During the recession, many companies slashed employee benefits in an attempt to stay out of the red during one of the worst economic crises in history. However, as the economy has continued to rebound and grow stronger, employers have been reluctant to completely restore major benefits such as 401(k) matching and profit sharing. While it is understandable to be cautious about lifting all cuts made to major benefit programs, it is important to give serious thought about reviving some of those morale-boosting, endangered perks that have been on the brink of extinction since the recession.
Company Parties
During tough economic times, businesses tend to scale back company parties – or cut them altogether. However, now that the economy is getting stronger, there are plenty of reasons to celebrate. Whether it’s celebrating strong quarterly numbers or employee birthdays, company parties have been shown to be particularly effective morale boosters.
Gym Membership Discounts
Another perk that can go a long way toward keeping morale high is to partner with a local gym or health clubto offer your workforce a group discount on membership. Not only will your employees feel the financial benefits of the reduced rates, but they will reap the health benefits as well – which could also potentially make a positive impact on your health insurance premiums.
Flex Time
During the recession, it was all hands on deck as companies fought to stay afloat during the economic turmoil. But now that calmer waters have returned, it may be possible to implement a flex time policy for your workforce. Allowing your employees to have some control over their schedules is a great way to not only boost morale, but it also lets them focus their work around times when they feel most productive.
Tuition Reimbursement
Tuition reimbursement may be a little more substantial of a perk than the previous three, but it is an investment in your employees that could have a major impact on the future leadership of your company. Your employees get the benefits of higher education, while the business benefits from building a team of knowledgeable, well-rounded individuals who are better prepared to drive the company’s future success.
Investing in morale is money well-spent. According to a recent Gallup poll, companies with large numbers of dissatisfied workers have greater absenteeism, lower productivity, and a 51% higher employee turnover rate. You may not be in the position to restore all employee benefits just yet, but taking small steps to keep your workforce happy and engaged can help ensure you retain your top talent and keep your business on track to emerge from the recession stronger than ever.
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