If you are juggling between keeping business costs down while making sure you have competing benefits to retain employees in this tight labor market, we see you. Many business owners are in the same boat. Staying competitive doesn’t have to mean higher costs. It pushes us to be creative and intentional when it comes to developing a retention strategy. Try starting with these low-cost benefits for your team:
- Flexibility: Offering flexible work arrangements, such as telecommuting or flexible hours, can be a cost-effective way to improve work-life balance and show your employees that you value their well-being.
- Subscriptions: A lot of services have cooperated options that offer a discount for packages. Think HelloFresh, Spotify, Masterclass, Calm app, etc. Subscriptions can add up for employees, so paying $10/an employee to cover a subscription can go a long way. And, who knows they may learn a thing or two to bring to your business from Masterclass.
- Internal Mentorships: There are many opportunities for this. This is a great way for newer employees to gain a sense of belonging. Employees who participate in mentorship programs often feel more engaged and connected to the company. This can lead to increased job satisfaction and higher retention rates.
- Summer Hours/Volunteer Hours: Slower in the summer? Give some time back to your employees and have summer hour Fridays! Let them rest, recharge and do something fun. Offering paid time off for volunteering, organizing volunteer, events or giving back to the community can help employees feel connected to a greater purpose, increase engagement and also promote team bonding.
- In-Office Coffee: Save your employees time and money with in-office coffee. This is something that seems so small but trust us, we know your employees would love this.
- Financial Literacy Training: This is a big benefit of life! Check out the makeup of Americans who are financially literate. (Source: Annuity)
- Baby Boomers (71%)
- Gen X (63%)
- Millennials (59%)
- Gen Z (42%) – the generation that will make up most of the workforce in a few short years.
- Informal lunches with the CEO/executive team: This allows your employees to get-to-know your CEO on a deeper level. Conversations can be around how this idea came to be, their experience, or can be non-work related. This will help build trust with the leadership team and may spark some collaboration!
- Employee Discounts: Offering discounts on products or services related to your business or on popular products and services can be an attractive benefit for your employees, as well as a way to promote your company.
Don’t let developing a sustainable talent strategy turn into a headache. That’s where our team of HR experts comes in – we help develop the people processes so you can focus on your favorite parts of running the business. Call us for a consultation at no cost.
