As a working member of society, we all know how important wages are to a sense of satisfaction with any job. However, there are many things that can contribute to overall engagement aside from a dollar per hour pay increase. Let’s take a look at some of the less obvious compensation options that can help contribute to overall employee satisfaction and engagement.
401k – OK, this is an easy one, right? Well, for small businesses in particular, it can feel like an overwhelming task to come up with a 401k package for employees on top of running your business and keeping everyone happy. Trust that this is an element that can yield high returns (pun intended!) with your employees too. If they are in a position where they don’t yet understand the value of a retirement investment plan, you have the opportunity to inform them about how those dollars add up and help shape their future financial health. This puts you, as the employer, in a mentor-like position instead of just a boss. Wouldn’t you rather work for your mentor than “just a boss”?
Health Benefits – I will never forget the first time that an employer built out for me the full value of my compensation package. It was such a wake-up call! I had no idea how much health benefits cost my employer in addition to my monthly contribution. I had become so accustomed to just seeing the deduction on my pay stub that the portion my employer was paying didn’t even register. Don’t be afraid to let your employees know how much you value their health and demonstrate the expenses the business incurs to keep them healthy and happy.
Uniforms – This may be a little lower on the “perceived benefit” ranking, but in all honesty, if you don’t have to think about what to put on each day, particularly if uniforms are laundered by the employer; this is a giant peace-of-mind benefit. Consider positioning this benefit in that way. Just think, there’s no need to rush around in the morning trying to figure out if your favorite black slacks are clean or dirty! Your uniform is neatly laundered, pressed, and waiting for you at work.
Shift Meals – While this is huge in the restaurant world and in many hotels and resorts, it is not so common for most office work spaces. So if your business does offer a shift meal, make sure your employees are fed well. As is often said, the way to a person’s heart is through their stomach! Even if you can’t offer meal service consistently, can you do something fun and bring in lunch once a month? The sense of comradery mixed with happy tummies is a good combination for loyalty.
Location Discounts – Does your business offer employees a discount to come back and receive services as if they were a guest or client? If not, this is definitely an item to consider. Not only does that employee get to enjoy seeing service on the other side of things, they also may give you some insight into how things could be better. If you don’t feel like your business can afford it, incentivize the discount with a mandatory review of services. For example, if you run a printing business, and your employee needs graduation cards, give them a discount on that service if they complete a review of your policies and procedures for you. Honest feedback is incredibly valuable, and it makes your employee feel proud to contribute at the same time.
Whether you have a small or large operation, benefits and pay are vital to retaining top talent. Make sure your team knows how much you value them through a thorough understanding of their benefits as well as your rapport and work conditions, and you will be well on the way to keeping the best of the best in-house.
For more information on how It’s About the Details can assist your small business, team, or company with any Human Resources needs, Training, or Business Mentoring, reach out to us at [email protected] and we will contact you directly to help facilitate enhancements for your business to thrive.
