How to provide employee perks even when you’re on a tight budget

We’ve all heard of unique company perks and benefits that well-known companies provide: Google’s death benefits, Starbucks’ college tuition program and Facebook’s on-site barber shop. These perks get a lot of attention because not every company offer them as they are expensive to provide.

So, what about small companies that don’t have that much money? How do we attract potential employees on Jobstreet when we don’t have fancy pantries or a dog day-care in our office?

Monetary bonuses and a steady paycheck is one of the ways to retain employees, but sometimes it’s nice to think of something out of the ordinary for employees with an important role in the company.

Here are some things to think about when you’re coming up with employee perks:

The true value of perks

Depending on the priority of your employees and your companies, flexible hours and a fun environment may not fit their needs. After all, no one single perk suits everyone.

Try to understand the needs of your employees. Get to know their interests and passions. Instead of a snack-filled pantry, perhaps tickets to a concert or an event may be better for some of your employees.

Sometimes, you don’t even have to spend a lot of money to keep your employees happy. Some people rather receive a meaningful gift than a gift card, because it shows that you know what they’re interested in.

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Figure out what your employees really want

To find out what your employees really need, you’ll need to listen or ask them. Have conversations with them during lunch, and you may pick up some hints of what they like and need.

However, you shouldn’t just reward those who make their needs known, as not everyone as vocal. Take some time to understand everyone’s need.

Give perks whenever you can

The best you can do with perks is to give them to your employees as often as you can. It serves as a reminder of how much you appreciate them.

Offer a healthy bunch of perks, some of them may even cost nothing, as long as they make people happy. Examples of great perks that don’t require much are: monthly movie day, paid time off for volunteer work, and hosted lunches. The point is to come up with creative options even when the budget’s tight.

Conclusion

Pay attention to your employees’ hobbies and interests, recognise the things they care about and try to offer perks that fall within the budget; that’s the key to keeping employees happy.

Offer the right perks, promote the healthy work culture, and you’ll attract more candidates when you hire on Jobstreet. Visit https://www.jobstreet.com.sg/en/cms/employer/.