I have heard it time and time again, “I can’t afford to hire employees!” my start-up clients say. These business owners are between a rock and a hard place; they have more tasks on their plate than they can handle, but not enough working capital to pay market value for talented employees. What’s an entrepreneur to do? This is where a business owner needs to get creative, think out of the box and adopt this tactic; offering attractive perks can lure talent to come work for your start-up!
Most would assume that the top talent would only be interested in the big paycheck, but surprisingly, many employees value perks just as much. So, now you’re asking, “okay, what perks can I offer that won’t jeopardize my budget but will secure and keep my employees happy?” Here are some ideas…
1. For Sales positions, higher than market commission: If the employee can expect a high commission rate, they will be motivated by the potential income. In turn, the sales professional will work harder to see the payout. This is a win-win, you will get the sale, and the employee will receive a higher commission which will balance out the lower salary.
2. Flexible Work Schedules: this is an important perk for most people, especially employees with many other out of work responsibilities (children, pets, volunteer work, etc). A working mother may find it more attractive to be able to work from 7am – 3pm while their children are in school than from 9am- 5pm, and would be willing to take a lower salary for those hours.
3. Paid Vacation/Sick Days: Adding 2-3 more paid vacation or sick days could persuade an employee to choose your company over another to work for. You would be surprised how valued paid time off can be.
4. Work Sponsored Meals: Who doesn’t love a free meal? Employees will appreciate work sponsored meals such as Bagel Breakfast or Pizza Lunch 2 or 3 times a month. This is also a great bonding experience for your staff.
5. Training Opportunities: The promise of training opportunities is not only a perk, but a benefit to your company. Sending employees to Business Xpos, conferences, or speakers is a great way to build their skills; employees will find these opportunities of value for the future.
6. Gym Membership: supporting employee full or partial gym memberships is a popular perk among corporate offices. It is a great way to keep your staff healthy and happy.
When you find yourself thinking you cannot afford talent, think again! Creative perks can be the answer to your employee hiring and retention success.