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Dec 15, 2023
Investing in your farm staff can mean more than providing a paycheck. There are several common ways that range from ongoing support to one-time incentives.
In this post, we’ll provide nine ways you can invest in your farm workers beyond the paycheck. We’ll also give you insight into how to cover labor costs so that you can hire and retain the best workers.
It’s important for farmhands to have comprehensive healthcare. There are several things to consider when selecting a health plan.
We launched FBN® Health to bring a Farmers First® approach to the healthcare needs of those who work on farms. FBN Health offers affordable options to fit different budgets across a nationwide network. Find out more about FBN Health here, including answers to some of the most-asked questions. If it seems like the right fit for your ag operation, fill out this form to start your application process.
Accidents can happen on a farm, where farm workers can become pinned under tractors when they overturn, slip from ladders, and suffer kicks from animals, just to name a few risks. Disability insurance protects farmhands against the loss of their pay due to a disability.
Everyone gets sick at times, and workers with paid sick time can rest and get well at home before it gets worse or spreads to others on the farm. Those who push themselves to come into work when they’re not well may get sicker, be sick longer, cause accidents, and infect others.
Paid sick time can also be used for preventative care. This allows farmhands to go to the doctor to receive vaccinations and screenings. Preventive care can help workers maintain health so they can continue working in top condition.
Paid family and medical leave allows for workers to receive compensation when they need to take an extended amount of time off from working on the farm for a qualified reason. Examples of qualifying reasons include recovering from a serious illness and bonding with a new child in their family.
Right now, fewer than 20% of farm workers receive paid time off (PTO). It may seem like a luxury, but PTO is important to the mental well-being of farmhands and offering paid vacation time can help create more loyal employees.
Investing in your employees can pay off in the long run. Upskill your farmhands with training in animal husbandry, eco-farming, mechanics, and other agricultural areas, and you won’t need to rely on outside vendors. It can save time and money to have a right-hand farmhand.
Having a place to live on the farm can cut down not only on housing costs but also on commuting times and costs. Your right-hand farmhand may appreciate being nearby so that they can be available quickly should a situation arise where they’re needed. However, other farmhands may prefer not to live on their employer’s property.
In this context, profit sharing is when employers share a percentage of the business profits with their farmhands. This can be beneficial for farms because it encourages the farmhands to work hard and not waste resources so that the farm can be more profitable.
During the holidays or after the harvest season, a cash bonus can be a welcome addition to hourly or salaried pay. It shows gratitude for the hard work of a farmhand.
Do you want to invest more in your farm workers so you can hire and retain the best workers? We understand that as much as you may want to put more capital toward labor costs, your cash flow may vary throughout the year.
FBN Finance provides a farm operating line of credit for covering the cost of labor.
It doesn’t cost anything to apply for a farm operating line from FBN Finance. Applying online through our secure application process is simple. Loans under $1 million may receive instantaneous approvals as well as rates for qualified applicants.
Want to find out more? Get answers to frequently asked questions about the farm operating line from FBN Finance here.
More than 1,700 farmers have turned to FBN Finance. Now, it’s your turn. Apply here.
© 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, “Farmers Business Network”, “FBN”, and "Farmers First" are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc.
FBN Finance, LLC commercial operating lines of credit are offered by FBN Finance, LLC and its financing partners, and are available only where FBN Finance, LLC is licensed. Terms and conditions apply. All credit is subject to approval and underwriting. Interest rates and fees will vary depending on your individual situation. Not all applicants will qualify.
FBN does not offer traditional health insurance. But while we do not offer traditional health insurance, we do offer FBN Health. FBN Health is marketed by FBN Insurance LLC. FBN Insurance LLC is not a licensed insurance company or agency and its employees and representatives are not licensed life and health insurance agents. Policies marketed by FBN Health are level-funded group health benefit plans offered and administered by Benefit Plan Administrators, Inc. (“BPA”) and Employers Business Alliance ("EBA") and available only where BPA and EBA are licensed." If you submit the Get A Quote Form, a licensed insurance agent/producer may contact you on behalf of BPA or EBA. You cannot obtain coverage under a health plan until you complete and submit an application for the plan and your application is approved and accepted by BPA or EBA. Eligibility and benefit exclusions and limitations apply.
Disclaimer: The information provided is for general informational purposes only. It is not intended to be a substitute for specific legal, financial, or any other professional advice. Farmers are encouraged to consult with insurance professionals or Medicare experts to determine their eligibility and explore suitable insurance options. Neither Farmer’s Business Network nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements or any information contained in the material and any liability therefore is expressly disclaimed.
FBN Health is currently available in all 50 states.
Dec 15, 2023