One of the proven ways to attract and retain the best and brightest workers is to offer a solid benefits package. While standard or bare minimum benefits are still appreciated by employees, more and more professionals are looking for employers who can keep up with current trends in terms of proactively providing additional perks to meet their changing needs.

 

In fact, a recent survey by Glassdoor revealed that 57% of people said benefits and perks are among their top considerations before accepting a job offer. Plus, four out of five employees deemed that they would prefer to be given increased benefits over a pay raise.
 
Large companies such as Google and Twitter are famous for offering over-the-top perks such as lunches made by professional chefs, bi-weekly massages, onsite acupuncture, and more. However, what should a small or medium-sized enterprise do if it can’t afford Google-sized benefits?
 
You don’t need to break the bank to stand out in the deep sea of employers. There are high value yet relatively low-cost perks that employees will find irresistible, particularly those that promote flexibility, general wellness and work-life balance. Consider the following perks in order to have motivated, loyal and productive workers.

1. Gym Memberships

There are many gyms and health clubs that are willing to work with businesses to offer discounted rates for employees and even their families. Whether you pay for a portion of the cost or all of it, employees will certainly appreciate the nudge toward a healthier lifestyle.

2. Flexible Hours or Remote Work

A lot of employees these days prefer a job that offers them the ability to shift workday hours as necessary, or a job that offers the ability to work remotely when needed. This kind of arrangement will help your employees save some gas and time (avoid traffic congestion), and may even boost productivity. Flexibility in work schedule is also a good way for them to maintain work-life balance.

3. Continuing Education

Even small business owners want their employees to know the latest and greatest methodologies in their specific industries. Encourage your employees to attend conferences and seminars that will benefit them and your business. Allowing and paying for your staff to attend one or two educational events each year will help keep them informed and excited about their field.

4. Financial Management Assistance

In today's modern world, personal budgets can take a beating from high grocery costs, increasing gas prices, and any other day-to-day expenses. Consider paying your staff to meet with a financial planner once a year. People who are worried about personal finance problems are likely less productive at work, and are most likely looking for better employment opportunities. So having a financial planning program can help motivate and retain employees.

5. Student Loan and Tuition Assistance

This is a highly coveted benefit. While education may sound costly for employers, you can take advantage of tax breaks. Companies can provide up to $5,250 per employee per year for tuition tax free. Offering this bonus may even help workers be able to accept a lower-paying job.

6. Volunteer Hours

If you want to attract millennial employees then you should be aware that they value social consciousness. Studies have shown that this generation values enterprises that do their part in making the world a better place. Consider giving your employees paid time off or flexible work hours to engage in volunteer projects your company believes in.

7. Employee Discounts for Vacation Spots

Everybody needs a break from work from time to time. Make relaxation time for your workers even more relaxing by offering a system that provides discounts on hotel, travel expenses, or theme park and theater admissions. Companies that care for their employees’ mental health and promote family fun are more pleasurable to work for.

8. Gift Card Incentives

Consider providing incentives to highlight the importance of reaching monthly, quarterly, or even annual goals. These fringe benefits help promote better team collaboration as each person has to do his or her part to reach a specific goal. This helps bring out the best in one another. Restaurant, grocery or retail store gift cards make great rewards for progress and achievement.

 9. Relocation Assistance

Moving can be emotionally and physically stressful. By reimbursing employees for moving costs, you demonstrate how much you value the sanity and comfort of your employees. If you’re looking to hire talented individuals who live far away and require relocation, offering this simple assistance will help leave a lasting impression.

10. Onsite Health Services

You don’t need to have numerous medical doctors, physical therapists, chiropractors and massage therapists like on the Google worksite. But by having an in-office health clinic that offers basic services like flu shots and blood pressure monitoring adds to your credibility as a company and shows that you genuinely care for their employees' well-being.
 

Bottom Line

Ensuring employee satisfaction is critical to a company's overall success. The good news is it’s not just dependent on salary; the benefits package you offer is also a crucial element to keeping valuable employees. Consider perks that you can provide affordably while supporting your company’s goals.

Author Bio

David Waring is the Co-Founder and Publisher of Fit Small Business. Prior to starting Fit Small Business, David served as a top executive at Forex Capital Markets LLC, which he joined as an initial employee and helped grow to a publicly traded company with over 700 employees. Visit www.fitsmallbusiness.com  Connect David Waring Follow @FitSmallBiz

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