If properly planned and implemented, company perks are among the best parts of a job. In addition to offering significant morale boosts, they usually give great incentives to encourage creativity and retention. It is important to remember, however, that not all perks provide the same sort of returns. As an entrepreneur, determining which perks offer the best return on investment will save time and effort on experimenting with different techniques.
That’s why we asked 14 members of Young Entrepreneur Council (YEC) the following:
“Company perks can be a major boon when it comes to morale and retention. What is one perk that you’ve found particularly valuable, and why?”
Beneficial Company Perks
Here’s what YEC community members had to say:
1. 9/80 Work Week
“Agency work is strenuous. To make sure our team had time to attend to “life” outside of work, we switched to a 9/80 work week — we work nine hours (instead of eight) Monday to Thursday, and take every other Friday off. This gives the team a longer break to decompress, and take care of life tasks. We also keep track of getaways staff take on their long weekends — without having to take vacation time!” ~ Katie Wagner, KWSM: a digital marketing agency
2. Working From Home
“One of the best company incentives out there is allowing team members to work from home. This type of flexibility makes everyone’s life a bit easier. It also makes it so each person can dictate the schedule of their day, and eliminates office politics, as well as distractions. So long as the work is being completed on time, a hiring boss should not really care where it is getting done.” ~ Rana Gujral, Behavioral Signals
3. Continuing Education Support
“Companies can increase morale and retention by supporting personal learning and development, even courses that might not be directly related to a person’s exact job role. There is nothing worse than feeling stuck or stagnant and one way of breaking that feeling is learning a new skill or even hobby. By supporting this with a small stipend or flexible work scheduling, morale will increase. ” ~ Jared Polites, LaunchTeam
4. Unlimited Paid Vacation
“We provide unlimited paid vacations, which is a favorite perk many of our employees have. This way, they have freedom over their own schedule and determine their workflow. Taking advantage of this benefit also motivates them to work their best at an efficient pace, making sure their tasks are up to date before and after enjoying their vacations.” ~ Chelsea Rivera, Honest Paws
5. Great Healthcare Benefits
“Offering top of the line health insurance is a perk all employees are grateful to have. When it comes to providing the best all-around package, prioritizing health and wellness is what sets businesses apart. Especially when your employees have children or a family that need to piggyback onto their plans. Being able to offer the most comprehensive plans may be what gets you that top talent hire.” ~ Matthew Podolsky, Florida Law Advisers, P.A.
6. Dental Insurance
“It may seem obvious, but dental health is linked to that of the human body, for positive and negative impacts. When you pay for an employee’s dental visits, especially when they suffer emergencies, you could be saving their lives by covering for regular checkups. In addition, you will boost their confidence and work morale on a regular basis.” ~ Riccardo Conte ,Virtus Flow
7. Profit Sharing
“We share a percentage of the company’s profit with the team on a quarterly basis. This allows us to reward the employees who helped us become successful, and show employees that when they help us become more profitable they can benefit, too! ” ~ Kelsey Raymond, Influence & Co.
8. Company Bonuses
“We offer our employees two bonuses a year, including an annual Christmas bonus. We know this time of the year is important to many people, and we want everyone to have a fantastic holiday season. Employees have told us that this bonus literally saved their Christmas when finances got out of hand, so I would call that a valuable perk.” ~ Chris Christoff, MonsterInsights
9. Support for Their Work Commute
“My business partner and I offer several perks, but there’s one that may be the most obvious and the least thought-of: helping our crew get to and from work. We’re in southern California, so almost all of our employees have their own car. With the sky-high price of gas, we started offering gas gift cards to help ease commuting costs. For our employees who don’t own a car? An Uber gift certificate!” ~ Nicholas Bull, Propaganda Premium E-Liquid
10. Team-Chosen Charity Giving
“Each month, we let an employee choose to send company money to a charity or cause of their choice. They’ve mostly chosen to send money to local food banks, a GoFundMe for a friend in need, or pay off school lunch debt for kids where they went to school. This allows us, as a company, to give back in the ways that matter most to our team members and it lets them feel like a hero in their community.” ~ Monica Snyder, Birdsong
11. Company Retreats
“As a remote company, one of our most valuable company perks is our company retreat. Once a year we fly out all of our employees to a five-star retreat where we can hang out with each other in person and share ideas. It’s great for both boosting company morale and maintaining a strong company culture.” ~ Thomas Griffin, OptinMonster
12. Access to Company Products
“Sharing your business’s products for free with your own employees makes a great deal of sense. They’ve helped develop your product and will appreciate getting free access to it. It has the added benefit of getting insights from your employees as they use the product. You’ll get helpful feedback that will improve your offerings.” ~ Syed Balkhi, WPBeginner
13. Catered Lunch and Healthy Snacks
“A great benefit that boosts morale is free food. Employees eat multiple snacks and meals in the office each work day, but their meal options at work are often limited or cumbersome to bring. Cater lunch once a week and give them something to look forward to and bond over. Also, offer healthy snacks in the kitchen, so your employees can focus on their work instead of their growling stomachs.” ~ Shaun Conrad, My Accounting Course
14. Offer a Yearly Decorating Budget
“Offering your employees a yearly decorating budget is a great way to boost morale. This gives employees the ability to make their workspace their own and creates a more inviting work environment. Additionally, if you’re a new entrepreneur, it’s not always possible to offer expansive company perks. This is something small that has a daily effect on people’s happiness and comfort in the office.” ~ Jordan Conrad, Writing Explained
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