Cost-Effective Perks to Attract (and Keep) Top Talent

COST-EFFECTIVE PERKS TO ATTRACT (AND KEEP) TOP TALENT Research shows that employee benefits have a significant impact on staff retention. 57% Perks show how a company values employees' work, respects their time after work hours, and wants to positively contribute to their health and wellbeing. 57% of people report benefits and perks as one of their top considerations before accepting a job. A 2015 Robert Half survey found 43% of CFOS are more open to discussing and negotiating nonmonetary perks compared to a year ago. 43% PERKS THAT PAY OFF While some perks aren't practical or realistic for some companies, many of the following perks are more cost-effective than traditional perks, such as health care, retirement plans, and bonuses. TIME OFF Paid time off for Paid day off for birthdays Extra time off around holidays community service A personalized day off can help employees feel special. Consider offering extra days around holidays, especially if your business slows a bit. Encouraging time off to volunteer is an easy way to show you support giving back to the community. Additional maternity Flex Unlimited paid and paternity leave Time time off Offering extended maternity and paternity leave-beyond what's required by state law-because there's no If you can't offer regular remote time or complete flexibility, consider options like a work-from-home Trusting workers to choose how much time they take off can improve their chances of getting work done on time. day once a month or half days every other Friday. mandatory leave in the U.S. HEALTH & WELLNESS Company-sponsored sports teams Free food Gym memberships and drinks Keeping the refrigerator and pantry stocked with complimentary food and drinks helps employees feel at home. Purchasing jerseys with the company logo is also a great advertising opportunity. Healthy employees can cost companies less and company gym memberships allow employees to form social bonds outside of the office. 2zzz Mental health Nap Office spa stipends rooms services Consider providing an allowance to talk with a To boost alertness and productivity, many companies offer Bringing in a masseuse every once in a while is a great, stress-reducing treat. licensed therapist or other mental health professional. nap rooms where employees can recharge during work hours. ADDITIONAL PERKS AC Subscriptions Tech for On-site new hires child care These can include magazines, newspapers, and movie streaming subscriptions. While a tablet or computer isn't the least expensive perk, it's a tangible alternative to a cash Allocating part of the office to childcare, with licensed caretakers, can take a lot of strain off parents. hiring bonus. Concierge Free services classes These time-saving services include dry cleaning, theater tickets, car services (oil Allowing employees to take classes during their free time can encourage career growth and creativity. changes, washes), meal catering, tickets to sporting games, etc. A few perks here and there can go a long way in company culture and employee satisfaction and retention. If you can't offer traditional benefits just yet, consider some of these lower-cost options. SOURCES: http://www.businessinsider.com/employee-perks-2014-3 https://www.glassdoor.com/blog/glassdoors-5-job-trends-watch-2016/ https://www.officevibe.com/blog/best-employee-perks-you-need-to-have https://www.themuse.com/advice/7-lowcost-benefits-that-employees-love http://www.incentivemag.com/Strategy/Engagement/The- Power-of-Perks/ http://work.chron.com/employee-benefits-affect-staff-retention-21722.html http://rhfa.mediaroom.com/cfos-nonmonetary-perks-benefits?_ga-1.42402145.592886806.1457975556 http://www.inc.com/zoe-henry/google-uber-and-other-companies-where-you-can-nap-at-the-office.html http://www.forbes.com/sites/kateharrison/2014/02/19/the-most-popular-employee-perks-of-2014/ - 613e648b106e http://www.forbes.com/sites/brockblake/2015/02/24/21-employee-perks- that-attract- the-best-talent/ - 34d3b3e68d9d USCMarshall School of Busincss Online MBA %24