Free vacation may not sound like it belongs on a list of affordable employee perks, but it does!
Companies that recognize and appreciate employees through excellent benefits earn an ROE and ROA (return on equity and return on assets) 300% times the businesses that don’t.
According to Bamboo Blog writer Kelsie Davis in “15 Creative Benefit Ideas for Happy, Productive Employees:”
“From free food to multiple months of paid time off for new parents, companies are pulling out all the stops—and with good reason.”
Clothing company Betabrand charges corporate expenses to a rewards-based credit card and gives the travel benefits to its employees, writes Inc. staff writer Graham Winfrey in “How to Send Your Employees on Their Dream Vacations (for Free).”
Employees choose where they want to go, and Betabrand sends one employee on a trip every six weeks, says MarketWatch reporter Caitlin Huston in “Perk for all: Startup gives workers free trips, avoids the bill.” One staffer recently flew to Ireland and another to the Yucatan Peninsula.
If you can pay off your corporate credit card in full each month, consider giving free rewards points to employees. This suggestion comes from Bankrate.com chief financial analyst Greg McBride. He suggests other affordable employee perks including:
- Company trips—Even a day off site close to the office can help employees relax and connect with each other.
- Cut hours—Let everyone leave at 4 p.m. on Fridays—even once a month—and lift employees’ spirits!
- Work from anywhere—Give workers the flexibility to work from home.
- Paid volunteer time—Encourage employees to volunteer at their favorite nonprofits a certain number of hours per year.
- If an employee misses a day due to illness, to care for a sick child or some other unavoidable reason, allow him or her to make the time up by working extra hours on other days.
- Family Focus—Plan events or outings and encourage employees to bring their families
If you show employees you value them by providing great benefits—such as one or more of these affordable perks—they’ll repay you with increased productivity and engagement, lower absenteeism, and less turnover. Hence your higher ROE and ROA!
For more great tips and insights into building a vibrant culture of engagement and recognition, be sure to download our free e-book, “The Top 20 Employee Engagement Blogs You Should be Reading.”
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