7 employee perks that could set your business apart
One of the best ways to help your business succeed is by hiring (and keeping) the best talent. But how can you compete with big companies who can offer higher salaries or huge signing bonuses?
Here are seven unique employee perks that could help your company seal the deal.
1. Furry friends
If your landlord allows it, consider letting your employees bring their dogs to work. Those employees will appreciate not needing to leave their dogs at home or find a dog-sitter, and most everyone else in the office will appreciate getting to pet and play with the pups!
Before you implement this perk, be sure to clearly state the rules, including what areas the dogs can be in and behavior expectations (and consequences).
Never underestimate the power of being flexible. To the dad who needs to pick his kids up from school every day, the ability to leave early, or work from home, may make your company more desirable than a competitor offering a $5,000 signing bonus.
Incorporating flexibility into your PTO policy could also attract the best talent — while saving you time and money. Instead of offering a set amount of vacation days a year, consider offering unlimited PTO, and encourage your employees to take time off whenever they need it — as long as they get their work done, of course.
3. Wellness initiatives
If there isn’t enough room in your budget to offer a gym stipend to every employee, try bringing the gym to the office. Hire a yoga instructor to teach a weekly class in the office or bring in a massage therapist once a year.
You could also consider enrolling your company in a corporate sports league, such as soccer or baseball, and encouraging your employees to sign up. This is a great way to promote both physical health and community within your company — here at Funding Circle, we love cheering on the company soccer team during their matches!
4. Volunteer opportunities
Many employees don’t want their job to just be a source of income. They want a sense of purpose, and they want to do good.
To show that you care about their interests and your community, consider organizing regular volunteer opportunities your team can sign up for. Or, for increased flexibility, give your employees a set number of days or hours off that they can use to volunteer however they like.
The benefits of this perk are trifold: Your employees get a chance to take their mind off of work for a bit, you feel good about supporting your community and attract good people to your company, and some well-deserving causes get the help they need.
5. Commuting stipend
Commuting not only takes a bite out of your employees’ time, but also takes a chunk out of their wallet. Here at Funding Circle, we like to offer a commuting stipend to help offset these costs, whether it’s parking, grabbing a cab, or catching the bus.
Offering this perk is just another way to show you care about your employees and want to make things as easy as possible for them. And as a bonus, you may be able to deduct these benefits during tax season.
6. Student loan help
Did you know that the average monthly student loan payment for borrowers aged 20 to 30 is around $350?
This can make a significant dent in your employees’ paychecks, which means you could make a noticeable difference in their lives by offering student loan repayment help.
Don’t worry — you don’t have to cover their full payment each month. Just $1,000 a year is enough to show you care … and set your company apart from the competition. Only 4% of companies offered student loan help in 2017.
7. Professional development
You don’t have to offer a $1,000 education stipend to show employees you care about their development and growth (though here at Funding Circle, we find that helps!).
Almost everyone is an expert at something, so tap within your employee base and see who’d be willing to teach a class. Maybe your office administrator is a whiz at email inbox management or your accountant can teach a class on how to use Excel.
As a bonus, this is also a great way for your employees to practice their public speaking and presentation skills.
Bottom line: You don’t need a huge budget to compete for great talent. Besides treating your employees with respect, offer a few perks that show you care about their happiness, and the costs should pay for themselves in the form of invaluable talent.