How to Give Valuable Perks Even if You’re Not Google
It’s a challenge to keep up with huge company perks like Starbucks’ new college tuition program, Facebook’s on-site doctors, or Google’s child care if you don’t have the ability to offer them. It’s undeniable that they’re appealing and valuable to the workforce, but how do you match these costly incentives for employees when you’re working on a budget?
A good business owner would be wise to reward employees beyond the paycheck—with retention as a priority. While a job that offers growth and a steady pay are rewards in themselves, from time to time, employees need recognition too. And these are preferably ones that make them feel valued and convey that they are the reason behind company success.
How to Give Valuable Perks—even when you’re not Google
Small businesses are capable of retaining and rewarding talent without going bankrupt. Paying competitive wages to get people in the door is still a must, but it’s the perks that will help your company keep them.
Bear in mind that most employees are not always after high salaries. In fact, many are willing to stay if it means a good loyalty program, spending more quality time at home, or support for their passion projects.
1. Flexible time.
Some organizations require employees to be at work during core hours and employees see to it that they set their schedule around this. Meanwhile, other companies allow employees to log in hours at their own A flexible schedule may be favorable to today’s modern workforce to accommodate personal matters that allow a better life-work balance.
2. Innovation days.
Setting aside a few days to allow employees to step away from their responsibilities to work on passion projects instead is an excellent way to motivate employees. This leads to motivated workforce and higher productivity.
3. Monthly commuter benefits.
Among employee woes are commuting to work, considering the worsening traffic and the cost of commuting in the metro. Offering a monthly stipend for commuters can alleviate the burden for employees especially those who live far from work.
4. Wellness benefits.
Employees will greatly appreciate incentives related to fitness—discounted gym memberships, reimbursements for fitness purchases, likewise offering yoga classes, running clinics, or Zumba sessions are a great way to reward employees as well.
5. Cultural extras.
Keep the workplace exciting by mixing in rewards like concert tickets, movie outings, or passes to sporting events. This could also stimulate creativity in the company’s working environment.
6. Employee referral programs.
Good people know other good people, and the best employees are usually hired through referrals. Those who refer candidates who are hired receive a cash bonus award.
7. Flexibility in paid time off.
Allowing employees to choose how they can use their paid time off (vacation, sick, and personal time) to best meet the needs of their individual situations would mean a great deal to them.
Flexible hours and a fun environment are just among the many perks a company can offer regardless of restricted funds. There are perks, after all, that are worth giving not just for the well-being of your workforce but the company as well.
In the end, it all boils down to knowing your employees and what matters to them. The ultimate goal, of course, is to boost morale and to build a loyal team.
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