Low-Cost Employee Benefits Your Business Can Offer

In today’s environment, several companies bank on extravagant perks to attract and retain talent. Here’s the thing: catered lunches or insurance packages are expensive. In this economy, how can your business keep up? In this article, learn how to create an effective employee benefits package and discover low-cost options for your business.

The Rise of Startup Culture

The growing number of startups coupled with the characteristics of the modern workforce has greatly changed the way businesses view benefits. Providing a couple of annual leaves and retirement packages for tenured workers used to be the norm. Now, employee benefits have evolved.

First, let’s look at what the law requires. According to the Philippine Labor Code, companies are required to provide five annual leaves to regular employees. That’s it. 

Now, businesses provide up to 25 vacation leaves and 25 sick leaves, maybe even more. Some of these are convertible to cash if unused. Apart from leave packages, companies provide free meals, wellness programs, gas allowances, and a lot more.

With all these exciting perks coming up, businesses with tight budgets are finding it difficult to keep up. Which poses the question: Are there low-cost employee benefits options that provide the same value without breaking the bank?

Creating an Effective Employee Benefits Package

The short answer is, it depends. When creating employee benefits packages, businesses should not be blinded by what is new and flashy. Rather, delve deeper into the people, the employees, for whom these packages are created. This is the key to crafting effective perks for recruitment and retention. After all, younger employees could care less about retirement packages as much as tenured ones about CrossFit sessions.

Start by knowing your workforce. Learn about their age, place of residence, and civil status. More so, find out their priorities, goals, and aspirations. Use this information to guide your judgment in finding and deciding employee benefits to offer.

Low-Cost Employee Benefits to Offer

Once you have identified that “who”, move forward towards the “what”. Here are low-cost employee benefits ideas that your business can offer to effectively attract and retain talent.

1. For New Parents: Remote Work

New parents would surely appreciate a remote work option that gives them more time to care for their infant. Rather than hiring help or quitting their job entirely, this benefit provides a great opportunity to take care of their young without sacrificing their career.

This comes at little to no cost to the company, especially if the employee’s work can easily be done remotely. It is also possible to employ work-from-home options on certain days only, depending on the company’s flexibility.

2. For Health Enthusiasts: On-Site Vaccine Shots

Most health clinics partner with businesses to offer bulk discounts to employees who wish to get their vaccine shots. Rather than using up one leave, this gives employees a cheaper and hassle-free healthcare opportunity. On the other hand, your company will simply coordinate with your healthcare partner and provide a space for vaccine shots on the day. Win-win!

3. For Long-Distance Travelers: Flexi-Time

One instance of traveling the streets during rush hour is stressful enough. Imagine doing it twice a day every workweek. Offering flexi-time options to your employees can make a whole lot of difference in their way of life and even in the way they work.

To keep collaboration in place, consider setting core hours, where the whole team needs to be in the office. This way, early birds can still meet and work together with the night owls.

4. For Gym Buffs: Exercise Sessions

Instead of expensive gym memberships, hold regular workout sessions in the office. Follow a YouTube video or hire a trainer—it’s up to you. What matters is providing an outlet for your employees to move and be healthy.

5. For Pet Lovers: Bring Your Pet to Work Day

Although subject to building regulations, setting a day for employees to bring pets to work can change the mood in the office. Playing with pets and meeting fellow fur parents is a great way to destress and have fun!

6. For Budding Entrepreneurs: Coaching Sessions

Rather than discouraging them for the sake of the company, nurture budding entrepreneurs through one-on-one coaching sessions with management. It’s a great way to encourage innovation and provide growth opportunities to employees and executives alike.

7. For Coffee Lovers: Free-Flowing Coffee

This last low-cost employee benefits option may sound simple, but can be appreciated by a lot of coffee aficionados in your office. Free-flowing coffee saves them time and money from going to the nearest coffee shop, while still providing the kick needed to work at their best.

These are but a few economical perks that you can provide to attract and retain employees. Remember to use your knowledge on your employees’ needs to guide you in crafting the most effective employee benefits package for your budget.

Benefits are just one way to retain talent. Providing feedback and opportunities for growth is another way to improve employee retention and keep your team happy. Here’s how you can give constructive feedback to your team.