5 Affordable Alternative Benefits To Offer Employees Instead Of A Raise

Finding and retaining employees is a struggle for nearly every company out there these days, thanks to the way the Covid-19 pandemic forever changed the way we work. Job seekers have more expectations than ever before, and are unwilling to take jobs that don’t meet them, making hiring extremely competitive. Once a company has secured the employees they need, they can start focusing on retaining them. Finding talent is hard enough as it is, so losing employees you worked hard to find and train can be a devastating loss to the company.

In order to adapt to the changing workplace expectations and keep ahead of competitors, today’s employers need to be willing to take the necessary steps to ensure employee satisfaction and work-life balance. Companies rely on their employees to grow in a highly competitive marketplace, just as much as employees depend on their workplace for personal fulfillment, satisfactory compensation, and a pleasant work environment.

Most employers would love to give all of their employees a raise, but unfortunately, many company budgets don’t have the room for raises. Realistically, many companies can’t afford to give raises as often as they feel they should, but fortunately, there are other options if you find yourself in this situation. Rather than stressing over the fact that raises aren’t currently in the budget, employers can instead take a more proactive approach to the issue.

If you’re unable to offer employees a raise, consider offering more free or low-cost benefits and perks to keep employee morale high.

What Are Affordable Employee Benefits And Perks?

Affordable Employee benefits and perks include things that don’t cost the company any money to offer employees or are otherwise extremely inexpensive. These perks usually don’t directly impact the company financially, and if they do it’s usually insignificant.

These perks are also usually simple and straightforward to set up for employees and don’t cause the business any inconvenience. Although they don’t cost the company much, these perks are still of high value to employees and can be a great way to attract and retain talent alike.

Why You Should Offer Affordable Benefits And Perks

Offering affordable or free benefits to employees is a cheap and easy way to boost employee morale, retention, and satisfaction. If you’re struggling to keep employees, adding a few more affordable benefits is a great way to show your employees you appreciate them and all their hard work, and are trying to give back in a valuable way.

You might assume the only way to guarantee employee satisfaction and retention is a raise, but affordable benefits can also do a great job at enriching employee lives, and making them feel valued. Oftentimes, employees would rather feel more valued, cared for, and appreciated by a workplace than receive a raise.?According to a study done by Pew Research Center, 43% of U.S. employees surveyed cited low or no benefits as their main reason for quitting their jobs.

5 Affordable Or Free Benefits You Can Offer Instead Of A Raise

The following list contains some ideas for free or low-cost benefits to offer employees when you can’t afford to give them a raise.

1. Employee Discounts

First on the list is arguably the most effective and easiest of the options. If your workplace sells consumer goods or services, consider offering a generous employee discount to your employees. Chances are if they work there, they enjoy the product you provide, and will be happy to get a discount when it’s their turn to shop. Employee discounts can also be an effective way to attract new employees who love your products.

2. Remote Work

Not every workplace can support hybrid or fully remote work, but those that can should think about allowing some or all of their employees to work from home. The Covid-19 pandemic gave workers a chance to manage their own time and work-life balance, and for many, there’s no going back. Remote work can also financially benefit your employees, as no commute means less money spent on gas, less time spent in traffic, and more time to do what’s important to them. Offering remote work is a sure way to entice new talent to work for your company.

3. Food And Beverage

Keeping the break room stocked with coffee and snacks can show employees you care, as well as make sure everyone has enough to eat and drink to fuel their workday. Adding a microwave, tea kettle, coffee maker, and other countertop appliances makes it easier for employees to prepare meals for themselves, as well as making the workplace a little more comfortable. These simple actions can go a long way in boosting morale.

4. Casual Dress Code

If possible, let your employees come to work in casual clothes. This is a free way to not only make your current employees happy but attract job seekers looking for a workplace where they can feel comfortable. Casual dress code also lets your employees reflect their individuality through their dress, leading to higher morale, greater productivity, and better retention rates.

5. Flexible Work Schedule

Workplaces that offer a flexible work schedule are also at the top of many job seekers’ lists, as they allow for greater work-life balance. As long as your employees get all their work done on time, letting them choose their hours could be beneficial. The days of traditional nine-to-five work days are over, and more and more workers are seeking schedules that work around their lives, rather than the other way around. Giving your workers the option to make their own hours, or otherwise have a say in their scheduling is great for maintaining work-life balance, meaning happier employees.

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Author - Staff Writer

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