The big companies out there are offering attractive benefits as part of their employee retention initiatives. They have great spending power. How can small business then match up against them? The truth is, you don’t really have to. What matters is the quality and practicality of the benefits included in your package. Here’s four ways to satisfy your employees without the need to spend big.
1. Size out what makes sense to the needs of your workforce. Re-evaluate frequently.
Offer benefits that suits the demographics of your employees. Maybe 85% of your people are fathers and so extended maternity leaves may not be so ideal. Or that majority of them do not drive and so car allowance is not applicable to them. Maybe transport allowance could be a replacement or let them have flexi-hours so that they can avoid the peak hour madness. After making adjustments on what goes into the basket of benefits, remember to re-evaluate them frequently. Because with each passing year, the demographics and the needs of your employees changes.
2. Make benefits useful
When benefits are utilized frequently by the employees, it means they find it useful and it benefits them. Note that the key phrase here is “benefits them”. If you are offering a slew of perks that no one uses, it’s equivalent to not providing any at all.
How to determine if it’s useful? Check and re-check on the demographics (as mentioned above). Complement it with feedback to find out what your people really wants. Match the needs from the findings and decide on those that make sense to the current setup of your company.
3. Find out what’s causing your employees distress
You could be already offering unbeatable benefits but if you don’t find out what causes distress in your employees, the benefits don’t matter. Maybe it’s the mad rush hour, waking up early or the late night calls. If it’s the rush hour, consider letting them work flexi-hours. Or if kids are their worries, allow them to take time-off as long as they deliver. Whatever it is, make an effort to change so that working for the company does not mean additional stress and worries for them.
In other words, don’t make work a routine. Give them flexibility to plan their own schedule so that they can arrange work responsibilities, family and personal matters well.
4. Promote Autonomy, Mastery and Purpose
Employees’ emotional health is equally important. It is human’s inherent nature to continuously improve . If we overlook this fact, your employee will, in no time, look for changes. To prevent such situations and spur your employees to do even better, cultivate these three elements in the work culture of your company. When combined, the three elements are even more powerful than monetary rewards. This video says it all.
So there you have it – how to make your employees satisfied, happy and driven to propel your business to greater heights, without the need to provide big, impressive and costly benefits that big companies do. More importantly is to provide the right type of benefits through insights generated by doing feedback (with the right questions asked).