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Creating a tiered perks system that favors employees who demonstrate loyalty is a way for companies to spend a little and get a lot. It’s a smart investment because loyal employees, who are good at their jobs, bring value to a company. Turnover and on-boarding costs companies money—more money than these perks. So why not spend a little to make a lot? Here are some ideas about how to create perks that get better and better for employees who stick it out with you. After employees work a certain amount of time with your company, you could consider:
- Increasing the professional development stipend or tuition reimbursement.
- Increasing the employer contribution to employees’ retirement accounts.
- Adding hours to the paid time off packages.
- Offering a work from home option for part of the work week.
- Offering the opportunity for employees to choose their schedule or flex it (i.e. work long days Monday-Thursday and take Fridays off).
- Increasing the bonus amounts.
Take some time to calculate how much your company saves by retaining good staff. Then calculate what it would cost to start providing some of these perks. Some of them may cost nothing but patience and flexibility (see points 4 and 5 above), while others may carry a dollar value (see points 1, 2, 3 and 6). Make thoughtful decisions based on these calculations, and also based on what your employees value. If flexible schedules is important because you employ a lot of working parents, consider points 4 and 5. If your employees need continuing education credits, then educational stipends might be favorable for your company. Money is always appreciated but so are perks that respond to the needs of the employees.
Have perks kept you loyal in your job? Share with us in the comments below.