10 Inexpensive Benefits Your Employees Will Thank You For
The competition for talent remains fierce. Inflation and a tight labor market have sparked an increase in wages while, at the same time, business costs are growing. Your margin may be slimmer, but retaining top employees is still a number one priority for businesses. Pay is important, but many other factors will increase employee satisfaction. These ten inexpensive employee benefits are attractive and will not break the bank.
Simple Benefits that Make a Big Difference
- Enhance learning opportunities and employee development plans. Take the development conversation to a new level. Too often these important conversations are embedded in the performance review. Augment your annual review with career planning and ongoing coaching, mentoring, and professional development conversations. Your employee will know that you are invested in their future. Your company will benefit from the deep employee engagement and the leadership skills that come from mentoring and helping employees plan and develop for their growth. Consider providing more training and offering tuition reimbursement.
- Provide employees with flexibility. More than half of employees would choose flexibility over a salary increase. It is not about punching the clock, but about impact and outcomes. Flexibility is not only an inexpensive employee benefit, but it can also boost productivity. Employees do their best work when they are focused.
- Relax your dress code. The pandemic has changed people’s perception of work wear, whether it’s casual Fridays or casual every day. Giving your employees more flexibility around the dress code is a no-cost benefit.
- Make work from home and hybrid options permanent. While most employees enjoy returning to the office at least part of the time, 79 % reported that flexibility was important, and 40% said they would look for work elsewhere if required to be in the office full-time.
- Leverage your business’s buying power to reduce costs for your employees. Many companies you do business with will extend the same discounts to your employees. Apple Computer, many mobile phone carriers, and your insurance company are good places to start. Contact local businesses for team discounts. Building partnerships with local businesses to save money for your employees is a win-win. Employees love movie, theater, and sporting event tickets which can often be secured at low business rates to fill empty seats.
- Add onto your health benefit options. Many low-cost health plan add-ons like prescription drug discount programs are highly attractive to employees. Wellness apps for the phone bring fitness, mindfulness, nutrition, and mental health employees wherever they are. Reimbursing the costs of wellness apps allows employees to choose programs that match their interests and wellness needs.
- Time off is a low-cost benefit that prevents burnout and is highly attractive to employees. Offer extra days off as a reward for a job well done. Ensure that people have the time off they need for health and personal needs to encourage work-life balance.
- Enrich your organization. Invite speakers for lunch and learn. Bring in fitness instructors for onsite classes. Encourage walking groups in a “walk on the clock” program. Provide ways for employees to organize groups. Raise money for a charitable cause or volunteer as a team for a shared sense of purpose. These culture-building activities reinforce a sense of belonging.
- Providing snacks and meals is an inexpensive employee benefit that everyone loves. Stock up the fridge and cupboards with healthy snacks, including fruit and grains. Make sure to have hot and cold beverages on hand. Host employee luncheons. Not only are snacks and meals high appreciated, but eating together can foster a close bond between employees.
- Reduce employee professional costs. Pay for public transportation or parking. Pay for telecommuting expenses like high-speed internet. Increase reimbursement for business travel. Pay for professional dues and memberships.
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With over 20 years of experience, TANDIUM Corporation specializes in serving the Human Resources, Payroll, and Benefits needs of businesses and non-profit organizations. TANDIUM’s highly specialized team will tailor solutions to your business’s needs. Contact us today to find out more.