Sunday, January 27, 2008

Low Cost Ways to Keep Long Term Employees

Very few small businesses can compete with the "big boys" when it comes to benefit packages. For most of us, benefit packages are limited (if we have them at all), and even paid time off can put a strain on operating capital.

Our company is located in Michigan which is currently one of the most economically depressed regions in the US. Automotive and industrial plants are closing weekly, homes are going into foreclosure, and many families that were once making six figures are now struggling to put food on the table. When a large plant closes so does a host of other small businesses due to the "trickle down" effect.

So what can a small company do when they can't offer major benefit packages? How can they retain long-term employees on a limited budget? This video offers some creative ideas that have worked for us through the years. The video expresses only a few of the many ways we reward employees (see more below). We believe we are doing something right. Our employee attendance rate is nearly 100% and turnover rate is less than 1%. We continually look for new ways to make this a fun place to work while remaining customer focused.

Other employee "perks" to consider:

  • Educational Reimbursement. Our company offers employees a $750 tuition reimbursment per year.

  • Twice a year, we take employees to dinner at an up-scale restaurant. Employees jointly pick the place we dine. We all dress up and have a night of fun.

  • If an employee needs something to help them do their job better or more efficiently, we get it! No one knows the job better than the person doing it.

  • Holiday bonuses based on years of service.

  • Cash bonus and lunch on us whenever there is a birthday.

  • This year we are implementing a wellness fund. Employees on the payroll for one year will receive an annual $125.00 wellness reimbursement for anything related to their mental, physical, or spiritual well-being.

1 comment:

Anonymous said...

Yippee for you and your company. It sounds like you are on the right track. As a small business owner, I can relate to the competition of bigger companies. Nice post!
: ) Amanda