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Innovative Employee Benefits For Companies On A Budget

Posted by Angie O'Grady on Nov 2, 2017, 8:08:00 AM
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Keeping employees in your company consists of many things: Salary, benefits, office, location, etc. However, another facet of company retention involves benefits or in this case perks: Free gifts that a company offers to help foster productivity, and boost morale within the organization.

When you first start your company, employee perks are probably the last thing on your mind. But as you grow your business, you face a dilemma: You want to attract the best and brightest workers, but you can’t afford the high price-tag perks handed out by Fortune 500 companies. How do you build a work environment so compelling that people will actually look forward to every day?

The good news is that some of today’s most beloved and sought-after employee perks don’t cost a fortune. In fact, they’re fairly affordable. And in the long run, providing even a few low-cost perks can help you attract loyal employees and transform your business. 

Alternative Work Perks For Your Company Culture.

There is perhaps an unlimited array of choices for less expensive work perks.  We’ve collected some of the more unique perks. 

It’s not a science of course, so you can pick and choose according to your discretion and budget. Maybe some are more practical than others: You won’t know until you implement some of them and see how it goes!

Unlimited Vacation Time: This may seem like an idea that could backfire, but allowing employees to decide their own vacations is also empowering:  You’re trusting them to do the work at their discretion, and choosing what’s important for themselves and their families and/or lives.  Companies like Netflix and Hubspot have already adopted unlimited PTO (Paid Time Off) policies.

Flex Time: Let employees create their own schedules outside their core hours. This is another inexpensive way to offer a perk that employees will appreciate and enjoy.

Fitness Stipend: Healthy employees prevent sick days and lower insurance costs. Maybe your company can’t afford an onsite gym, but offering to pay for yoga classes, gym memberships, and other fitness classes could be a wise investment in your people.

Commuting Benefits: Employees who commute to work are spending money each month which quickly adds up. Offering a monthly stipend or FSA (Flexible Spending Account) can mitigate this expense, and also create a tax deduction.

Free Food: Eating out is getting expensive. Why not stock a refrigerator full of goodies and snacks – or pay for a catering service every so often? This will gather employees at a single space and help improve the work environment, and boost company culture.

Group Campfire: A creative place to bond – minus any technology – where employees can discuss goals, ideas, action plans, and socialize in an intimate, casual atmosphere.

Team Recognition and Awards: Employees get to pick from a variety of they want (headphones, time off, lunch with the CEO, casual dress days, cash, etc.) Apps like YouEarnedIt are great tools to increase peer-to-peer engagement and keep morale high. In addition, using a tech-based rewards systems allows your remote or virtual team to be engaged and contribute to the company culture and overall morale at a distance.

Team Workouts: Try an organized sport like baseball, soccer or kickball. People striving and sweating together can help build team cohesiveness - and foster company culture. 

Adventure Program: Reimbursing employees to do different activities out in the community, such as a hiking trip, ball game, or going to a play (just to name a few). 

A Well-Made Investment For Company Culture…

As mentioned earlier, there are many creative ways to increase your employees’ happiness and boost morale. You can pick and choose your work perks, but keep in mind these tips when implementing them: 

Perpetual Perks: When offering a perk, don’t throw it out there just once; maintain the frequency to maintain the effects they create.

Rotation: Variety is still a spice of life. Echo this idea when distributing your perks.

Test, Test, Test: Examine the results of your perks in the work environment: Find a way to survey how the employees responded to the perks to separate the winners from the losers. If the votes are unanimous on a given perk, maybe it’s time to rinse and repeat! 

Let Us Be Your Sounding Board

We’re in the practice of helping businesses take action to improve their solidarity and increase profits. Need help managing perks or implementing a system within your team? Call StellaPop today to discuss different ways to support your employees. 

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Topics: Human Resources, Business Consulting

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