Employee retention is a priority for companies in nearly any industry, and the benefits you offer can have a significant impact. Fortunately, you can provide workers with access to a lot of perks without breaking the bank.
If You Need to Improve Retention, Here Are Eight Low-Cost Benefits To Offer:
1. Flexibility
Flexibility in the workplace is one of the most desirable benefits, and it’s incredibly affordable. Allowing employees to adjust their schedules also boosts productivity and reduces absenteeism, as workers can accommodate personal appointments without having to use leave. Plus, it’s beneficial for morale, and it positions your company as an employer of choice, which can benefit recruitment and retention.
2. Paid Time Off
In many cases, paid time off is a low-cost benefit, but it has a major impact. Generous leave policies help employees maintain work-life balance without having to sacrifice their paycheck. Plus, it creates opportunities for rest and relaxation, which can combat burnout. In turn, more paid time off could reduce turnover dramatically.
3. Mentorship Programs
Mentorship programs don’t typically have a financial component. Instead, they simply require time to set up and oversee. However, the benefit they provide is significant, as it allows employees to partner with more experienced professionals to receive guidance and support. Plus, it can help workers forge new relationships, and strong bonds with colleagues can lead to better retention.
4. Wellness Resources
Offering wellness resources helps employees manage stress and ensure their well-being, both of which positively impact retention. Plus, there are plenty of low-cost options available. For example, a knowledge library filled with scientifically-backed guidance doesn’t cost a bundle. Similarly, meditation apps and similar tools are an affordable option.
5. Carpool Programs
Coordinating employee carpools is a low-cost benefit that reduces employees’ out-of-pocket commute expenses and makes traveling to and from work less stressful. Create a program that helps match workers with similar schedules to others who live nearby, and you’ve offered them something valuable.
6. Remote Work
Remote work is currently a highly desirable benefit, and many companies are already set up to offer it due to the pandemic. As a result, continuing a telecommuting program is typically low-cost, but it also helps employees maintain work-life balance, making it an effective tool to improve retention.
7. Free Food and Drink
Offering healthy food and drink options for free at work doesn’t have to cost a lot, but it can make your company a more attractive employer. Basics like tea and coffee are typically inexpensive, making those great starting options. Then, consider some fresh fruits that have long shelf lives, like apples and oranges. If those are a hit, you can expand from there.
8. Career Coaching
Professional development is a priority for many people, but figuring out where they want to go next isn’t always easy. Career coaching is a low-cost benefit that can help by allowing workers to speak with someone about their goals and receive guidance to find an appropriate fit.
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