By giving employees better perks, businesses can retain them without much trouble. Plus, it won’t be as difficult to recruit new talent, either. Here are 5 ideas you can use to improve your company’s perk structure.
1. Give Them Scheduling Flexibility
One of the most challenging parts of any job is how it eats up your time. If you don’t have a flexible schedule, it can be difficult to have any kind of life outside work. So, a lot of businesses have switched how they create schedules to be more accommodating.
When you recruit new employees, consider where they need to be when working. If they don’t have to be onsite, try giving them the option to work remotely. Letting them stay at home can improve their morale and productivity.
2. Cover the Cost of a Corporate Car
A corporate car service is a highly-attractive luxury perk for many of the top business professionals. Most of them don’t feel like spending hours of their time stuck behind the wheel of a car, so they hire this service to make conducting business all around the globe easier. As a business owner, you can offer this service to your employees as well, especially if they travel a lot for work.
This service will provide them with a reliable way to travel while still being able to get work done efficiently. Plus, it’ll lower their cost of living, so their pay goes further. Paying for a corporate car is almost like giving them a raise.
Always make sure they have a ride waiting for them at the airport if they’re traveling on company time. If it can pick them up at the gate, that’s even better.
3. Relax the Office Dress Code
Nothing feels more oppressive than sitting in a meeting covered by executive clothing. If you’ve never felt how hot it is inside a suit, it’s not something you want to experience. Unfortunately, most businesses seem to enjoy forcing their employees to wear uncomfortable clothing.
By relaxing the dress code, employee performance and satisfaction usually improve. Everyone will feel comfortable at work, and they’ll be more effective as a result.
Giving your employees a relaxed dress code doesn’t cost the business anything. Yet, it has nearly as much of an impact as other high-cost perks. So, if you’re running the company on a shoe-string budget, this is one to consider.
4. Provide an Educational Stipend
Subsidized by employers, talented employees would likely attend courses to further their development. Not only does it benefit their skills, but it also pays off for the company subsidizing the education.
A ton of people claim they’ve joined companies strictly for the educational stipends. Try offering to reimburse any courses relevant to your company’s industry. It may be more effective as a perk than you’d expect.
Only cover the cost of their education if they’ve passed the courses, though. Otherwise, it would be a waste of resources to pay for failing ones. By limiting the perk by merit, employees will have something to push them while studying.
5. Increase the Match on Their Retirement Contributions
As an employer, you’ve always had to think about your company’s long-term vision. Hiring new talent should also be done using a long-term perspective. So, we’d suggest raising the employer match on your employee’s benefits package.
Let’s say they’ve received a 4% match on all contributions so far. If you can bump it up to 6%, you’d attract more long-term talent. Matching contributions can make jobs more attractive to people using a long-term perspective.
Most of the time, funds won’t be considered vested until they’ve been at the company a few years. Until then, everything the employer matches is not theirs to keep. So, if they jump ship before the funds are vested, they’ll lose anything the company has invested for them.
Why Businesses Should Offer Luxury Perks
To stand out among the competition, use your company perk’s structure to personalize employment offers. Companies have to compete for everything in a competitive labor market, including labor. They won’t be able to fill their ranks unless they’ve designed a winning job offer package. Start by looking a what’s offered by the top competitors in your industry and use that to base any changes. If you can beat whatever they’ve offered, nobody will turn you down when given a proposal.