When you start a business you face two kinds of problems; Competition & Attrition (resignation). The competition takes place externally, while attrition takes place internally in the form of employees quitting your company or the turnover of your company.
Many award functions have been taken place to identify those companies where the employee wants to remain attached to the organization. Those companies have certain attributes and they offer such perks and benefits that forces the employee to retain the bond with the organization. These companies take care of their employees because they are conducting “PERKS CAMPAIGN”. All the big organization does not give salary increment instead offer perks and benefits that attract the employee.
1.CONVEYANCE FACILITY/ ACCOMMODATION
You can give pick and drop facility to the employees or even accommodation. The cost is very low. You buy a van and put it on the service of picking up and dropping off employees. You can deduct some money from employee’s salary and put in some money from your pocket. But doing so creates an impact of convenience in employees mind that I am being picked up and dropped off in my company’s car, company is giving me pick and drop facility.
Set up free counters of tea, snacks, coffee, drinks, juices, soups, salads, fruits, biscuits. This will imprint in the mind of employees we are offered free tea, coffee, green tea, salads, fruits at a subsidized cost. These are basically those ideas, techniques; tips that make the mind of employee settled that I am being provided with a lot of facilities.
3.TIMELY SALARY, BONUS, APPRAISAL, PROMOTIONS
If you delay in giving salaries to employees, people will immediately quit from the company. I have observed that in small companies and many growing companies, salaries are given on 10th, 15th, and 20th of the month. Please listen! An employee has a draft prepared in his mind of a whole month. He has mapped out everything; all expenses, E.M.I, grocery, fees payments. Do not irritate or annoy the employee. An employee will tolerate everything except salary delays.
Employees’ gross salary is increased in salary component if you add different kinds of insurance. I will tell you something important. These medical insurances are very beneficial. Now a day the immune systems of people are becoming weaker day by day. Every day we come to hear about innovation and invention of diseases. Every month approx. 50 type of new diseases is discovered by the medical industry. Give medical insurance to your employee. Buy medical insurance from one of the renowned health insurance company. If even two or three employee claim for insurance, the news will spread like fire in the jungle. And this gives huge comfort to the employee that a company thinks about me. Even though the premium has been divided between the employee and the employer but this is an amazing perk.
5.WORK FROM HOME/ FLEXIBLE SCHEDULE
There are some departments in companies whose work is easy to measure and they have less dependency over others. If you have any kind of department in which a single person has to work alone, give him the flexibility of working from home or even give flexibility of office timings that your job hours are from 9-6. Now it’s up to you, you can either come to office from 11-8 or 12-9. Come to the office; complete your task and go back home. Either your employee will live and grow or they leave and go.
Among your employees, if anyone has children, tell them that if you stay for five years with us, we will add a certain amount of fund in your scheme every month. This scheme will make the employee think that if I work with the company for five years, they will bear my child’s education/ scholarship expenses.
7.GIVE FRINGE BENEFITS TO JUNIOR EMPLOYEES
If you give small grocery bags worth20$, 30$ to blue-collar employees such as driver, servant, peon, office boy, it will give them mental comfort. You may use Amazon Grocery bag coupons for it which will not cost more than $15 a month.That grocery bag revitalizes and invigorates them. They will think; along with salary, I am getting grocery for free.
8.BENEFIT AGAINST CONTRACT
If any of your employees want the car, laptop, motorbike or any other electrical item, sign a contract with them; if you stay for five years with us, buy any laptop of your choice and the company will pay for it. In the same way, if you stay for seven years, the company will get a car for you on your name. A company will pay for the car and the car is yours.
9.INTEREST-FREE LOAN FOR EMERGENCY AND ADVERSITY
If you give someone interest-free loan during their hard time, he will always remember you. People usually have a psychology of never forgetting 2 kinds of people;
1.Who remains during the time of adversity
2.Who remains during the time of happiness
Always remember your no 1 customer is your employee. If you will stand by him and take good care of him during his hard time, he will always stand by you. No need to earn interest. If you fear, he will run away with your money, give him loan equal to his 3 months’ salary.
10.ADDITIONAL WEEK OFF WITH EVERY YEAR COMPLETED
Tell your employee, on completion of one year you will get one Saturday off, 2 years 2 Saturdays off, 3 years 3 Saturdays off, 4 years 4 Saturdays off but after five years you will not get 5 days off instead you will get gratuity and bonus. He will think that every year I will be getting something new and after 5 years it will be 5 working days so let’s STAY HERE.
These are not only perks but ideas. If you think all of them will cost you high, but if a good employee remains attached to you in return, the cost is worth it.
I have observed that small companies give 60%-70% rise in salary while big companies give only 5%-7% increase in salary, but people stay with big names because of the perks.
Always remember, there is no substitute for a committed employee. You have to inspire them but never forget;
Abigail Kent is an enthusiastic writer, she loves to write about beauty, lifestyle, money saving, and travel topics. She holds a bachelors degree in computer science and looking forward to a Masters Degree. You can follow her Twitter account.