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Business Tip of the Month

Business Tip
of the Month
For the month of December 2006

Boost employee morale with low-cost fringe benefits

Fringe benefits are important to your employees. Wage levels usually don’t differ much between companies, so the fringes you offer can be an important factor in hiring and retaining workers.

Major fringe benefits such as health insurance are expensive. But if you’re willing to be creative, you can design other attractive benefits at low or no cost. Often these benefits are tax-free to your employees. The exact benefits will depend on the size of your work force and the nature of your business. But here are some ideas to consider.

Flexible schedules. Time is one of the most precious commodities for employees living today’s busy lifestyle. If the nature of your business allows, offer flexibility in working hours. Canvass senior employees for suggestions on changes. Consider ideas such as closing earlier on summer Fridays to give employees a longer weekend. Make up the time with slightly longer hours on other days.
Personal leave days. Offer one paid leave day every two months for employees to take care of personal business. You’ll find the cost is more than made up in increased productivity and morale.
Transportation benefits. If you’re in a metropolitan area, help your employees solve their commuting problems. Work with your local transit authority to offer free bus passes. Consider offering subsidized parking, or even van pools in major urban areas. These benefits can be tax-free, and you may even receive subsidies if you help reduce car use.
Company discounts. Give employees discounts on your own products. Negotiate discounts with other businesses — health club memberships, for example.
Subscribe to a health newsletter. Arrange for all employees to receive a free monthly newsletter with updates and tips on health care issues. Many hospitals and charities publish such newsletters as part of their marketing efforts.
Arrange educational seminars. Provide periodic lunchtime seminars on topics such as basic financial planning or health issues. It’s not difficult to find professionals willing to speak for no fee as part of their business development.

Talk to your employees and see what works. Small ideas like these can add up to produce a happier and more loyal work force.

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