Turnover is expensive. Some experts estimate that replacing an employee can cost up to 1.5 times their salary. After all’s said and done, the stress on your HR department, suffering team cohesion, and struggle to find a candidate negatively impact your business.
But with the COVID-19 pandemic in full swing, it can be difficult to retain employees. The pandemic may have caused cash flow issues with your business, meaning that you can’t dole out raises or bonuses. Or, stringent government measures may be costing you money.
Offering low-cost employee perks can keep your employees happy during times of crisis, and may even save you money in the long run. Here are our favorites that keep morale high.
1) Telecommuting
Although this benefit isn’t feasible for every employee, it may be easier to implement than you think. Telecommuting allows employees to work from home. With the advent of meeting software like Zoom, it’s possible to touch base during the workday. An, employees may actually be more productive when working from a home office.
With COVID-19 measures in place, it’s likely that at least a few of your employees are telecommuting. If it seems to be working for your business, why not consider adopting it as an official policy? Many businesses allow employees to work from home on certain days of the week.
2) Flexible Hours
According to Paychex, 38% of business respondents offered flexible hours as a benefit for their employees. Flexible hours allow your employees to take advantage of their own natural rhythms. Working earlier or later can provide a much-needed productivity boost. For some businesses, it allows them to open earlier and stay open later.
Among other pros, flexible hours may attract better talent. Many applicants ask for this benefit when applying to jobs.
3) Online Recognition App
Fond is an employee appreciation app with a wide variety of benefits. The service allows you to socially recognize high-performing employees, create custom service-awards, and get performance analytics. Perhaps most importantly, Fond allows you to access a variety of corporate discounts for your employees, with no extra effort required on your business’s behalf, since Fond has negotiated these special discounts already.
Fond does cost money, and how much depends on your business and the number of employees. You’ll have to request a quote to get details on pricing. But, as far as perks go, Fond can go a long way toward retaining employees.
Vodigy helps small and medium-sized businesses step into the future. Contact us today!
