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According to MetLife, employees who are satisfied with their benefits are:
- 1.6-times more likely to be productive
- 1.5-times more likely to be engaged
- 1.5-times more likely to be loyal
When you think of great jobs with dream benefits, companies like Google often come to mind. Why? Because the best big businesses know that in a competitive industry, the secret to attracting and retaining top talent is to create a place where people genuinely want to work, and one important way to do that is by offering a robust benefits package.
For example, a big business benefits package might consist of 401(k) retirement plan matches, performance bonuses, stock options, and top-tier health insurance. It might also include paid parental leave, onsite child care, and sabbaticals, and that doesn't even begin to take into account fun perks like free food, scooters, foosball tables, and the like.
And small businesses can't match benefits like that; not even close. That said, even if your small business doesn't have a Silicon Valley budget, that doesn't mean you can't offer a benefits package that wows your team. You can -- you just have to get creative and think outside the benefits box.
How to compete with the big players without a big budget
Here are some ideas that are both easy to implement and easy on the bottom line, too.
1. Life insurance
Term life insurance is surprisingly affordable, and it is a perk that employees truly appreciate. It is a simple way to show you are invested in their future (but without breaking the bank).
2. Wellness programs beyond the gym
These days, staying healthy is a priority for most people, so why not make it a perk? A group gym membership is a solid start, but you could spice it up. You can offer spa days for instance, or you can bring in a massage therapist or yoga instructor every now and then. It's wellness with a twist.
3. Flex-time and remote work
As we all know, life doesn't always fit into a 9-to-5 box. Given that, offering your employees freedom, either with flex time or the chance to work from home when needed, can be a very welcome benefit. It's a low-cost way to show that you value their work-life balance.
4. Discounts
If your business is in retail or hospitality, offering employee discounts is an easy call. It is a simple way to make your team feel special and appreciated. Plus, an added bonus for you is that it can boost their engagement with your products or services.
5. Commuting benefits
With the return to more in-office work, commuting perks are making a comeback. You can help with your employees' commutes by offering public transportation vouchers, free parking, or even bike-friendly facilities.
6. Be more family-friendly
Allowing pets or kids in the office might seem like a small gesture, but it can have a huge impact on your workplace culture. Similarly, offering maternity or paternity leave, even unpaid, can set you apart from other small businesses.
7. Extra time off
Taking a cue from the corporate big boys, why not offer time off for volunteering? Or how about sprinkling in a few extra three-day weekends throughout the year?
8. Stock up the kitchen
You likely do not have the budget for free lunches every day. But maintaining a well-stocked staff kitchen with snacks and drinks can go a long way and is not a budget-buster.
9. Tickets to fun
Here's a fun idea: Snag some season tickets to a local sports team or theater, and rotate them among your staff. What about sending them to concerts or other local events? These experiences are memorable, affordable, and they show your team you're thinking about their happiness outside of work.
The takeaway
In today's job market with low unemployment, small businesses need to offer whatever they can if they want to attract and retain top talent. By getting creative with your benefits, you can offer your team a package that is not just competitive, but compelling.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.
