SEP 03, 2024
10 Creative Company Benefits to Offer Your Employees
The job market can be a competitive environment these days. Data analyst company Statista reported July 2024 the U.S. has a labor force participation rate of 62.7% since March 2024, and employees are putting careful thought into who they work for. To stand out to those looking for work, it helps to offer competitive and eye-catching benefits beyond a basic salary and health insurance. Let’s look at some creative company benefits you can offer, as well as the pros and cons of offering creative perks for employees.
10 Unique Employee Benefits
Small businesses like yours have options with how they compensate their staff and make their business an appealing place to work. Here are some creative company benefits you might consider:
1. Loan repayment – help employees with student loans and other debts.
2. On-site services – make employees’ lives easier by offering to bring in service professionals they’d have to take time to visit otherwise, such as hair stylists, car cleaning, and dry-cleaning delivery.
3. Flexible workspace – offer employees various options for their work environment, such as standing desks, couches, work lounges, to give them a more comfortable place to work.
4. Mentor programs – give experienced employees an opportunity to teach newcomers and give newcomers a chance to work with seasoned staff members, which can encourage cooperation and good coworker relationships.
5. Relaxation rooms – create a space for employees on break to relax and decompress in comfort.
6. Lending library – create a company lending library with books on industry-related topics for ongoing learning, or for leisure reading during breaks.
7. Company-sponsored memberships – offer memberships with local gyms, workout studios, or other health and wellness facilities.
8. Local business discounts – work together with local businesses to offer your employees discounts when they give those businesses their patronage.
9. Paid volunteer leave – offer employees paid time off for participation in volunteer work, like charities and community events.
10. Employee award programs – create a program to recognize employees for going above and beyond, awarding them bonuses, open recognition, and other praise.
Pros and Cons of Creative Company Benefits
Creative benefits can be a lot of help to you as an employer, though they come with several challenges. When it comes to the boons of employee benefits beyond salaries and basic insurance, your business will stand out among the rest of the pack, helping you attract talented and skilled workers in the job market. Both new and existing employees will also appreciate you going the extra mile to accommodate their needs and make their workplace better, building up your employees’ loyalty and encouraging them to stick with you for the long haul.
Job satisfaction is a vital ingredient to the longevity of your business; employees that are pleased to work for you will be willing to ride out the tough times and put in the extra effort when it’s needed. They’ll also be proud to represent your business in the best light possible. Finally, when your staff knows you have their best interests in mind, they’ll be more productive and work together better, both with each other and with you as an employer.
No business strategy is without its drawbacks, however. Offering creative company benefits may be effective at motivating your staff, but some benefits are expensive to implement, requiring actions like remodeling your office or budgeting for complimentary employee memberships with local businesses. Administration complexity is another factor to consider; you can propose things like a mentor program, but you’ll need to come up with a plan for it and find someone to manage the program.
Non-financial benefits can be appealing to employees and jobseekers, but sometimes their value isn’t obvious at first glance. This can hamper a benefit’s ability to improve the appeal of your business. Finally, if different employees receive different benefits, it can result in a perceived imbalance in compensation between employees who are doing the equivalent amounts or types of work.
Creative company benefits are a good way to improve your business’s company culture and your staff’s happiness. While there are challenges to be overcome, the boon to your business may outweigh those challenges; it’s up to you to determine what kinds of employee benefits work best for your business, and how to implement them.
Let Payroll Vault Help You Hone Your Business Operations
We’re proud to offer small business owners like you a variety of payroll services and human resources solutions to help you make your business the best it can be. Our boutique-style payroll and HR solutions services are tailored to the needs of your business. Visit your nearest Payroll Vault location today or call Payroll Vault of Argyle at (940) 283-6151 to learn more about what we can do for your business.
