How Small Businesses and Firms Can Offer "Alternative" Benefits To Their Employees.

How Small Businesses and Firms Can Offer "Alternative" Benefits To Their Employees. By: Kelley Swanson

In this economy, it is difficult for small businesses and firms to compete with larger corporations in retaining loyal and competent employees, due to limited financial resources. Mom and Pop stores as well as small businesses cannot always offer traditional benefits to their employees such as retirement plans, healthcare, large offices, disability insurance, etc. As a result, many entrepreneurs are struggling to find proficient and talented new hires, as well as maintaining the dedicated employees that they already have.

Fortunately, there are many ways that businesses owners can attract talent and keep high employee retention, if they are open and innovative in their thinking. Below are affordable benefits and incentives that will keep employees happy and can mitigate high employee turnover rates.

Paid Time Off

Paid Time Off (PTO) is a cost effective benefit. Many business owners forget that employees need time off. Studies show that taking time off from work is important for the health and well being of employees. Paid time off gives employees time to recover from sickness, to rest from intense work environment, and to relax. Furthermore, studies show that employees who are able to take time off from work are more productive workers than other workers and are more likely to stay with their corporations longer.

What is nice about PTO, is that employees are required to work a certain amount of time to earn their paid time off from work. The employees are then allowed to take sick days, vacation time, personal days, or any other time they need while still getting paid. PTO also allows for emergency situations such as death in the families, jury duty, and military leave.

One reason employees like PTO, is that it allows the employees to have some privacy. Employees might not want to inform their bosses about their personal business when they take off from work. Employees can request the paid time off that they have earned rather than asking for vacation time. If an employee has a death in the family or is going through a divorce they can respectfully request for their PTO, rather than requesting time for personal leave. This way the employee does not have to go into details with their boss as to why they need the time off.

From an employer standpoint, this is an excellent incentive, because the employee has to earn the hours, before getting the paid time off. If the employer sets rules and guidelines, about how and when the employees should request PTO, the process should run smoothly for both the business and the employees

Offer Free Services or Business Products

If a business offers a certain service or product to the public, then they can also use it as an employee benefit. For instance, If you are an Accountant who owns a small firm, offer to do your staff's taxes for free. Your staff will be grateful to you, as it will save them money, time, and stress, while not being overly burdensome for you.

If you own a small Mom and Pop restaurant, offer a free meal to your employees during their lunch/dinner break. If some of your menu items are expensive, you can either discount the prices and/or limit the menu choices to the more reasonable fare.

If you are a dog grooming company offer free grooming or discounted services to your employees for their pets. These small things can create a better and happier work environment.

Free Lunches

Offering free lunch to your staff is a strategy that can actually benefit the business even more so than the employees. Many firms offer free lunches on certain days of the week, so that the company can meet to discuss business objectives and tasks that need to be handled. The employees, on the other hand, gets a free meal. This also allows bosses and employees to interact with each other in a less formal setting. Just make sure that when providing lunch, that the food is delicious and that there is a wide variety of options.

Business Casual Days

If you are a firm or a business that wears formal suits, business Casual Days could be quite a treat for the employees. Not only will employees enjoy the comfort of wearing more casual clothes, it will bring up the morale of the business. If you are a customer oriented business make sure to schedule Casual Days on dates when you do not have client appointments. Also make sure to set written guidelines as to what clothing is not acceptable (sandals, shorts, tee shirts, etc.), so there is no confusion. If you would like to take it up a notch, employees can wear polo shirts with the business logos.

Paying for Tolls, Parking, Gas Mileage, Bus Passes and other Transportation

If you live in the Florida area, most likely some of your employees are paying toll fees to go over bridges. Though the fees only cost around $2 a day, it would be a nice gesture to offer to pay for your employees' toll pass with a monthly or yearly voucher. This does help save employees money and will most likely be considered a business expense that could be written off. The same is true for parking and gas mileage. If your employee has to pay for parking at work or is required to run business errands, the business should pay for gas mileage and parking. You can also offer bus passes to those employees who do not have their own transportation. This will ensure that they will have a way to get to work on time.

Flex Time

Flex time allows employees to set their own schedules. For instance, if a company's work hours are 8 am - 6 pm, the business can accommodate employees work schedules to fit their needs. The company can allow the employee several options such as compressed hours that are shorter, if the employee does not want to take a lunch break. Just make sure to review your state laws regarding required lunch breaks.

Flex time could help the family man or woman who does not make enough money to be able pay for after school care. The business can allow that employer to work from 8 am - 4pm, so that he/she can pick up the kids after work and still be able to work the full 8 hours. In the alternative, some employees might prefer to work 10 am -6 pm so that they can do their banking, go to the doctor, and run personal errands. Just as long as the employee schedules are consistent, the company will not be burdened by the flexible schedules.

Business Cards, Name on the Door, Awards for Good Service

Employees appreciate recognition for good work, which does not cost the employer much money. Let your employee know that you are grateful that they are a part of your team by putting the employee's name on the door or making the employee business cards. These actions can make a world of difference in making the employee feel invested in the business.

If an employee has excellent customer service skills and clients are always complimenting what a great employee they are, you should offer them some sort of an award system. Or if a worker is selling more products than what is required on their job, they should receive an award. Offer a $25.00-$50.00 cash award for the extra work that they do to motivate your employees to do their best.

Free Beverages

Make sure that your company offers free coffee, bottled or cooler water, so that the workers do not have to make a Starbuck run to get their caffeine fix and can stay hydrated. This is a simple and low cost kindness that will help with work productivity and keep your employees happy.

Healthcare

Healthcare benefits, along with retirement plans are the benefits that employees desire the most. If your business cannot afford to offer your employees healthcare benefits, educate yourself on Obamacare or other government assistance. Make a list of addresses and phone numbers of local clinics that give discounts to the uninsured. Hold a seminar to assist your employees on obtaining the right government healthcare plan for them. The seminar can address the rules and regulations of government healthcare options. By doing this, employees will be appreciative that their company cares about their well being.

Remember happy and healthy employees, make for more productive employees that will stay with you longer.