Your employees are your most important asset. It’s imperative you invest in them.
One of the biggest challenges for human resource managers is a laundry list of responsibilities that often comes with minimal resources and a tight budget. It seems ironic that companies don’t allocate the largest part of their budgets to recruiting and retaining top tier talent, but unfortunately, this is a conundrum many companies toil with.
The good news is some of the perks workers are afterーespecially millennialsーcertainly don’t cost your company an arm and a leg. How can you hire the best and the brightest when you can’t afford to provide a Fortune 500 salary (at least not yet)?
Here are four examples of low-cost company perks:
FLEXIBLE WORK TIME
We’ve all done it whether we work for a start-up or not. What am I referring to? Checking my work email before bed and first thing when I wake up. Most of the times, it’s out of habit. But sometimes, it’s because I am working around the clock. And I’m not alone, which is why flexible work time is a priority for many employees. According to Justworks’ and Square Foot’s recent survey of 314 U.S. workers and 47 small business owners, 68% of employees believe flexible hours have a positive impact on their teams.
A nice way to compensate your employees for their hard work and “always on” work mentality is by offering them flexibility in their work schedule. There are many ways you can set up flexible work schedules. For example, you can require your employees to work during “core” hours and then let them create their schedule around those. Or you can allow them to work when they are at their best, as long as they’re creating quality work.
UNLIMITED VACATION TIME
Many of today’s fast-growing companies, like Netflix, Evernote and HubSpot, offer unlimited vacation time to its employees. Some companies give pause at implementing this kind of perk. However, Evernote found it had to make policies that encourage people to actually take time off, so they offer employees $1,000 to spend on vacation (employees have to submit receipts showing these funds were spent on vacation). What is the conclusion drawn from this example? Freedom gives employees a strong sense of ownership, therefore many “workaholic” employees end up taking no vacation at all. It’s all about finding that balance and figuring out what’s the best policy fit for your company.
Unlimited part time off is something we have also adopted at viperks. While we understand it’s not for everyone, unlimited vacation time can actually motivate your employees to work harder. How you ask? Well, when you trust your employees to do their jobs effectively, all the while taking time for themselves when needed, that’s a really empowering perk.
EMPLOYEE DISCOUNT PROGRAMS
As the company grows, you may also want to consider implementing an employee discount program such as viperks. These discounts don’t cost your business much (if anything at all) yet employees really enjoy the access to exclusive deals. It saves them time and money. What’s not to love? The truth is people love deals. And you’re sure to put a smile on your employees’ faces.
So what exactly is viperks? Viperks is an employee-only online shopping platform that gives employees exclusive discounts on some of the best name brands, including Ray Ban, Kate Spade, Michael Kors, Bose and Sony, just to name a few. Think of this program as your own private Amazon (except with better prices) for your employees, but with the additional capability of rewards and recognition. This means you can reward your employees with a dollar amount for a job well done or work anniversary.
Food is what brings everyone together. Keeping a stocked refrigerator at the office or arranging a catered breakfast or lunch not only boosts morale, but it is a benefit that doesn’t cost a lot of money, especially if you buy in bulk. Another thing to consider is treating your employees to offsite events that involve eating (and drinking if you feel comfortable grabbing a couple drinks with your employees). All of these examples are relatively small costs that can really strengthen your workplace culture and your bond with fellow employees.
All four of these benefits are cost effective and easy to implement. With viperks, all it takes is two easy steps and you’ll be on your way to saving employees lots of time and money, while driving loyalty and appreciation.
If you’re ready to learn more about viperks’ employee-only online shopping platform, just shoot us a message and we’d be happy to set up a quick demo of our turnkey technology.