Inexpensive Employee Perks

As a small business owner, you may have the opportunity to arrange for some relatively inexpensive employee benefits through third-party providers. These can prove to be great incentives for your employees. For example, if you spend a great deal with a phone service provider, you may be able to arrange a residential service discount plan for your employees. Or, there may be a local warehouse store that allows you to offer memberships to all full-time employees for a nominal fee.  You can use your clout as a business owner to arrange something special for your employees, to show them your appreciation of their efforts.

• Ask your vendors: See if your vendors are willing to extend any discounts to your staff. Depending on your industry, some employees will greatly appreciate the ability to save on some of the same merchandise you are selling, or being offered a discount from a related service provider.

• Ask associations: Local small business or trade organizations may be able to help you find relevant perks to offer your staff. Experienced professionals in your industry will be able to inform you of the benefits you might be able to claim for your staff.

• Ask the local merchants: You could make reciprocal arrangements with other local merchants whereby you each extend a special rate to each other’s employees.

• Extra paid time off: Perhaps one of the easiest perks to offer an employee is extra paid time off. Though not inexpensive, extra paid time off is usually a great motivator, and planned properly, doesn’t have to be too costly.

• Work four-day weeks: The often-overlooked strategy of scheduling your business hours as four ten-hour days rather than five eight-hour days is viewed by most employees as a real benefit, since it gives them a long weekend every week. To the business owner, it can mean a significant reduction in utility and other ancillary costs. If the shortened week doesn’t negatively impact your customers, it can be a win-win for you and your employees. Obviously, you would need to survey your customers to see if such a change is feasible.

Employee benefits can be more than dental plans and medical insurance. You want to help your employees get more out of life; you want them to feel like working in your business is a privilege with a special set of honors and perks. Look to your bank, and see if they won’t extend special consideration to your employees in their fee structures and account benefits. If you have a coffee shop or nearby restaurant, see if you can barter or trade a staff discount. By finding and offering your employees some attractive extra perks for working within your business, you continue to build goodwill and encourage them to see the added value in staying with you.

THIS IS NOT INVESTMENT, TAX OR LEGAL ADVICE. Consult with a financial advisor, accountant or attorney before making important decisions in these areas.