Small Business Perks More Attractive Than Pay Raise to Employees

Business

While there’s no question that employees value the potential to receive a pay raise, it’s not necessarily the highest priority for them when it comes to finding the right small business employer. Benefits like health insurance and retirement plans are certain to make a job more desirable, but there are also additional benefits that many employees find more attractive than a raise. Here are some of the top perks.

Most workers are more than happy to take advantage of flexible working hours. Many would prefer a job that they can fit around for the rest of their lives, whether they have families, are caregivers, or simply have other things they consider important to do with their time. If you can offer flexible working hours, you will draw the attention of more job candidates.

According to a survey last year from McKinsey, 87 percent of people who have the chance to work flexibly do.

“This dynamic is widespread across demographics, occupations, and geographies,” the report said. “The flexible working world was born of a frenzied reaction to a sudden crisis but has remained as a desirable job feature for millions. This represents a tectonic shift in where, when, and how Americans want to work and are working.”

Just as the aforementioned crisis ushered in a new era of flexibility with working hours, it also accelerated the growing remote work trend. Workers who can skip the commute and do their job from the comfort of their own home usually will do so, gladly. If you can operate and advertise your business as a fully remote company to candidates, this is bound to attract many potential workers, but if you can provide both an office and a work from home option, you’ll be offering the best of both worlds and can cater to those who want to work from home and those who prefer a more professional environment.

Workers love time off, especially when it’s paid. Even unlimited paid time off has been rising in popularity as an employee benefit, though this may be creating some negative issues worth considering. However, workers like to be able to take vacation days, sick days, and mental health days. They don’t want to worry if they’ll be able to afford to miss work or if they’ll cause trouble with their employer. When you offer time off as an employee benefit, they can not only take this valuable time for their needs, but they can also be comfortable knowing that it’s not putting their job in jeopardy. The more time you’re able to offer, the more attractive this perk will be.

The above three employee reward systems are likely to be the most sought after, but there are others you can offer to make your place of business a more enticing workplace. Offer free gym memberships, yoga classes, meals/snacks, occasional half-days, paid volunteer days, education opportunities, or letting employees bring their pets in. Bonuses are, of course, appreciated and welcomed.

Employees usually expect and need pay raises, especially to keep up with inflation, and you want your business to remain competitive in the job market, but perhaps contrary to popular belief, they are not always the most important aspect of a job to an employee. Solid perks can go a long way, and the more you can provide, the more your workers are going to enjoy working for you. That means employee retention.