Your employee benefits could be the deciding factor between a candidate applying for a job with your business or merely scrolling on. Before you call Domino’s to order for Free Pizza Friday, stop and take a moment. Stretching your imagination will repay you handsomely in increased productivity – and loyalty – so it’s worth mulling over.
Personalisation is the aim here. Charlotte Dean, founder and managing director of P3 People Management, told that perks should be tailored to individuals as far as possible. “A 24-year-old renting their first flat and a parent juggling the school run want very different things, so the best benefits package is built around your people,” she said. Even doing regular staff surveys could point you towards the most suitable employee benefits.
Here are just a few ideas you can put forward that won’t hamper your cashflow.
Financial guidance
Among the most enduring struggles for employees today is finances. Offering access to personal finance information would be greatly appreciated by staff, with signposts to independent financial advisers they could contact.
Some pension providers offer financial wellbeing services on top of their regular service. You could even offer employees financial coaching through a salary sacrifice scheme.
Various days off
Duvet days
This is a day off that can be taken off without notice. They don’t need to ill, either, but they aren’t pulling a sickie. The idea is that employees contact you on the day and tell you they’re not working – no reason required. It’s up to you how many of these days want to offer.
An employee’s birthday off
Who wants to be working on their birthday? Extend the many happy returns even further and give your employee their birthday off. It an easy win on a job advert, too.
Moving house day
Moving house is a stressful experience and it helps to have some breathing space without eating into holiday allowance. Even just a day makes a big difference.
Volunteering days
Show that you care about your employees’ passions by allowing a volunteering day.
It’s good for your brand’s reputation, boosting relationships within the community, and your employees’ spirits. The Royal Voluntary Association found that, if fully used, employee volunteering time could lead to over £5,000 in productivity per employee per year.
Swapping bank holidays
Some of your employees would much prefer to swap out one of their standard UK bank holidays for one that’s more meaningful in their cultural calendar. For example, Muslims might want to switch Easter for Eid to be with their families. The extra perk for you is that it allows you to run when you’d normally have to close.
Employee recognition
Giving your employees a shout out lets them know that their efforts are being seen. That could be in a company newsletter or on the intranet. An employee of the month programme is another great way to acknowledge the graft your staff have put in.
Alternatively, organise an employee appreciation day with cake and fun activities. For smaller teams, an employee night out would go down well.
Introduce pet-friendly workspaces
Having an office dog is a major morale booster and doesn’t cost you any extra, unless you dish out more money for cleaning costs.
While you’re there, rope in animal adoption and bereavement leave, be it a day or a week, so that staff can dote on their pets at an important time. Money off services such as dog walking, grooming and pet sitting will be appreciated by pet-loving staff and reinforces the message that pets are an important part of the family.
On casual Fridays, employees can dress down and wear their normal threads. This is all within reason, of course. Be wary around allowing football strips and garments with potentially offensive messaging on them. This one is completely cost-free but be sure to lay down some boundaries.
In the spirit of casual Friday, you can let staff finish work early or have a half-day.
Teaming up with other businesses for discounts on essential services
Any nearby hairdressers, dentists or dry cleaners can offer a discount in exchange for a discount for their employees, e.g. discounted coffee for their staff if you run a coffee shop.
A company book club
The advantage of a company book club is that it’s a good way for remote employees to connect and get to know each other. If it’s in-person, all the better. Supply snacks, drinks and a space for your employees to have a chinwag. A book club promotes empathy and diverse perspectives, with the potential to really enrich your staff’s working lives.
Extra courses and training
Perhaps your staff have wanted to pick up a new skill or pursue an interest but don’t have the means to do so. You could provide opportunities through your existing resources, like Dr Kate Strohm, managing director of Lift College, did.
“Lift College is an online college, so our two best perks cost us very little in cash. First, every member of staff can take any of our own qualifications free, from functional skills and GCSEs to Level 3 diplomas. The courses already exist, so the cost to us is close to nothing, but for staff it can be a qualification they put off for years, and it means they know the learner experience first-hand.”
Flexible hours
This one is a little less creative, but it is certainly lower-cost. Asking for flexible working is already a right from day one for employees, but you could introduce flexible working as standard.
“Our team chooses their hours and works remotely. Our learners study around jobs and families, so it would be odd not to let our own staff do the same,” said Strohm.
Implementing new employee perks
As you can see from this list, you can really be flexible with how you choose employee benefits.
“Don’t underestimate the commercial return,” said Dean. She added that only a tenth of UK employees are engaged at work, and replacing someone who leaves is more costly than a birthday off: “For small businesses, perks like these are one of the most cost-effective retention tools you’ve got.”