Budget-Friendly Perks: Enhancing Employee Retention with Cost-Effective Benefits
Hiring the right people is one monumental task. Keeping them is equally important. Today’s workers have different expectations than previous generations. The benefits you offer can significantly impact their job satisfaction. This is how you can enhance retention without breaking the bank.
wellness programs
Mental health is a rising conversation. According to ZipDo, 89% of workers at companies with wellness initiatives are likelier to recommend their company as a good workplace. This doesn’t have to be costly. Host a discussion on mental health with a local therapist. Offer a creative exercise challenge. Look into offering discounted gym memberships or EPAs (Employee Assistance Programs). EPAs offer free assessments and allow employees to talk to a counselor. The counselor can then refer them to local providers. For more detailed information, visit this article by Very Well Mind.
invest in their careers
Employees who see their path to growth within a company are more likely to stay committed to a role. Mentorships are one easy way to invest in employees and only cost time. Consider pairing newer employees with more seasoned ones to promote professional growth. Have regular one-on-one meetings with employees to ask how they are experiencing their jobs and to find ways to help them achieve their goals. If you do not have a big budget for continuing education, offer certifications or on-site training with industry experts. Promote a culture of learning and investment.
recognize good work
Appreciation is free but paramount. Compliment them on a job well done. Be specific with positive feedback. Helping employees feel seen and heard will increase their satisfaction overall. Don’t underestimate the power of appreciation in contributing to your employee’s satisfaction.
flexible schedules
Work-life balance is not a topic that is going away anytime soon. You may not be able to provide remote or hybrid opportunities, but you can likely offer flexible schedules. This can be done in a multitude of ways. Four-day work weeks allow employees to take long weekends. Allow employees to comp time, making up their time when they have an appointment or need to run an errand.
creativity wins
In addition to the traditional perks, you can be creative. Consider allowing employees to bring their pets to work. Allow them to switch roles with another employee for a day to learn about other roles. Host a company-wide charity event. Have a thank you luncheon for employees. These simple steps show employees you are willing to go the extra mile.
Need more ideas?
Source One publishes blogs every week with up-to-date trends and ideas. We also offer helpful res,ources including HR consulting, payroll services, and recruiting. If you want to update your current benefits or refresh your processes, contact our office today for more information!