As a business owner, you probably already know you’re in a race to attract the best talent. Large, multinational corporations can deploy enormous resources to keep highly-educated professionals working for them, while startups can sell big dreams and lucrative options plans to get people to stay on board. That might leave small and medium sized businesses pressured to find and retain the right talent.
Employees consider perks and benefits a key part of their career. Getting rates on insurance, and offering dental care is simply scratching the surface. To attract the right professionals you need to offer something special. Of course, that doesn’t mean you should try to replicate Silicon Valley-style indoor slides and in-house chefs.
Here are five affordable benefits that fit businesses of all sizes.
1. Volunteering Opportunities
Here’s a fulfilling benefit that shouldn’t cost a lot to implement. Allowing workers to take a specified number of hours to volunteer every year is a good way to offer some benefits and retain employees. Socially-conscious benefits like these help you and your employees feel better about your business’ impact on the community.
2. Flexible Work
It might come as a surprise, but a lot of bigger companies struggle to offer flexible work options. IBM and Yahoo, for example, recently cut down their work-from-home programs because they were too hard to manage. Multinationals can’t implement these policies effectively because their teams are too bloated. Smaller, more nimble businesses can offer flexible work hours and work-from-home options to attract workers who feel more productive and focused at home.
3. Sick Leave
Most large companies offer paid time off (PTO). This scheme effectively lumps vacation time and sick leave together. Of course, being sick isn’t the same as being on vacation, so set your business apart by offering separate sick leave throughout the year.
4. Continued education
Funding certificates, allowing study leave, and conducting workshops at work can help your team sharpen their skills and build their career. Not only will a continued education program serve as an attractive work benefit, it will also help you boost the skills of your team.
5. Commuter Benefits
Commuting to work is the biggest drain on time and money for most urban employees. Consider a commuter benefit such as an office bus service or a bike-subsidy. These kind of benefits are considered tax-free transport benefits, so your team can save on their payroll taxes as well.
All five of these employer benefits are affordable ways to boost morale, productivity and employee wellness.