In the tightest job market in many years, employers are pulling out all the stops to attract, acquire and retain top performers. Increasingly, starting salaries are being raised and signing bonuses offered to sway candidates weighing multiple opportunities.
Not every employer, however, is in a position to do that. Amid rising gas prices, sky-high inflation, supply chain issues and other cost pressures, companies may find themselves unable to justify the additional expenditures. If that’s the case, organizations need to get creative by offering no- or low-cost perks to boost hiring and retention.
No-cost perks that employees love
Recently, Alaant’s Question of the Week poll asked employers if they’d relaxed their dress code since the start of the pandemic. A resounding 71% said yes – and whether they know it or not, they provided a no-cost perk that employees value. Something so simple, and at the same time, a welcome benefit that could influence an employee’s decision on whether to accept a new role or stay in their current position.
Another no-cost option is to offer remote or hybrid work opportunities. Many employees that worked remotely during the height of the pandemic found the work-from-home routine to be beneficial, and have resisted a return to working 9 to 5 in the office. As long as they are productive, why change? By offering fully remote or hybrid schedules, employers may have more success in luring top talent, and in keeping their best employees.
Also, consider shifting work hours. Can you switch from a 40-hour work week to 38 hours? Those 2 hours might not have any impact on productivity, and employees would certainly react positively. Similarly, you might modify the work day. At Alaant, we’ve restructured hours, so staff starts at 8 a.m. and on Fridays, gets out at noon in the summer and 3 p.m. the rest of the year. That’s a no-cost benefit employees get behind!
Low-cost perks to satisfy employees
There are additional perks companies can provide at a nominal cost. Small gift cards to favorite coffee shops or restaurants, not to mention cold, hard cash, are perfect “on-the-spot” rewards for a job well done. Or, partner with local companies to offer wellness workshops, and promote them on social media in exchange for a reduced rate. Yoga, meditation, exercise, whatever it is, your employees will feel better and you’ll be supporting an organization in your own community – a win-win for sure.
Struggling to come up with ideas for no- or low-cost perks? Ask your employees. They’ll be happy to share what you can do to make them feel valued, and then it’s up to you to follow through. Typically, it’s not necessary to break the bank to keep employees satisfied; most often, the old adage is true: “It’s the thought that counts.”
Alaant works with great companies every day to create and execute strategies for building an engaged and productive workforce. Need some insight and guidance? Contact us today and let’s get the conversation started!
