During times of economic uncertainty, priorities shift for both companies and their employees. Financial security becomes key, which can make your recruiting and retention efforts difficult to navigate. However, there are ways to stay competitive in these areas during difficult economic times without breaking the bank.
One of the best ways to attract and retain talented employees is to offer a great benefits package, and there are ways to do that without overspending. Look at these ideas for low-dollar benefits you can offer your employees that can meet their shifting needs during an economic recession and help keep your organization meeting its goals.
Flexible Work Environment
Flexibility and a greater focus on work-life balance are already priorities for the modern worker, but during difficult economic times, they become even more important. Allowing for greater flexibility around where and when your employees work can essentially cost you nothing and yet improve their experience immensely.
Perhaps a worker had to cut back on their childcare costs, so they need to be home at a different time now. Or perhaps they’ve switched to public transportation to save on gas, making it harder for them to adhere to a rigid work schedule.
Whatever the case, one way you can remedy these issues and foster a healthier workplace is by offering flexible hours and remote/hybrid options.
There may be all kinds of new reasons cropping up for why an employee might need to take some time off, and during times of economic uncertainty, no one can afford to take a day without pay. Offering your employees more flexible PTO can help to ensure that they never have to do that and that they remain engaged and productive when they are in the office.
In times of high stress and economic tumult, wellness in the workplace should be a priority for any employer. Fortunately, there are some low-cost ways to improve workplace wellness that you can employ even when you’re not working with the highest budget.
Some of those methods include providing an area where employees can relax and de-stress and offering workshops that can help educate your workforce and raise awareness about the prevalence of mental health struggles today. Bring some added fun to the workweek with events like Bring Your Pet to Work Day or a virtual happy hour.
Discounts to Local Businesses
Any way you can help your employees save some money is always going to be appreciated, and one of the easiest ways to do that is to partner up with local businesses to provide your team with discounts.
There are many ways in which you and the businesses in your area can benefit one another, so get creative about what you can offer them in exchange for these discount benefits.
Early Wage Access
During tough economic times, budgets can become tight enough that it can be useful for your employees to have the option of early wage access. This is something that can now be done with the help of an app, and it doesn’t necessarily cost you anything at all.
Extending some simple grace and goodwill to your employees can go a long way toward keeping them engaged with the organization.
Paid Volunteer Hours
Sometimes the best way to help oneself is to help others. Although your organization and workforce may be dealing with tough economic times, there are others out there who are dealing with even more. Allowing your employees to get paid to volunteer can help your community, raise their spirits, and improve your workplace.
Holiday Time Off
The holidays can already be stressful enough, even more so during times of economic uncertainty. There’s no need to make them more stressful for your employees by making them use their PTO to enjoy their holiday or adhere to any of the many responsibilities that come along with them.
Offering holiday time off is another extension of goodwill that can raise morale among your workforce and won’t necessarily cost you all that much.
If a robust benefits package sounds appealing to you and your organization, we can help. Reach out to Benefits Advisory Group today. Contact us today to learn more.