Retaining Employees: Perks You Can Afford To Give
A lot of companies nowadays report that retaining good employees is becoming increasingly difficult. While most established companies throw money at the problem by offering more generous compensation packages to keep employees, entrepreneurial companies cannot afford to do the same.
Smart entrepreneurs are looking for a low-cost ways to add zing to their benefits packages. To stay competitive, they must offer unique benefits packages tailored to the needs of its employees.
Most employers often fail to realize that some of the most effective things they can do to develop and sustain motivated, committed employees cost very little or nothing at all.
How do you make your company a more attractive place to work? Consider some of these perks you can afford:
1. Have a quarterly “Special Day-Off”
Close down the office for a day and treat your staff to a movie. Or you can go to a nearby bookstore and browse through books related to your business.
If possible, give flexible hours to certain employees who don’t need to be in the office 5 days a week or who can do the work at home. Let's say, instead of logging 8 hours a day, 40 hours a week, the employee can report for work 10 hours a day with a day off on the 5th day. This is great for new mothers wanting to spend more time with their babies.
3. Let off steam
Do enjoyable stuff together. Go to a theme park and treat your employees to all the rides. Not only is it fun and inexpensive, but the scary rides will surely promote camaraderie among them.
4. Feed their bodies
A monthly lunch in a favorite restaurant is always a welcome break. If you’re feeling more generous, how about providing your employees with free sandwiches and drinks all day everyday.
5. Feed their souls.
Give your employees two days of paid leave a year to do the charity work. They can use the time to do volunteer work, join Habitat for Humanity during building season or attend an out-of-town retreat.
6. Wellness Reimbursement Program
Offer your employees not only a health plan but also a “wellness reimbursement program” where they can reimburse any expenses related to their “mental, physical, or spiritual well-being.” It can range from P5,000 to P10, a tear per employee. Expenses can be reimbursed after presenting official receipts and theses can include medicines, spa services, gym memberships and scuba diving lessons.
7. Feed their ego
Recognize great work immediately. A pat on the back will be highly appreciated and wont cost anything at all.
In the end, study after study has shown that praise and recognition tend to build employee loyalty. People want to feel that what they do makes a difference. Money alone does not do this; personal recognition does.