These days it is not uncommon for employees to be willing to trade a monetary compensation in exchange for perks that can promote their overall wellbeing. Depending on the age of the employee, their needs and wants vary.
Young professionals are more likely to join a company that allows them the room to grow and built their careers. Free in-house training programs and personal coaching is deemed senior to some extra cash.
In this post, I have mentioned some employee perks that a small business owner or management should consider offering to their employees. This is one of the best strategies to retain and attract talented professionals.
Here are the 5 Employee Perks Every Small Business Can Afford
1. Commuter Assistance
With the advancement of technology, it is possible for companies to allow their employees to work from home. Remote work enhances the quality of work by four-folds. However, not all businesses can operate from home.
If you are a small business owner, consider offering commuter benefits as one of your employee perks. You will be surprised to know that credit card companies are offering services for fuel-related transactions only. Check out this iCompario’s guide to know more.
2. Professional and Self-Development
Talented professionals are wanting to work for businesses that show faith in them. For a business owner, one way to retain and attract talented employees is by offering them professional and personal development training for free. Sometimes the easiest way to manage this is via software – if you’re not sure how to find the best HR software, you will be able to find plenty of resources and tips online. A skilled employee is more likely to feel financially secure when they know that their skills are relevant in the industry.
3. Gym Membership
Unlike a large corporation, a small business cannot afford to allocate a dedicated space for exercise and recreation. As a small business owner, you need to look for affordable alternatives. Do you know that some gyms offer memberships for less than $10 a month? These offer even greater discounts if you purchase multiple memberships.
A healthy and fit employee is more likely to be productive. A study by the University of Warwick, Coventry, UK reveals that workplace nutrition and physical activity intervention can reduce absenteeism in employees.
4. Dedicated Rest Areas
Top corporations like Google and Amazon allow their employees to rest and recuperate from the work stress at the workplace itself. Small businesses need to take a page from their book. Their employees do not waste the remaining day engaging in counter-productive activities. Dedicated rest areas do not take up too much space in the workplace. Allowing employees to take a nap break will improve their productivity.
5. Health Insurance
Although the Affordable Care Act does not mandate small businesses to offer a health insurance plan to their employees, offering one would be beneficial for both the company and the employee. According to a survey by Glassdoor, health insurance is the most sought after employee perks today. Health benefits will make your employees happy.
Today’s hiring market is competitive. There is a dearth of good talent. Small businesses have to fork out benefits to promote a healthy and productive work culture. Offering employee perks is the easiest and affordable way to retain and lure talent.