The job market is competitive. Small businesses often find themselves struggling to attract and retain employees. Finding and retaining talent can be difficult for any business, especially when your cash flow is limited. However, there are some cost-neutral perks that can make your company stand out to prospective employees—without putting unnecessary strain on your budget.
More paid time off
One simple way to enhance your benefits package is by offering more paid time off (PTO) to your employees. This doesn’t necessarily have to cost your business much if anything at all. Even small changes, such as providing an extra day or two of PTO, can have a significant impact.
How you frame this additional time off can make your company even more attractive. Offering paid mental health days demonstrates your company’s values, and helps attract like-minded individuals.
Sabbaticals are another way to increase paid time off. While sabbaticals do have a cost for employers, there are ways to help fit them into your budget. For example, you could offer them as a one-time perk, unlocked after employees achieve a tenure milestone. Knowing there are PTO options available provide peace of mind—and a reason to stay with the company.
Flexible schedules and locations
Employee candidates prioritize flexibility in their job searches. Flexible schedules, remote work, dress codes and similar perks can make it easier to attract qualified candidates who may require or want non-traditional schedules.
For instance, remote work is increasingly popular. More candidates are seeking remote and hybrid positions now. If a job can’t be exclusively remote, consider letting your employees decide which days to work remotely and when they’ll come into the office. Alternatively, consider offering “summer Fridays” and similar schemes, where employees get a half or full day off each week.
Try to think outside the box when creating flexible perks. Letting your employees bring their pets to the office can save them money: instead of outsourcing pet care, they can keep their dogs close by. This also won’t cost your business much—as long as you have the appropriate business insurance.
Continuing education and stipends
Finally, think about investing in learning and development. Employers can offer annual stipends or mentorship programs to help employees expand their network. Better yet, these perks often are not accessible to junior-level employees at larger businesses.
There are many other subsidies to consider. If your finances allow, consider introducing a monthly or annual student loan repayment benefit. Similarly, an assistance program for mental health benefits demonstrates a commitment to overall well-being and can make your company stand out.
Be sure to consult your bookkeeper to determine which benefits are feasible for your business. You might be surprised at how affordable some of these perks can be. Then create a job posting that lists the benefits you offer—and how they align with your company’s values—to ensure applicants are excited to apply.
For help with your small business tax preparation and bookkeeping, reach out to the team at MCG Solutions today.