Benefits & bonuses in the current hiring market
Besides a decent, competitive wage what other benefits and bonuses do you offer your staff (both to retain them and to hire them)? And do you offer those to full-time and/or part-time staff?
We are based in Memphis, TN (if that matters)
Thanks!
(surprisingly there isn't a forum for HR or staffing related issues - unless I just missed it!)
Hi Sam,
We are a small team, so some of the options might not be suitable to everyone. However, our main policy is to not count desk hours, but only measure results. This has helped a lot in terms of employee overall happiness and in addition helps us to keep the correct people in the company - if they are able to prioritize, work and achieve their goals without us micromanaging, it is a huge win for them and for the company.
We also do occasional team events (e.g something active in the nature or a nice dinner with the team). On successful years we have made an all-expenses-covered trip to the entire team to different locations (e.g UAE).
We have tried to avoid the startup stuff (e.g all free lunches and snacks) - this tends to work well with younger generations and technical staff (e.g software developers). We compensate for this by paying an above average salary to people.
Hope this helps!
Heigo
@Sam Wilson - A very unexpected perk that I've found to work is that we don't require vaccinations. New York is going full bore on requiring state workers to have it and people are quitting their jobs over it. This is creating a lot of opportunity for us by putting skilled workers into the labor force who otherwise would have never left their cushy state jobs.
As for other perks....We aren't at the level of being able to offer health insurance unfortunately. We compensate by giving people basically unlimited paid time off. We keep track of how much time they use, but won't ever say anything unless they abuse it.
Our employees love it because it allows them the freedom to take mental health days, personal development/fun days, and/or be present at important events in their kids/familys life.
It's interesting to watch how much more productive people are when the constraints of M-F, 9-5, 50 weeks/yr are loosened up a bit.
@Heigo Protten - Thanks for your input. I agree with the philosophy of results over hours. It is true for how I work and how I expect those around me to work. I've tried to incorporate this more, but for certain jobs/businesses (i.e. my laundromat) I find it a challenge to do.
And a business trip to UAE sounds just awesome! That area of the world has been on my wife's and my travel list for a while!
Thanks again for taking the time to reply!
@Michael Ablan - Thanks for replying! I'm not surprised about the labor force changes regarding forced vaccinations. It hasn't happened (yet) in Memphis (or Tennessee), but I'd expect the same here. And businesses like yours and mine will benefit from it!
We cannot offer health insurance either but in Memphis there is a health non-profit that offers a type of health plan for small businesses. This has helped.
I find your PTO philosophy intriguing and a bit surprised (and impressed) that no one has abused it. I have not heard of any other business doing this; was this an idea you came up with?
@Sam Wilson - I listen to so many podcasts and read so often that it's impossible to say I've come up with anything. I definitely meld together bits and pieces of ideas I hear and try to create ways of doing things that fit my personal leadership style.
I'm wholly onboard w/ the idea that a hyper focused 4 hours of attention creates better work than a heavily distracted 8-10 hours. Our people know what they need to get done, and are allowed the freedom to get it done in a manner that fits them.
It's still a work in progress, but people seem to enjoy it. The demands of the job prevents them from bouncing out for extended periods of time, but 3 day weekends are very normal. All we ask is that you're available if we truly need you for something (which is something we're very careful not to abuse).
@Michael Ablan - Love it! I'm already looking at ways to incorporate this! Thanks again for sharing and responding!