As the job market picks up, attracting talented employees is becoming more challenging. Here’s how you can offer your employees some nice perks without paying a hefty price tag.
1. Join a credit union.
As bank fees reach record highs, most customers are paying fees for everything from maintaining a checking account to checking their balances. Credit unions typically don’t charge their customers these types of fees, and also offer lower interest rates for mortgages and other consumer loans – but employees usually have to join through their employer. Find a local credit union that offers the best rates and lowest fees. Partnering with them is usually free and as easy as filling out some forms.
Sonya McDonald, senior vice president of planning and market development for Randolph-Brooks Credit Union in San Antonio, Texas, says credit unions are also more likely to offer additional benefits to customers like cash back for debit card purchases, convenient features like mobile check deposit, and even financial education classes.
“Joining a credit union provides options for your employees to be able to choose which benefits they want,” McDonald says. “There are a lot of perks of membership, and no obligations.”
2. Partner with local businesses.
When Mike Kawula, founder of MyJobsIt, opened his own cleaning company, he had a lot of customers but was struggling to attract employees. He decided to reach out to other local businesses to build his own perks program. As a result, his employees enjoyed discounts on car washes, gym memberships, coffee, shoe stores, movie rentals and a variety of other local businesses. In return, the local businesses gained loyal customers and word-of-mouth advertising.
“It was really as simple as just approaching local businesses,” Kawula says. “They saw it as a form of advertising for themselves because they knew we'd promote it to our employees. It also went a long way with my employees. They weren’t huge benefits, but they were really nice little perks.”
You might also try offering similar discounts to their employees in return.
3. Sign up for a national employee perks program.
If you want to offer your employees discounts with nationwide companies, there are a number of programs you can join for free or for a nominal fee.
Fernando Campos is the director of sales at AnyPerk.com, a nationwide employee perks program that offers members discounts on car rentals, vacation destinations, telecommunications services, retail and more. Employers pay $5 per employee per month for membership.
“People come to us wanting to provide some kind of additional benefit to their employees as a recruitment tool,” Campos says. “Discount programs are a way to invest in your employees. They’re your company's biggest resource, and this is a way to say, ‘Thank you for your hard work, we value your talents, and we want you to stay with us.’”
Other websites such as GreatWorkPerks.com, WorkingAdvantage.com, PerkSpot.com, CorporatePerks.com and BenefitHub.com offer similar services at different rates.