More and more Fortune 500 companies like JPMorgan Chase & Co. are raising their employees’ wages. They publicly claim that a pay increase is the “right thing to do” because American wages have gone nowhere for too long. While I couldn’t agree more, it’s also the right thing for all companies to regularly review employees wages compared to regionally adjusted cost of labor.
Higher pay and/or more meaningful benefits attract and retain talented people in a competitive environment. Pay, benefits and how satisfied employees are with their work environment is a motivator that improves employee output and longevity.
That being said, providing higher pay and meaningful benefits is sometimes not the only option. Many businesses cannot afford to regularly raise employee wages. But every business can do its part to ensure positive employee engagement. Below is a list of some of the most popular and effective ‘soft’ employee benefits and some of these benefits don’t cost a thing.
- Apple office equipment & products
- Meals, snacks and beverages
- Comprehensive medical insurance coverage
- Paid time off
- Competitive salaries, and equity
- Free or discounted gym membership
- Flexible work hours
- Casual work environment
- Emphasis on employee recognition
The Most Meaningful Approach – Give Choices
Businesses cherish diversity but often offer a “one-size-fits-all” employee package which doesn’t match-up. Offering employees a choice on their benefits and perks plan is considered a perk in itself and will resonate well with everyone.
Allow employees to pick and customize some of their benefits according to their needs. Treat your employees like capable people whose voices are truly heard, and they will be just that.
Sources:
- https://www.linkedin.com/pulse/why-were-giving-our-employees-raise-jamie-dimon?trk=eml-b2_content_ecosystem_digest-hero-14-null
- http://fortune.com/2016/07/05/employee-benefits-startups-entrepreneurs/
Tags: Business, Start-ups, HR, Fortune 500 Companies, Wages, Benefits, Perks, Employees
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