One of the biggest keys to the success of a business is employee retention. Being able to hire, train and develop staff is hard regardless of the size of the company. Human resources teams help business leaders manage their hiring process. Providing employee benefits is something small businesses want to offer, but may not be able to. Depending on your budget, you may have to look outside the box. Keep in mind, whatever benefits you provide will impact your employees, their motivation, and productivity.
If you want to learn what your employees want, ask them directly. Find out what their needs are and see if you are able to address them. This will not only help with your current employees, but it allows you to adapt and evolve for future hiring. When employees feel undervalued, they will often quit, simply because of a lack of benefits and perks.
Pension
A plan for retirement is so important for a huge percentage of people. If you are offering a like for like contribution to retirement savings or pension plans, you are going to attract people who appreciate that you want security in the future. Offering a private pension to your employees show that you care about their retirement. It shows that you care about their future and want them to stick with you for the long haul.
Paid Courses & Education
When you offer to pay for an education for your employees, you are taking a risk. Offering paid education, such as advanced degrees or CPR certification online to enhance safety training, is a good way to increase their skill set. However, some employees decide to seek other careers once they’ve received their degree. Even if the staff does move on – which will happen – you will always know that you had a helping hand in their development.
Extra Leave
Did you know that more employees would prefer extra time off than more money? Working an eight-hour day makes it difficult to spend time with family in the evening. You’d know this more than anyone else. By offering your staff extra paid leave, you are giving them the chance to be with their family and do the things they enjoy. Regular breaks in the workday are equally important for productivity.
Cash Bonuses
Okay, so sometimes the extra cash can help. Instead of doing the whole quarterly bonus percentage idea, why not offer cash bonuses in the office for completed tasks during the week? So, the team with the highest sales can take home $50 each on a Friday. The team that achieves the most for business growth that week gets a voucher for the store of choice. These little things are so popular with employees because it’s achieving the little things that will keep them striving and motivated for more.
Flexible Working Environment
There is a huge uprising in the number of companies that their employees to work remotely these days. The advancements in technology mean less overhead expense for the business and productive employees. People don’t always want to be hemmed to the office if it can be avoided. Consider implementing a work-from-home incentive for your employees. By offering a flexible work environment, you can keep your staff loyal.
Free Food
Taking care of your employees should be a top priority. When your staff offers to work through lunch or stay late in the day to finish a project, they should be rewarded. Treat your employees to a well-earned lunch, or offer to buy dinner on the company’s dime. Meal vouchers for overtime staff should be exciting incentives that you can offer.
Private Insurance
This is such a big deal for people, as healthcare can be so expensive. Paying into an insurance plan for your employees shows that you care about their health. It can help people to recuperate better from an accident or illness if they don’t have to worry about costs while they recover.
Duvet Day
A duvet day is a massive privilege for employees. You can offer them two days per quarter where, without any reason, they can take a day off. The staff does not need to tell you why they are taking the day, but it’s a day to help them to recover from a mental health crisis. While it is an unusual benefit, many businesses are implementing something similar. It can lower the need for people to take a break from work and call in sick because they know that they have two free days to use per quarter. Set some rules, and watch your numbers improve.
A happy workforce is one that works harder, better and more tight-knit than any other company out there. If you are taking your time to get to know your staff well, you can alter your benefits on offer to suit their needs and make them more receptive to you and your company. You can’t buy loyalty, but you can offer a duvet day in exchange for it!
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