How do you attract top talent to your company? The bigger companies in your field can afford to offer a much higher salary than you can. But there’s more to life than money, and a lot of highly qualified candidates will take a lower offer, if you can provide them with other benefits. Unfortunately, a lot of traditional benefits are also out of your price range. No worries. That just means it’s time to get creative. Here are a few appealing but cost-effective benefits package perks that you can offer to prospective hires.
1. Flexible Work Schedule. One of the most difficult things in modern business is balancing work and family. Your top pick for a prestigious position in your company may need to pick up their kids from school in the afternoons, stay home with a child who’s not school age, take care of them when they’re sick, or do a hundred other things that would take them away from the office. Fortunately, there are ways of accommodating these needs that don’t cost you a dime. If you integrate cloud-based platforms and mobile technology into your company’s tools, then an employee can easily clock in and do work from anywhere. So rather than coming into the office from 9 to 5, 5 days a week, they can work from home when necessary. A lot of top talent will gravitate towards a company that offers flexible work schedules, as it means they don’t have to sacrifice caring for their families.
2. Buying Vacation Time. You can’t afford to give your employees three weeks of paid vacation every year, like some of the bigger companies can. However, there are still some things you can do to allow your employees a little extra time off. Some companies allow you the option to buy extra vacation days. The extra days are purchased in advance, and the amount the employee would ordinarily earn during those days is deducted from their paycheck not all at once, but a little at a time over the course of the year, amounting to only a few dollars out of each check. So while it’s technically still unpaid leave, the loss of income is hardly felt, and it still feels like extra time off.
3. Charity Leave. Today’s workers are concerned with much more than just their paychecks and career advancement. They want to have the opportunity to change the world for the better, and knowing the company they work for feels the same is important to them. Therefore, one benefit you can offer is paid charity leave. Give them one paid day every year to volunteer at the charity of their choice. They feel better about themselves and have an opportunity to use their time for a cause they care about, and you only pay for one extra day of time off, rather than an extra week or two of actual vacation time.
4. Extra Perks. There are plenty of little things you can do regularly for your staff that create a more enjoyable working environment without costing a lot of money. Let employees leave half an hour early on Fridays—or come in half an hour later on Mondays, if they prefer. Schedule a certain amount of “employee downtime,” wherein they’re encouraged to socialize with one another without thinking about work. Order pizza for them once a month—or, better yet, hold a monthly employee potluck. Everyone brings in their favorite dishes, and lunch lasts an extra half hour. These are the types of gestures that can boost morale and make your company look more appealing to potential hires, without costing a lot.
There are plenty of other ways to provide a cost-effective benefits package to your employees. Poll your current staff and see what perks they’d be interested in. Chances are, new hires would find them appealing as well. In the end, it’s not about providing a bunch of flashy and expensive benefits. It’s about showing your employees you care about them, their needs, and their well-being, both at your company and apart from it. That kind of attitude is what will help you attract top talent to your company.
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