In an increasingly competitive marketplace where larger businesses broadcast their competitive pay to attract talent, most smaller businesses can not afford this luxury and ponder ways they can retain employees. While smaller to medium sized businesses operate on a tighter budget, a new method of approach can prove that the little things go a long way. As we near the end of this week, here are some quality inexpensive benefits to provide to your employees.

 

  1. Early Finish Friday’s 

With Friday anticipations exciting those in your workplace, consider enhancing the end of the workweek by allowing employees to leave work earlier. This doesn’t need to be much, just 30 minutes to an hour is all it takes to keep your employees appreciative and content.

  1. Time Flexibility

As the American workers’ daily life grows busier by the second, providing your employees with work-life flexibility allows them to keep an overall balance. This way, if your employees need to drop their children off at school or an appointment, the stress in adapting these events to their daily life subsides.

3. Discounts at local businesses

No matter the industry, it’s always vital to establish local business connections in your area. Gyms, restaurants, cafés, clothing shops are few of the many valuable businesses to bind a connection with. Generally, businesses may feel reluctant to get involved at first, but consistent efforts can increase your revenue and provide foot traffic through both of your doors.

4. Free drinks and snacks

In their busy lives, employees may not always have the time for breakfast or coffee before arriving at work. By providing items such as tea, coffee, cereals, bread, and more, employees may feel the desire to come in a little earlier.

5. Bonuses 

Do you give our bonuses at a certain point(s) in the year to celebrate hard earned business success? These days, businesses look at a percentage of each employee’s salary to give as a bonus. By setting up realistic targets and further meeting them at the start of the financial year, everyone reaps the rewards.

6. Increased holidays

The most family oriented time of the year, reward your employees by giving them a day off for every year that they work in the business. A simple yet effective method of long standing employee retention.

 

While your start up or presently budget conscious business may not be able to provide high salary rates for your employees, providing smaller yet strategic methods to benefit their hard work goes a long way. Sometimes, even offering these more personalized approaches expresses additional appreciation to boost employee morale.

 

If your business is struggling to retain talent as you navigate through the financial hardships in building a business-especially after an unprecedented pandemic, contact our team at MCDA CCG, INC. to guide you in implementing logical solutions for your business. Don’t hesitate, contact us today!

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