HR Trends and Insights

3 Low-Cost Ways to Offer Benefits Your Employees Want

By July 17, 2018 March 27th, 2020 No Comments

Want to provide better benefits to your employees and candidates — and not break the bank?

Stay away from booking those “trust falls on retreats.” Instead, give them something they will benefit from every day.

While team-bonding events are appreciated by your staff, a 2017 survey of employees shows they desire benefits that have a direct impact on their lives — both individually and financially.

So while they might enjoy your free coffee and snacks, a less rigid work schedule could have a bigger impact.

The thinking comes from a survey conducted by Fractl, a Florida-based content marketing agency. Fractl gave 2,000 employees a list of 17 benefits, and asked them to rank the most desirable.

At the top were the ones that directly had an impact on their lives, like health insurance. The list also included benefits like tuition and student loan assistance.

If you don’t have the budget to provide financial assistance now, there’s still ways you can provide better benefits for your employees.

Here’s 3 types of benefits that directly have an impact on your employee’s lives — and won’t cost you a lot.

1 – More Flexible Hours

This one is win-win because it costs you nothing and lets your employees have more control over their day-to-day lives.

With flexible hours, your employees are not always expected to be at the office from 9-5. Sometimes employers designate “core time” when one must be present. Another way to accomplish this is by moving the start time back (or forward). Either way, the 40-hour work week remains intact.

2 – Commuter Benefits

Another win-win. Commuter benefits allow your employees to set aside tax-free money to spend on their transit and parking costs. Your company can save on payroll taxes.

Employees who participate can save up to 40 percent on their daily commute, and companies save over 7 percent a year in payroll taxes.

How it works: Whether you have one employee or thousands, you can sign up for commuter benefits. Your employees set aside pre-tax money to purchase transit passes or parking fees, for example.

There’s no complex reporting, and Commuter Benefits Solutions can answer all your questions and help you get started.

Want to learn how pre-tax commuter benefits work? Read this article

3 – Work Remotely

Like offering flexible work schedules, allowing employees to work remotely can be an effective way to help you retain or attract employees. And it’s growing. A 2017 Gallup survey found 43 percent of workers said they worked from home at least some of the time. That was up from 39 percent in 2012.

Not surprisingly, the survey also found that flexible scheduling and remote-working opportunities played a major role in whether people decide to take or leave a job.

So if you want to offer better benefits to your employees, think twice before you spend a lot of money. In many cases, win-win options that have a direct impact on their lives will be enough to keep them happy — and you might not have to spend a lot of money.

If you want to learn more about commuter benefits, download the 101 Guide below:

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