You’ve got your business idea, your plan, and you’re ready to hire your first employee or grow your team. For a lot of small business owners, the math and time behind determining what to pay their employees can be tough enough, especially when your cash flow isn’t 100% predictable. Income is key to attracting solid talent for your business, and low pay is likely to chase good potential employees away. Income, however, isn’t enough alone. More traditional benefits such as insurance and retirement plans are In this evolving economy, employers are expected to offer perks to keep their employees happy, productive, and coming back to work. It can be easy to dish out a few simple benefits, but what do people really want? Here are four benefits your employees really want.
1. Unlimited PTO
While it seems like a silly idea to offer your employees unlimited PTO, this growing trend is, for obvious reasons, incredibly appealing to prospective employees. The first obvious advantage is in recruiting, where potential employees will be drawn to the freedom and trust that comes with it, not to mention the lack of stress that would come with a limited policy.
To avoid the obvious risks or fears, you’ll simply need to set expectations. As long as you’re hiring competent, mature adults to work for your company, it can be quite easy to avoid any mistakes or having employees never show up for work while they use their PTO.
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2. Gym Membership
In an age defined by social media, selfie sticks, and something called kombucha, millennials love to stay in shape. Reports show that millennials could spend more in their lifetime than on a notoriously costly college education. They spend an average of $33/month on gym memberships, among other costs for workout clothing and supplements. As an employer, this gives you a great opportunity to cover or subsidize that cost in the form of an employee benefit.
If you’re looking to introduce this benefit to your existing staff, consider surveying your employees to see which gyms would be more appealing to them. As with almost all matters in business or personal finance, don’t be afraid to ask the gyms if they can provide any discounts for your company for you to provide this benefit to your employees.
By presenting this perk to your employees, you can show that you support their well-being and interests, and potentially retain top talent within your business.
3. Remote Work Opportunities
Along the same vein as unlimited PTO, giving your employees the opportunity to work from home can promote a healthy lifestyle for your employees. Of course, the nature of your business may not allow for your employees to do their work remotely, but for those for whom it is possible, this is a valuable perk.
This can be a true win-win for your employees and you as a business owner. As your business grows and you hire more and more employees, having an effective and well-managed remote work program can help reduce the size of office space your business needs, and save you money. As well, having a remote work program can open your hiring horizons to more than just your locale, giving you access to even more talent.
4. In-office Social Events
For some, the idea of staying in the office later than 5 o’clock is laughable at best, and often invokes a big eye roll. For millennials, however, introducing non-work scenarios into an otherwise working environment can help promote a work-life balance. While being able to live outside of the office is immensely important, so is bringing life into the office and socializing with co-workers.
By sponsoring simple parties or happy hours within the office, during work or directly after work, you can promote better working relationships, networking, and a healthier work environment within the office.
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