Creative Benefits When you can't compete with larger organizations
- Krystal Yates
- Oct 10, 2023
- 2 min read
This is always a hot topic among small businesses, and what better time to address it than the fourth quarter? As we move into open enrollment for larger organizations, many smaller companies revisit what they can afford to provide.
There are two types of benefits - tangible and intangible. Tangible benefits are those that have a monetary value. Think of traditional benefits such as medical, dental, vision, and paid time off. Intangible benefits are those that provide value, but don’t have a monetary value. Examples of intangible benefits include flexible schedules, casual dress codes, and even clearly defined opportunities for advancement.
Offering creative and unique benefits can help small businesses attract and retain top talent and create a positive workplace culture.
Here are some creative benefits ideas for small businesses:
Flexible Work Arrangements: Allow employees to choose flexible work hours or offer the option to work remotely. This flexibility can improve work-life balance and accommodate diverse needs. Even if a 100% remote position is not an option, how can you provide some flexibility to the employee?
Unlimited Paid Time Off (PTO): Provide unlimited PTO, allowing employees to take time off as needed without strict limits. Trust and open communication are essential to this benefit. You can still stipulate rules around this, including asking in advance and only allowing a limited number of employees to be out at once.
Wellness Stipends: Give employees a stipend or reimbursement for wellness-related expenses, such as gym memberships, fitness classes, or mental health counseling. You might also find a local gym and negotiate a discounted fee for your group.
Personal and Professional Development Allowances: Offer an annual budget for employees to spend on personal or professional development, including courses, books, or conferences.
Student Loan Repayment Assistance: Assist employees in paying off their student loans with regular contributions to their loan payments.
Childcare Assistance: Offer subsidies or discounts for childcare services, or consider on-site childcare facilities if feasible.
Commuter Benefits: Provide pre-tax transit passes, bike-sharing memberships, or subsidies for commuting expenses if the employees have to be in the office.
Mental Health Support: Provide access to mental health resources, such as therapy sessions, meditation apps, or stress management programs.
Paid Volunteer Time: Encourage community involvement by offering paid time off for volunteering or organizing company-wide volunteer events.
Employee Stock Ownership Plan (ESOP): Allow employees to become partial owners of the company, giving them a sense of ownership and a stake in the company's success. Does that make you nervous? Profit-sharing plans are lower risk and often accomplish the same objective.
Travel and Adventure Opportunities: Plan company-sponsored trips, outdoor adventures, or team-building retreats to foster camaraderie and relaxation.
Personal Concierge Services: Offer access to personal concierge services that help employees with tasks like grocery shopping, dry cleaning, or home cleaning.
Financial Counseling and Planning: Provide access to financial advisors who can help employees with budgeting, retirement planning, and investment strategies.
When considering benefits, it's important to tailor them to the needs and preferences of your employees. Conduct surveys or hold discussions to understand their priorities and interests, and be prepared to adjust your benefits package accordingly. Creative benefits can set your small business apart in a competitive job market and contribute to a happier, more engaged workforce.
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