The best employees go to employers who can afford them. These employers, however, aren’t likely offering just high wages. Perks are another huge consideration for employees when it comes to job hunting. If it’s critical that you can work mostly remotely, for example, so that you can better raise your kids or help with a loved one’s healthcare, then that employee isn’t going to go for a job that doesn’t offer remote or flextime.
Perks, or, more formally, Employee Value Propositions, should be seen as an addition to your wage offer when hiring. Not only can a great EVP strategy help you attract and bring in great talent, but it also plays a critical role in maintaining your workforce and keeping retention levels high.
Some perks, of course, are a waste of time and money. That’s why you need to use this guide to help you understand what EVPs are, how you can offer them even on a startup’s budget, and, of course, the top picks to focus on:
Understanding Employee Value Propositions or Perks
Employee value propositions or perks are non-monetary benefits that you offer to your employees. They are designed to enhance the employee experience, improve engagement, and create a positive working environment. Employee perks can take many forms, from flexible work arrangements and wellness programs to training and development opportunities.
How to Offer Great Perks on a Tight Budget
When you’re just starting, remember you can offer many wonderful, budget-friendly perks – often at no extra cost. Being adaptable and offering Flextime or the chance to work from home on your employee’s schedule, for example, can be a huge draw and doesn’t cost you anything extra. Thinking outside the box is critical when you’re just starting, so don’t be afraid to ask for ideas and workshop with your employees to create a positive work environment.
Remember to Grow Your Offerings as You Expand
As your business grows, so should your employee perks and benefits packages. The more you can offer, the more attractive your company will be to top talent. As you expand, consider offering more comprehensive healthcare coverage or retirement plans. You could also offer more flexible working arrangements, such as unlimited paid time off or extended parental leave.
Top Perks Your Business Should Offer
While every business is different, some perks are universally popular and can help you stand out from the competition.
1. Health and Wellness Benefits
Offering healthcare coverage or wellness programs can help employees stay healthy and productive. This could include access to gym memberships, nutrition counseling, or mental health support. Some new health benefits to offer in 2023 can even include offering special days off for employees with endometriosis or other chronic conditions. Working to make your workplace somewhere employees feel safe and supported goes a massively far way in today’s fast-paced world.
2. Professional Development Opportunities
Providing employees with opportunities for growth and development is a great way to show them that you value their skills and expertise. This could include in-house training programs, access to online courses, or paid time off to attend conferences and workshops. The best part about this perk is that you directly benefit from a more talented, knowledgeable employee.
3. Flexible Work Arrangements
Flexibility is becoming increasingly important to employees, particularly in the wake of the pandemic. Offering options for remote work, flexible hours, or compressed workweeks can help employees achieve a better work-life balance. The 4-day work week has been a huge success, both for employees and employers. Four longer days are often preferred, and you can stagger employees so that your business operates on the standard 5-day work-week or even throughout the week.
4. Recognition and Rewards
Everyone likes to be recognized and rewarded for their hard work. Offering rewards such as bonuses, company swag, or extra time off can help boost employee morale and motivation. Use software to track performance, and then reward employees when they reach a milestone. Rewarding an employee for making 100 sales encourages a very different working environment than only rewarding the top-performing sales employee, for example.
5. Employee Discounts
Offering discounts on your products or services is a great way to show employees that you value their loyalty. This could include discounts on products, services, or even travel. To do this you’ll want to partner up with other companies or organizations. Sometimes this perk is already established and you just need to sign up, other times you’ll need to make your own custom deal with a nearby company. Either way, it’s an easy, simple benefit to offer your staff.