Guideline for Creating an Employee Benefits Program - Part 2: Benefits with Little to No Cost

Wednesday, January 28 at 08:45 AM
Category: Business Banking

The benefits you provide your employees must serve to attract, retain and motivate them. In addition to wages and other benefits that cost your company money, you can provide additional perks for your employees that cost little to no money.

Benefits that cost little or no money
The work environment and the personal satisfaction an employee gets are also important parts of the total compensation an employee receives.

  1. Make sure the work is meaningful. Even if it is boring and repetitive, make sure the employees know their efforts are needed and appreciated. No one likes to think they just spent eight hours doing something useless that no one cares about.
  2. Provide ways for employees to learn. This doesn't have to be paying for a class. Perhaps, there are tasks that can be switched with other employees. Such a switch will give two people the opportunity to learn something, and you will have some backup if someone is sick or quits. 
  3. Empower employees to make decisions. Most individuals will make the right decisions if they have an understanding of the issues and have some guidelines. Also, by letting employees make decisions, managers’ time is available for other tasks.
  4. Let employees know what is expected of them and how they are doing. Performance reviews are essential. Every employee should receive a formal review at least annually.
  5. Make it a point to recognize employees when they have done an especially good job. Bonuses are nice, but compliments are meaningful. Have you ever noticed plaques for "Employees of the Month" in many businesses? Some businesses even provide special parking spots for "Employees of the Month."
  6. Provide some flexibility. Everyone is busy and unexpected things do arise. If you can do a little extra to allow employees to tend to important personal matters. It may come back to you many times over when you need something extra from them.

Savings programs and direct deposit
Many employees are interested in accumulating funds and yet have a very difficult time actually saving money on a month-to-month basis. You may be able to help them without any cost. Most payroll services offer employees the ability to direct a portion of their wages into an account at their financial institution.  Be sure your employees are aware of this option and also direct deposit. These conveniences make it easier for employees to handle their finances and the company may save some of the costs of payroll processing.

Employee benefits are important. Creating a program doesn’t have to be difficult or expensive. Together with the work environment, your benefit program may be the difference between having an effective, steady work force or a group of dissatisfied employees you are constantly replacing.

Tags: Arvest Biz, Business Banking
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