When you think of employee benefits, it is very likely that health care and paid vacations come to mind. While these are popular benefits, they are not your only options. Employee benefits allow businesses to stay competitive in the hiring market. In addition to traditional offers, businesses should consider the other ways that they can give back to their employees such as outsourcing benefits. To learn more about some inexpensive employee benefits that you can implement at your business, keep reading below.
One of the easiest benefits a business can offer their employees is discounted merchandise. Many employers seem to forget that this added bonus could help draw in additional resume screening options. However, this is a highly effective way to help your employees feel valued and, best of all, they will get to know your products more closely. This is great for both your business and your employees because they get items at a lower price, and you still get to make sales. A discount of 20%, 30% or even 50% can be the perfect way to add a little extra something to your benefits package.
Student loan reimbursement is becoming a popular option for large corporations and small startups. Employees currently entering the workforce are likely saddled with a large amount of student loan debt. By offering a reimbursement plan, your business can attract younger workers who have a fresh take on the industry. Compared to the best IRA plans, some employees may even prefer a reimbursement plan to a larger salary. If you are looking for a benefit that helps your employees without costing you too much, this may be a great option.
Employees everywhere value a good meal in a commercial office space. Offering free food to them daily can be a great way to say thanks for their work. This benefit helps save your employees from having to order expensive takeout, and it can also save you from having unproductive, hungry employees. Keeping them energized and happy will pay off, especially if you manage to find the right caterer. You can also offer frozen treats and desserts from a popular frozen yogurt franchise. More and more companies are turning to free food as an added benefit for their employees. so this is definitely something to consider.
Professional development events are great for businesses that want to retain their best employees. Hosting corporate videos, seminars or classes that promote company values and skills is the perfect way to build loyalty. If you can provide your current employees with a way to move up the corporate ladder, you will end up paying far less for training and hiring costs in the future.
Another benefit you can offer your employees is more flexible hours. A more relaxed workplace is becoming the norm for many big companies, and it may be time that yours follows suit. Telecommuting and work from home options can actually help your employees get more done and successful at delivering happiness. As long as they get the job done, their hours can be rearranged to fit their needs.
Paid Time Off
A popular workplace benefit for employees is paid time off (PTO). You can set up a PTO plan that combines all paid leave into one bank account. Employees can withdraw from this account whenever they need. They can take PTO for vacation, sick leave, personal days or a holiday. This provides more flexibility and relief for your employees. As the United States doesn’t have federally mandated paid leave, PTO allows your employees to take time for themselves without losing money.
Depending on the location of your business, it can cost employees significant time and resources just to get to work. If you were to offer some sort of employee reimbursement or benefit for commuting, this could go a long way to employees. For as little as $100 per month, you could save your employees a significant chunk of their commuting costs. Moreover, they will appreciate the gesture and feel valued for making the commute everyday. It gives them another reason to love they company that they work for and alleviates on of the common employee complaints.
Finding inexpensive employee benefits to offer can be a difficult task. However, there are plenty of ways that businesses can help keep their employees happy and draw in new workers. This could give your business a competitive advantage over companies in your industry. Consider offering free lunches or professional development seminars to your employees to help them be more productive. These many workplace benefits can be the key to a better business.