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What HR Benefits Should You Offer When Cash Is Tight

13 Aug What HR Benefits Should You Offer When Cash Is Tight

What HR Benefits Should You Offer When Cash is Tight?

Competitive salary packages along with job security are two of the top motivators when it comes to hiring and retaining employees. Both of these are important for job satisfaction which in turn is also very important for employee productivity, engagement, and loyalty to their companies. However, for hiring managers and small businesses with tight budgets, this is often a dilemma.

How can you keep employees satisfied when it’s difficult to offer extra cash? What HR benefits should you consider when the budget is tight and the business is trying to stay afloat? These non-monetary incentives to reward employee performances when a bigger paycheck is not available are what we’ll be considering in today’s blog.

Flexible working arrangements

This is one opportunity a lot of workers would like. Companies may try to offer flexible working arrangements to employees as part of their HR benefits. This could come in certain forms such as giving telecommuters the opportunity to work from home at least once in a week or offering members of staff the chance to choose their core working hours as against the conventional 9 to 5 model.

Extensive training plans

Businesses should also try to provide opportunities for staff members to enroll for and complete courses and vocational training. This can be both in-house and off-site and will help with employee development. Some companies also offer continuing education programs for staff but the expenses should be considered before offering this. 

Day off aside from annual leave

This can also serve as a form of incentive for staff members. Employees may be given a day off from work outside of their annual leave arrangement as a reward after successfully completing certain tasks. This won’t involve money but can be offered as incentives to hardworking staff members without additional strain on the company’s budget and finances.

Interest-based rewards

Employees can also be rewarded based on their personal interests. A great example may be to offer them membership to their local gym or even tickets to theatre shows. Employees of Quicken Loans, for example, are always able to attend events happening at the Quicken Loans Arena in Cleveland. While this may be too extravagant for small businesses, membership offers to local gyms as well as tickets to some of the latest theatre shows can also have the same effect.

Tangible recognition

Rewards and recognition will motivate employees greatly. Staff members who consistently excel at their tasks should be given due recognition for their achievement. Whether it is a day off, an email congratulating them on a job well done, a handwritten note, mentioning their success in company meetings, or even offering them tickets to a show, as small as these things might look, they can make a tangible difference

Office theme day

A monthly office theme day can help boost morale. This can come in different forms. It could be in form of an international food day where members of staff would bring a plate of food from their country of origin. This will also help enhance communication and promote a positive work environment for employees.

Freedom to travel

Epic Systems, a healthcare software company, for example, would usually offer workers a four-week sabbatical paid for every five years they’ve been with the company. The company also funds the trip for each employee and a guest if they choose to travel within this period. For companies that may not be able to bear the financial responsibilities of such trips, at least the opportunity to travel will serve as a reward in itself.

Opportunities to engage in volunteer work

Staff members may be offered opportunities to engage in volunteer work outside the office space. This will easily give them a break from work while also helping them boost their morale through altruism.

Change of scenery

This is only possible for businesses with multiple office locations. Companies like these can offer staff members the opportunity to change roles or work in a different environment for a week or month. Not only will this make work more fun, a change of scenery can also help increase employee motivation while also boosting productivity

Making employees part of the big picture

Making employees a part of the big picture is an incentive on its own. This will come in different ways that include frequent communication on happenings in the company, details on individual and departmental directions, as well as the big-picture company direction.

Giving employees the chance to make a difference in the course of the company’s long-term goals and direction can make a significant difference in employee happiness. According to Anthony Smith, CEO, and founder of Insightly, this is the best non-monetary benefit you can give your employees.

Pet-friendly work environments

Pet parents often wish they could come to work with their pets. Companies around the country are gradually incorporating this into their employee benefits packages. This is a win-win since these energetic fury bundles can turn the most chaotic days around.

 Offering time out of normal work commitments

Employers can offer time out of normal work for staff to work on a project they are passionate about which may not necessarily relate to the core business. This will also help boost their morale and help improve productivity along the line.

Recognition and rewards are meant to show appreciation to staff for their hard work. It’s your way of saying ‘thank you’ while also encouraging them to do more. While extra money is no doubt a motivator for employees, intangible non-monetary rewards like the ones discussed above can also help to boost staff morale and improve productivity.

Even when cash benefits are available, it is always important to make the workplace atmosphere one where employees feel valued and appreciated. Hard work should be recognized and duly rewarded. In instances where the budget cannot accommodate monetary rewards, these benefits would still ensure workers feel happy and satisfied. These of course are needed to ensure the wellbeing of workers while also keeping them productive in the workplace.

 

Topics: human resources, benefits, great places to work