Think You Can’t Afford to Offer Perks and Benefits to Your Team? Think Again
3 Min Read By Kevin Dorry
Do you have trouble hiring or retaining a good team? The hospitality business is particularly hit hard by the war for talent and the turnover is pretty high and difficult to manage. Imagine what a comprehensive perks-and-benefits program could do to help you retain your best employees, yes, even part-time ones. Do you think it is not in your budget?
Here are a few key things you can get for yourself and for your team that are well within reach:
Is your line cook or your waiter struggling with medical costs? That seems familiar and chances are they have no safety net and hopelessly watch healthcare costs go up at a startling rate. If providing health insurance is not in your budget, what if you were able to give them access to high-quality, truly affordable healthcare? The truth is that you can and really should. Health care benefits are by far the benefits employees value the most and no other benefit will ingratiate your people to you more than this one. Something is a lot better than nothing and there are good quality options starting under $20 a month that can make a big difference in people’s lives. For something this inexpensive, you may want to pay for it or offer it as a payroll deduction. Either way your employees will surely thank you for providing a timely solution to what may be their biggest concern.
Easy and Affordable Retirement Savings
It is not news that saving for retirement is a must and that it is never too early to start. How would your employee’s financial wellness improve if you could offer them an easy and affordable way to save for retirement? This would be huge now and even more so in the long term. Provide your team with access to easy, affordable tools to allow them to build a retirement account. All you have to do is select a serious, low-cost 401(k) plan, even better if it is designed specifically for small companies like a bar or a restaurant, or for start-ups. It is not as daunting as it sounds. Excellent options are out there if you know where to look.
Perks and Discounts Where it Matters
Helping your employees save money where they spend money on a regular basis (e.g. Amazon, CVS, Target, etc.) is the equivalent of giving them a raise, except it is not taxable and it doesn’t have to cost you a dime. What’s not to like? And who’s to stop you from using some of the discounts for business expenses as well? Those 5% off add up pretty quickly.
If we know one thing, it is that you are never done learning. You also know that your teams want to develop new skills. And can you afford not to develop them? It can also be fun to learn a new language so that you can better serve tourists. You can make it happen and it doesn’t have to be expensive if you have the right partner by your side.
Thank-Yous and Kudos
You probably know how far a smile and a thank-you go for the morale of your team. But do you take the time to show your appreciation well enough and often enough? It is easy to forget, especially when you are busy, especially when your team needs it the most. Don’t you have somebody who went above and beyond and deserves a big thank you or a few kudos? Knowing that they are appreciated is one of the things that will keep your best performers with you, so don’t skimp on it. You will be amazed at the results.
A Wellness Center
Have you ever forgotten to take care of yourself when things get hectic? We can hear your thougths: Who has the time for wellness? Well, a few minutes a day makes a big difference if you have the right tools. Your team will notice and so will your family, so what are you waiting for? You know it is the right thing to do.
Do you think this is too much, too expensive, or too time-consuming to become a reality? It is not. You just have to find the right service provider who can make it happen in no time for little to no budget. Click here to learn about hospitality-specific programs.