dropped off at 9:00 a.m. and picked up at 3:00 p.m. during the school year. A small business can allow you to work your last hours of the day from home so you don’t have to scramble for child care. A larger company may have a harder time giving you this flexibility.
Should you work for a small business?
A large company in your field may be able to offer higher salaries than a small company. If that’s the case, and you need those higher salaries to pay your bills, accumulate savings, and achieve your other personal goals, you may have to chase the cash – at least until you have established a good cushion.
But don’t assume that a big business will pay you more than a small business. Instead, do your research and see what offers are available to you. You may find that accepting a job at a small company leaves you with a salary that you are more than happy with, as well as the aforementioned benefits that are essential to being happy at work.
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