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7 Low-Cost Employee Benefits to Offer

One of the best ways to attract and retain top talent is to offer an attractive and comprehensive benefits package. However, doing so today can be quite expensive — for both the employer and the employees. 

Beyond just basic medical coverage and paid time off, thought, there are plenty of affordable products you can offer your employees that will improve retention, employee morale and productivity all at the same time.  

Below are seven lost-cost employee benefits to offer.

Discounts

If your company sells services or goods, you could offer your employees special discounts or even free items. This helps your employees save money, which they certainly will appreciate in a time when every penny counts. 

Employee discounts are also affordable for employers, as the IRS allows companies to provide their employees with as much as 20% tax-free discount for any services or products that are also offered to customers. 

Lunches

There’s nothing that brings people together quite as much as a good meal. The same principle applies in the home as it does in the workplace. 

When you provide your employees with team lunches, you’re showing them you care about them. You can do this on a company-wide level or on a team level, which could prove to be even more effective at building team morale. 

Keep in mind that you don’t always have to provide a catered lunch, either. Sometimes, organizing a potluck where everyone brings in one of their favorite dishes around a theme is just as good. 

Flexible Scheduling

A benefit that might actually save your company money is offering employees flexible scheduling. This could be either allowing employees to work remotely, to work on off-hours or some hybrid combination.  

Providing flexible scheduling shows employees that you value their mental well-being and their life outside the workplace. It keeps them happy, and helps them save money and time as they no longer have to commute. 

It’s perhaps the best low-cost employee benefits to offer, and one of the most effective. 

Shorter Workweek

Along the same lines, you could consider eliminating the traditional 40-hour workweek. Instead of forcing employees to work five days a week for eight hours a day, you could allow them to truncate their schedule into a four-day week.  

There are a number of ways you could approach this, too. You could have all employees work 10 hours a day for four days so they still work their normal 40 hours. Or, you could reduce their total hours but keep their salary the same. 

One popular option is what’s known as the 9/80 schedule. It involves having employees work a full 80 hours over a two-week period but over nine days instead of 10. This gives employees one extra day off every two weeks. 

Unlimited PTO

PTO, or paid time off, is a standard benefit offered to employees. If you don’t have a PTO plan, it’ll be hard to attract talented employees.  

In a traditional PTO plan, employees earn days off based on a number of factors, most commonly how many years they’ve worked at the company. If you want to stand out from your competition, you could consider offering an unlimited PTO plan.  

In these plans, employees are allowed to take as many paid days off as they’d like without being forced to accrue them. It’s common for companies to place a cap on unlimited PTO, but these plans are traditionally much more generous than a traditional plan that separates sick leave and vacation time.

Group Activities

Group activities are a great value-add to employees that also build teamwork and morale. This could be anything from meditation sessions, yoga classes or anything else.  

The classes can be short, about 30 minutes, but it’s important to have them on a regular schedule. These offers can be offered at your office if you have a space large enough to accommodate, or at a local studio that you can rent out. 

Employees will appreciate the extra perk, and it will bring them together for an activity that has nothing to do with work. 

Achievement Awards

Employee recognition programs are very effective at building employee morale. You could create a large program, such as an awards show that recognizes employees on an annual basis, but you don’t have to go that big. 

Smaller achievement awards can be recognized on a regular basis, rewarding employees for their hard work and dedication. You can give winners a certificate that recognizes their achievement and accompany it with a small gift card to a local coffee shop. 

Offer Low-Cost Employee Benefits with Beckham Insurance Group 

Offering employees an attractive benefits package is one of the most important factors in attracting and retaining top talent. Today, it’s more important than ever to go beyond the basics and create a package that is unique, fun and has many low-cost offerings to employees. 

If you’re in the South Carolina or Georgia region, a great way to create your company’s benefits package is by working with Beckham Insurance Group. We can help you identify which benefits your employees will appreciate the most that will impact your bottom line in a positive way. 

Contact us today to find out more.