Your small business may struggle to find the best talent in the industry on a limited budget. The heavyweights are willing to offer better paycheque for their services after some experience in your organisation. Thus, employee retention gets more critical because a nurtured talent is a huge loss.
To improve your employee retention without an increment, you need to offer something to the employees they care about more than money. The millennials are choosing flexibility and perks over some additional money in the account. Therefore, adding more perks to the offer letter is the ideal solution to increase retention.
Perks to Raise Employee Retention to Your Business
Perks will add more values to the lives of the entire workforce. You can also allow the employees to select the benefits they want from a small list. Here are some perks your small business can offer to increase employee retention.
Mental Health Benefits
Mental health is an incredibly important issue for the workspaces dealing with exhausted employees. The performance and quality of the employees will suffer if they are suffering from stress, anxiety, or depression. Therefore, it is essential to provide mental health support to them to ensure they don’t get overwhelmed with the responsibilities.
You can pay for a plan that covers their mental health visits along with some other benefits. It will show the employees they are being cared for, and the organisation is willing to support them in every possible manner. Also, it will create awareness about mental health within your organisation and industry.
The physical fitness of the employees will help their performance in the organisation. The atmosphere will become more energetic with an increased focus on work. Therefore, you should offer employees a fitness programme for their gym, boxing, or yoga choices.
The time spent on these programmes will also help their mental health. Also, some of these programmes may provide an opportunity for the employees to learn about their teammates. In the end, the overall fitness will increase the productive hours because of fewer absentees.
The schedule of the population is not similar to the people of the previous centuries. Yet, we are following the working hours set at least a century ago. You can break this cycle by offering a flexible schedule to the employees.
Your employees may appreciate it more than a better healthcare plan. Their paycheque will not come after some deduction of late arrival to the office. Moreover, your organisation will not lose productive hours as the employees will complete their shift even if they are a couple of hours late.
There is hardly a stress buster better than a company-sponsored trip at least once a year. It is the perfect offering to the workforce trying to achieve the organisational goals day after day. It doesn’t have to be some exotic location, a resort within the country is also amazing.
You can use this vacation as an incentive for the best performers in the organisation. It will motive the other workforce to put more efforts into their work. However, a yearly vacation is not ideal for a business with a limited budget.
Another reason to stay with current employers is the personal growth opportunity. You can provide learning opportunities to the workforce to help them add more skills to their profile. It is part of the talent nurturing process to upskill the employees.
Your business will use its new skills to improve quality and productivity. As a leader, you will be responsible for organising seminar, workshops or meetings for these learning sessions. You can sponsor the training of some employees using bad credit startup business loans with guaranteed approval.
A remote workplace was the forced solution last year because of the pandemic. However, it turned out to be a cost-effective solution for the employers to get the job done from home. You can use it as a perk to attract talent from different regions of the country or even the world.
It will also help the organisation with a more diverse workforce. The employees will save money and trouble travelling to the office. Also, the need for micromanagement will reduce since the employees are not sitting next to you.
Stock Ownership Plan
Many startups offer a small percentage of stock ownership to their employees as compensation for the smaller paycheque. It is an interesting concept as the employees are indeed a part of the decision. They will think twice before leaving the organisation, considering their share in the business.
Annual bonuses are part of the company’s culture for a very long time now. For decades, employers are offering Christmas or some other festival bonuses to their staff. You can take it a step further with a mid-year profit sharing with the employees.
You are valuing their skills and presence more than a forced custom. This is a message every good leader wants to convey to their subordinates. However, they fail because the message is often sent without the right bonus for their services.
Discount coupons are helpful to save money on essentials or unavoidable expenses. You can offer some to the employees for their favourite brands or restaurants. They are cheaper than the abovementioned suggestions if the business is running tight on budget.
Many major brands offer discounts to their employees on their very own products. It will not cost you anything since the product is being sold at its manufacturing cost.
The ultimate purpose of offering perks is to incentivise the employees for their efforts. Though, some organisations use it to compensate for the smaller paycheque or boost morale. Whatever the case is, you need to offer them handsome incentives to stay with the organisation.
The ultimate goal of the employees to work is money. Thus, you can offer a monetary incentive to the employees as a perk. They will have control over the money to spend on vacation or investment.
In the End
To sum up, there are many ways to motivate your employees and increase retention with perks. The ideal option from the list above will depend on your industry and employees. Therefore, find the priorities of the workforce to find the best-suited job perks for them.