To appeal to potential hires, big companies dangle attractive compensation packages. That might be hard for cash-tight start-ups to compete with. Another way to recruit and retain workers in start-ups can be to beef up employee benefits.
It doesn’t have to be a long list of attractive perks, just the benefits that matter more to your employees. Here are 5 types of employee benefits your workers will appreciate, apart from just a higher salary.
#1 Generous Or Unlimited Paid Time Off
Offering paid time off allows employees to run personal errands or take a vacation, contributing to a healthier work-life balance. With a restful break, employees return with a sharper mind and improved morale.
One benefit that has been gaining traction Is unlimited paid time off (PTO). It sounds like every employee’s dream–which definitely helps in recruitment.
Paying your employees not to work sounds scary. One of the drawbacks is that employees may take less time off since there’s no yardstick on how many days they should take. And with less accountable workers, you might see the policy being abused. But if done well, it leads to more focused and productive employees.
If your company is not yet ready for unlimited PTO, consider offering more days instead. In Singapore, most companies have 14 paid vacation days. Offering higher-than-average PTO can be a huge selling point for recruitment and employee retention.
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#2 Sabbatical Leave
Start-ups work in a fast-paced environment. And as much as it can be rewarding and exciting, it also puts employees at a greater risk of burnout. If you have employees who stuck through with you for a few years, consider offering them a sabbatical leave as a perk. For instance, it could be a one-month sabbatical leave for employees that have been working for you for three years.
It can be a paid or unpaid sabbatical leave, depending on the company’s budget. But providing your employee with the job security allows them to return rejuvenated. Plus, it positions yourself as an attractive employer too.
Offering sabbatical leave has an obvious time cost, but helping your employees on this endeavour is an investment in your people. Allowing employees to pursue their interests outside of work improves well-being and makes them happy. You’ll get healthy and satisfied employees if you allow them to take a well-deserved break.
#3 Flexible Work Arrangements
The landscape of work is shifting and more employees and employers are embracing workplace flexibility. Arrangements include telecommuting (working outside the office or from home) or compressed work weeks (working the traditional 40-hour workweek in fewer than 5 days).
Most employees would enjoy flexible work arrangements, as it gives them the autonomy to focus on personal tasks. Providing employees the bandwidth to be a better parent or family member helps them lead more fulfilling lives, translating to better work-life balance and happier employees.
Flexible work schedules might seem tricky to implement. But it can be a cost-efficient employee benefit for start-ups, given that it doesn’t incur a direct cost but still benefits the workers.
#4 Learning And Development Opportunities
Most employees value learning and improvement. Two in five employees in Singapore left their job due to inadequate development opportunities. Invest in your employees by carving out a learning path. That could be instructor-led workshops, one-on-one coaching or self-paced online courses.
Workplace learning should be adaptable to your employee’s needs. Implementing a full-day workshop will only disrupt your team’s workflow, creating stress when their tasks are not complete. Provide a variety of learning modes that employees can choose from and at their own pace.
Learning stipends, a cash benefit, can be offered as an employee benefit, so employees can pursue the kind of learning they prefer. It can be used on memberships for learning platforms, books, conferences. Such flexibility tailors to your employees’ wants and needs more than a traditional workshop would.
#5 Health And Wellness Perks
A successful wellness program encourages overall well-being and reduces health risk. As the boss, when you go above and beyond to improve employee welfare, your team will notice. And it will improve employee engagement and satisfaction, cultivating a better company culture where the workers feel that they are taken care of.
Similarly, you can issue a health and wellness stipend for employees. That way, they get to choose what they wish to spend on, such as gym memberships, health check-ups, yoga or fitness classes, or even meditation apps.
Read Also: 4 Things That Small Business Owners In Singapore Should Know Before Paying Salaries
Employee benefits might have once been a competitive advantage for attracting talent. But today, they are commonplace. Workers are seeking for more and such benefits might even be a make or break consideration for potential hires. So it’s crucial to plan out the type of benefits that your company can offer so that top-flight candidates are onboard and stick around.
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