Although big corporations are often criticized for cutting large portions of their workforces, smaller businesses still struggle to hire staff.
According to a NerdWallet survey, almost a quarter (23%) of small-business owners ranked finding and keeping talent as their top challenge, according the October 2022 NerdWallet survey.
You can improve your benefits package to solve your problems with hiring. But it doesn’t need to cost you your cash flow. You can offer cost-neutral perks to make your company standout to potential candidates as well as high-end benefits for companies with the resources to spend on them.
Get more time off
Paigaras Parker, chief of human resources for Paycor, a payroll- and human resource software company, said that it doesn’t cost anything to give employees more paid time off. Even small changes such as an extra day can make a big difference.
It is important to consider how you will frame this additional time off. Your company’s values are reflected in the PTO or paid mental health day that you offer for volunteers. This helps to attract like-minded workers.
Offering a sabbatical is another time-honored trend that could set your business apart.
Although this perk is expensive for employers, companies can still be strategic about how they structure it. Parker notes that sabbaticals could be either a recurring perk or a one-time perk that employees unlock after a tenure milestone.
Parker states that the average Sabbatical usage isn’t very high. Parker says that the amount of Sabbatical usage isn’t very high.
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This flexibility includes the small details, such as when and where employees should work. It also includes dress code expectations and other aspects that are part of office culture.
L’Estrange states that many businesses encourage pet owners to bring their pets into the business.
Pet-friendly offices not only save your employees money on dog walking or daycare, but also cost your business very little. Make sure that you have small-business insurance. )
Remote work is a great option for businesses. 48% of workers surveyed by the Society for Human Resource Management Research Institute in June 2022 said that they would “definitely” consider remote work.
Employers with a mixed model have more flexibility by allowing employees to choose when they want to telework.
Employers can also look into implementing “summer hours” or shifting to a shorter work week. This gives employees half-days off on Fridays during the months June, July, and August. This allows employees to have more flexibility and gives them time off when they are most likely to use it.
Stand-Out perks and Stipends
Your small business can stand out from the rest by offering programs and perks that focus on learning and development. This could be through a mentorship program or an annual stipend.
“These perks are great ways to show your company’s value to future employees,” Laura Mills, Head of Early Career Insights at Forage, an online learning platform. These perks are great ways to show future employees .”
Stipends, Work-from-Home stipends, and other subsidies can vary in terms of whether they are monthly, annual, or one-time, depending on the company’s budget.
A monthly or annual student loan repayment benefit could be a great way to recruit if you have the resources to make larger investments. According to the Society for Human Resource Management’s 2022 Employee Benefits Survey, only 7% of employers offer this benefit.
Potential employees will notice your business if you offer a health plan that covers fertility treatment and an employee assistance program that offers mental health benefits.
Talk to your accountant, financial planner or payroll service provider to find out what options are available for you. Make sure to highlight any benefits that you offer and how they relate with the company’s values, not only in job postings, but also on LinkedIn, Indeed, and Facebook profiles.
L’Estrange states that candidates do their research prior to the interview. “Using the information available on those platforms is a great way to show how you are different .”