Running a small business requires a lot more creativity than running a major corporation. Throwing money at every single problem is not an option. When your resources are limited, you have to think smarter and work harder.
Necessity may be the mother of invention, but the adage is scant consolation for cash-hobbled entrepreneurs with grand ideas which simply can't be executed without a few hefty checks being written. All too often, budgetary constraints lead to a frustrating number of creative ideas being nixed at the proposal stage.
One of the ways in which SMBs feel financially strangled is their inability to offer the perks-of-the-job absorbed so easily by Fortune 500 companies. Competition for the best employees is fierce, but even if you can’t offer the same salary as the biggest brands in your industry, you can attract bright minds by offering the right perks.
It’s not all about free meals and X-Boxes. If potential staff members can see real world benefits as part of the package, and they have faith in your company culture, they may well take a smaller salary. After all, if they believe in your brand, they will understand that it’s only a matter of time before their wages will rise in line with the company’s fortunes. With that in mind, we’ve trawled the employee packages offered by a variety of small and medium-sized businesses to give you a few ideas for perks that really work.
Cycle to Work
D.C. company Summit LLC hit on an innovative way to keep younger employees excited about going to work. They saw that more than 50% of their workforce did not drive and responded by purchasing annual memberships to the Capital Bikeshare program. Of Summit’s 75 employees, more than half opted to sign up for the program, which costs $75 per membership. Like all good benefits, the advantages of the scheme were felt equally by management and staff: avoiding traffic and public transportation delays increased productivity by ensuring staff showed up earlier. The positive effect of exercise on cognitive function is well-documented. For the future health of staff and revenues, that’s a few thousand dollars well spent.
Venice-based JibJab Media offer a free laundry service to all staff-members who arrive to work by 10am on Mondays. The contents of one laundry bag gets washed, folded and returned to employees the following day. Crossing such a simple chore off the daily lives of staff does wonders for loyalty, and it’s a relatively low-cost endeavor.
Mandatory Out of Office Hours
In this smartphone age, so many workers are expected to be constantly ‘on’ – and it’s a major cause of anxiety among those who feel they can’t switch ‘off’. One CEO has boldly coined the phrase ‘Zmail’ to describe his no-email policy between the hours of 10pm and 6am. Dan Calista, head of healthcare management consultancy firm Vynamic, asks employees with the urge to email at 11pm to write a draft and send it the next morning. The policy was implemented in response to an internal survey that showed 40% of employees were stressed out at work. Now, Vynamic reports a lower-than-average staff turnover rate, and they send regular reminders about the policy – before 10pm, of course.