Perks should not merely be regarded as an optional bonus or a superficial gesture towards employees. In fact, they fulfil four essential purposes.
- They help to mitigate wage disparities when offering competitive salaries is not feasible.
- They foster employee loyalty, encouraging retention despite existing pay gaps.
- They enhance employee satisfaction, subsequently increasing productivity.
- They make your organisation more attractive to prospective employees, particularly as current staff members often assist in recruitment marketing by sharing their positive experiences on social media about working under your leadership.
The challenge, of course, lies in the fact that your firm may not have the financial capacity to provide the extensive benefits that large corporations can offer their employees. It is unlikely that you have the space or budget to include amenities such as on-site preschool programs or recreational facilities like bowling alleys.
When formulating a list of feasible employee benefits, it is essential to consider several key factors. Beyond the previously discussed four points, certain perks can significantly enhance your organisation. For instance, covering the costs for professional development seminars or inviting an expert guest speaker can contribute not only to your employees’ career growth but also to fostering a more skilled workforce within your team.
Second, research indicates that employees who experience greater job satisfaction not only demonstrate enhanced productivity but also convey this positive sentiment to clients. This results in happier clients who are more likely to make referrals and commend your company on social media platforms. Therefore, enhancing workplace morale effectively serves as an indirect marketing strategy.
Third, offering certain perks provides a valuable opportunity to better understand employees’ preferences and identify desirable benefits that are cost-effective. For instance, hosting a weekly beer-tasting session during company hours allows management to learn about employees’ musical tastes, favourite energy drinks, individual hobbies such as interest in karate lessons, and other personal preferences. These insights enable the provision of customised perks that resonate with each employee’s unique interests, significantly boosting their sense of value and appreciation within the organisation.
It is essential to exercise caution to avoid being exploited in this context. Your objective is to gather ideas for potential perks, not to compile a comprehensive list of every expense employees would prefer the company cover. Furthermore, some benefits can be offered without incurring any additional costs. For instance, consider allowing remote work for some or all working days. Another option could be permitting employees to bring their dogs to the office on certain days or generally; however, ensure that pets are kept off furniture designated for clients.
With these considerations in mind, let’s explore some cost-effective employee perk ideas. The fourth principle to remember is that certain perks may not require any financial outlay. For instance, allowing employees to work remotely on some or all days can be a valuable benefit. Additionally, permitting staff to bring their dogs to the office—either on designated days or as a general policy—can enhance workplace morale; however, it is essential to ensure that pets do not occupy furniture intended for clients.
With this in mind, let’s explore some cost-effective ideas for perks that won’t strain your budget.
Possible perks
- More vacation time/paid vacation time.
- Helping out with auto/home/life insurance.
- Food, whether it’s snacks, upgraded coffee machines, or full-on prepared meals every day or once a week.
- Health club memberships.
- Sports events (bowling nights, softball, etc.).
- Reimbursing or helping out with tuition costs for continued education.
- Within-the-firm upward education. (Helping out when employees want to widen their skill set for upward mobility within your firm.)
- A concierge. This doesn’t necessarily have to be a fancy person; this can be a student who comes in once a day or once a week to do grocery shipping, pick up dry cleaning, buy anniversary presents, and so on for your employees, saving them time and stress.
- Paid time off for volunteer activities. (This makes you look awesome when your employee tells other people about it.)
- Grants to charities picked by your employees.
- Extended paid maternity leave.
- Pay for seminars, guests-speakers, classes, on-line classes, etc.
- Classes for non-accounting skills (baking, a martial art, yoga, guitar, etc.).
- Have a masseuse come in monthly.
- Pay for smoking cessation programs.
- Offer free or reduced-cost services and/or consultations to family members of employees.
- Tickets to sporting events, concerts, amusement parks, movies, etc.
- Ergonomic furniture.
- A certain number of Fridays off per month (e.g. every other week).
- Helping out with student debt.
- Paying a portion of a deceased employee’s salary to their spouse for a set number of years in the case of death.
- Upgraded work spaces.
- Replace damaged gear (e.g. laptops).
- Board game nights.
- A fridge full of ice cream.
- Helping out with travel costs when someone goes on holiday.
- On-site laundry machines that employees can use.
- Contests like cook-offs or for the best martini.
- Movie days.
- Themed breaks like “popcorn breaks” or “cupcake breaks”.
The key takeaway is that providing attractive perks does not require a significant financial outlay. As with many aspects of business development, selecting the most effective perks involves a degree of experimentation. It is essential to continually refine and adjust these offerings until you discover the optimal mix that garners positive feedback from your employees, potentially even prompting praise on their social media platforms.
