Tech companies have become known for their over-the-top perks, used to attract top talent during the hiring process. However, in recent months, some big brands have begun to realize that fancy tech gadgets and game rooms aren’t the key to landing loyal, long-term employees. In fact, there are many other factors that go into a professional’s decision to work for a certain company.
This is good news for startups that lack the funds to provide flashy perks. If you’re running a small business, you can actually win over employees by focusing on your workplace culture. Your office environment has a direct impact on employee morale, motivating employees to work harder and stay on board, even when they could make more money elsewhere. Here are a few things you can do to make your business a great place to work.
Shorter Workweeks
Perks mean nothing if employees don’t have time to take advantage of them. Often big tech companies offer free meals and on-site services to encourage employees to work longer hours. Smaller firms can gain an edge by keeping work hours to forty hours a week. Not only will employees be able to have a personal life, but employers will benefit from peak performance, since studies have shown that productivity begins to decline after more than 50 hours are worked within one week.
Family Time
As important as it is to grow your new business, friends and family are important, as well. Make sure you set a good example by prioritizing your own family and encouraging employees to do the same. If a worker wants to leave early to attend a child’s soccer game or have lunch with a spouse, happily agree. The hour or two that you sacrifice will pay off in extra productivity. If you find employees are taking advantage of this flexibility, pull back on the reins but until then, create an environment where family comes first.
Flexible Hours
Four-day workweeks have become popular among startups, giving employees the option of taking Fridays off. Startups can also create a positive environment by letting employees work from home or set their own hours. When employers focus on work output rather than hours spent at a desk, they often find that their bottom line benefits as a result. Since many millennials cite flexibility as a top priority, businesses will likely find this perk makes a difference in attracting today’s workers.
Off-Site Events
As your team grows, consider planning a few off-site events each year to help everyone get to know each other better. This could simply be a fun game-type outing like paintball or “escape the room”. To promote your family-friendliness, you could also host several after-hours get-togethers where spouses are invited. During the holiday season, a nice lunch at a local restaurant can be a great way to show your appreciation without requiring employees to expend personal time.
Rewards
Most startups can’t afford to pay hefty salaries and regular pay raises. However, there are other ways to financially reward your staff for doing a good job. Offer small rewards for a job done well will keep morale high even during tough financial times. Gift cards to local stores and restaurants in small dollar amounts can be enough to say “thank you” for hard work at the end of a long project. You can also incentivize your sales or marketing teams by offering a high-dollar gift card to the employee who brings in the most new customers. You’ll likely find once competitiveness kicks in, the amount you bring in each month well exceeds what you’re spending on rewards.
Perks are a reliable way to win new employees during the hiring process. However, once professionals are in place, it’s important to motivate them to remain on staff even if they’re being recruited away by competitors. Through creating an employee-friendly culture, your startup can compete with even the biggest companies and increase retention rates, which will save your company money long term.