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How to Get Creative with Employee Benefits When You Can’t Offer a Wage Increase

With such a tight labor market, the competition is stiff for candidates. If your organization does not have the budget to offer high salaries, you can still successfully retain your current employees and attract new ones if you are strategic. Learn more about how to get creative with employee benefits when you can’t offer a wage increase:

 

Flexible Schedule

Many employees are happily willing to forgo a higher paycheck in exchange for a work schedule that aligns with their overall lifestyle, obligations, and preferences. Offer as much flexibility as you can in terms of scheduling as a benefit to retain and attract employees. Any short term losses in productivity that occur if you allow employees to leave early a few days a week, such as to do school pick up for their kids, walk their dog, or take an exercise class, will likely pay off greatly in the long run when you have dedicated, top performing employees committed to your organization. 

 

Remote Work Options

The commute to the workplace can be costly, whether it’s fuel prices, parking, or public transportation passes. By offering remote work options, even just a few days per week, you can save your employees a significant amount of money. So although their paychecks won’t necessarily be any higher, they will have more wiggle room in their budgets to use on other expenses. 

 

More Paid Time Off

Time is a commodity whose value is priceless. If you cannot offer a wage increase, provide the gift of time by offering more (or even unlimited, if possible) paid time off. Many high performers would be attracted to having more freedom to take vacations and have the opportunity to recharge regularly and not risk burnout from overworking. 

 

Additional Perks

Often employers who offer high salaries may skimp in other areas of compensation that employees also find valuable. If there is some room in your company’s budget, but not enough to spring for full on wage increases, consider any additional paid perks you could offer. In-demand perks include generous retirement packages, comprehensive health benefits, tuition reimbursement, and paid parental leave. 

 

Partner with Us for Staffing Support

Build a team of top talent by partnering with PrideStaff San Jose. As an experienced staffing firm, PrideStaff San Jose can provide you with the most qualified candidates for your positions in a timely manner. Contact us today to learn more about how we can help with your staffing needs.

 

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