The best employee perks are those that serve a strong purpose within the company, such as building camaraderie, providing better ways to take care of family or improving people’s lives. To find out some specifics, we asked entrepreneurs from Young Entrepreneur Council (YEC) the following:
“Which employee perk has proved to be particularly effective at keeping morale high and improving retention?”
Employee Perk Ideas
Here’s what YEC community members had to say:
1. Remote Work
“With the right parameters to avoid abuse, people are more refreshed and appreciate the trust given to be able to work effectively within the comforts of their choosing. Remember, this can be as simple as work time flexibility or limited to a few days a week that would benefit the employee most. Respect their personal time and they will respect company time more.” ~ Patrick Barnhill, Specialist ID
2. Health-Related Perks
“We offer a perk designed to offset the cost of any health or wellness-related expense. The flexibility here is purposeful. Some folks use their allocated budget to pay for a gym where they can get physical. Others use the perk for emotional wellness or expert nutritional services. Explicitly dedicating money to keeping your team happy and healthy goes a long way to prove you care.” ~ Ryan Wilson, FiveFifty
3. Flexible Hours
“Fixed work hours can feel like a corporate prison. When running an agency full of marketers, developers and creatives, you shouldn’t have a strict nine-to-five policy. If your team is responsible, meets deadlines and gets work done, there is no need to stress about what time they arrived, how long they eat lunch, or how early they may leave. Being present isn’t as important as being productive.” ~ Duran Inci, Optimum7
4. Ongoing Personal Development and Education
“As a learning management system company, we all value education and self-directed learning. So, when we rolled out an education budget for each employee along with the time to pursue learning during work hours, it really opened up the possibilities for everyone on the team. The biggest benefit is that it’s something people want anyway; now it’s not an additional cost or time drain for them to do.” ~ Nathalie Lussier, AccessAlly
5. Multiple Bonuses
“We have a lot of bonus policies in our company that reward good performance, good relationship with customers and permanence within the company. This is a win-win relationship both for the company as well as for the employees.” ~ Alfredo Atanacio, Uassist.ME
6. Help With Student Loans
“So many talented individuals are carrying huge student loans. If you can provide a way to contribute toward payments, it can be a real source of relief for the talent, plus they may be more likely to stay.” ~ John Hall, Calendar.com
7. Unlimited Time Off
“At our company, we give our employees unlimited time off. So, whenever an employee needs a day off to take care of something, or just needs a day to rest, they know they can take that day off work without a problem. This relieves a lot of stress that limited time off brings and really boosts morale.” ~ Chris Christoff, MonsterInsights
8. Yearly Retreats
“Having a company retreat is a huge thing. This is something that many of the senior employees really learn to appreciate and the junior employees get to aspire to. You’ll find that it’s a fun and good time for the entire office.” ~ Nicole Munoz, Nicole Munoz Consulting
9. Company Outings
“One of my favorite employee perks that work well for my company is hosting fun and creative company outings. In the past, we’ve done team-building activities like paintball and escape rooms. We also have company dinners and happy hours as a reward for good team performance. Letting the team bond outside of work where people can let loose often creates more camaraderie than when in the office.” ~ Jared Weitz, United Capital Source
10. Free Company Swag
“Free company swag is a great little perk that really boosts morale. Not only does it build morale, but it also helps all of the employees form a better connection with each other and the company; it makes it feel more like a team. Recently at our company, everyone was sent a branded T-shirt and sticker in the mail. Not matter who you are, everyone loves getting a free gift.” ~ Blair Williams, MemberPress
11. Pizza Wednesdays
“Having one day a week which is dedicated to a team lunch has proved to be effective at keeping morale high and improving retention. Even if it’s only 60 minutes, this creates a positive workplace environment, and feeling part of a team keeps retention high. This time also allows employees to create friendly relationships while enjoying their lunch.” ~ Michael Hsu, DeepSky
12. Holistic Wellness Programs
“Our team appreciates the perks of our holistic wellness program, which include a weekly yoga class, gym reimbursement and access to company bicycles, as well as our well-loved zen room and game room. Our wellness program also includes Days of Purpose, providing every team member the opportunity to volunteer for a charity of their choice, up to one day per month.” ~ Michael Kurland, Branded Group
Image: Depositphotos.com
This article, “These 12 Employee Perks Can Keep Morale High and Improve Retention” was first published on Small Business Trends
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