The Perks That Make Employees Stay

Business.com / HR Solutions / Last Modified: February 22, 2017

Employee perks inspire employee loyalty. Use these suggestions to help build yours.

Employee perks are important in a world where retention rates are dropping. In one study, scientists found that giving people an extra treat can improve their productivity by up to 20 percent. Happy employees equal a more productive and profitable workplace. 

The answer lies in employee perks. Take care of your employees and they’ll take care of you.

So now we’ve established that perks can be one of the best small business marketing strategies today for getting the best talent, what perks should you come up with?

Charging by the work not the hour

Netflix has come up with a different way of helping its employees. There’s nothing worse than having to clock in and out so you get paid. Lots of employees hate to be hassled because they were a couple of minutes late. Netflix doesn’t care. All they want is for the work to be done.

They have taken this to such an extreme that they’re now only charging by the work completed. That means if someone decides to arrive late and leave late that’s fine by them because the work got done.

More time off

Vacation time is notorious in the US for being incredibly sparse. And those who have it often refuse to take it because they’re scared that their bosses are going to pass them over for a promotion. It can make Americans long to be elsewhere in the world.

Break free of your competitors by simply offering more vacation time. You could even do something cool like giving your staff members their birthdays off, or a few extra days off around Christmas and Thanksgiving.

This doesn’t have to hinder your company because studies have shown that more time off can make employees more productive throughout the year.

Allow people to focus on their families

There’s nothing more horrible than working for a company that doesn’t allow you any time off for family functions. It’s so easy to keep your employees happy if they want to attend their child’s first day of school and come in an hour later. More and more companies are allowing perks like this with no questions asked.

They can make up the work later. Even if they’re working late that night they’ll be much happier doing it. These are the perks that make employees feel as if they’re part of a real family.

Help with student loans

Small companies tend to hire more graduates fresh out of college than anyone else. The startup community is overflowing with young people. And what all these young people have in common is that they have student loans. These loans will be with them for years to come.

It’s why some companies are coming up with the innovative idea of providing them help with their student loans as a perk. They will make regular payments towards their student loans and the company will match those payments. It works exactly the same way as a company pension scheme.

The companies currently offering this perk normally allow their employees to choose between this work and a company pension plan. But for a lot of young people, this is their immediate concern and it can be a great benefit to have.

Give people shares in your company

Bigger companies might want to explore the option of providing their employees with a stake in the company. It wouldn’t be anything significant and it wouldn’t represent any seats on the board of directors, but even a few shares can add up to something significant years from now.

What better way is there to make employees feel like they’re part of the company’s future?

Last word – what are the best perks to offer employees?

It’s difficult to determine what perks will benefit employees the most. There are so many different options on the table for you to take advantage of. Most of these perks won’t cost you a lot of money to implement. It’s just about showing that you care about your team and you’re not going to make them adhere to pointless rules and corporate practices for the sake of it.

These are some of the best perks to offer employees, but there are more options on the table. Think about what you can give to people and don’t be afraid to get creative. It could just make your company one that people flock from miles around to work for.

See related: How Loyalty Marketing Programs Work and How to Build One

 

Photo credit: Rawpixel.com/Shutterstock

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