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Most organizations put a cap on their unlimited PTO, but it is generally more generous than traditional vacation time and sick leave. Offering unlimited PTO is a great way to attract talented employees.
Another fun activity that can promote engagement and positive company culture is hosting or attending trivia nights. Many restaurants host trivia nights where you and your employees can get together. You can also host your own.
If you have a remote workforce, many vendors can facilitate a virtual trivia night or other fun activities. If you want to take work-life balance one step further, you can eliminate the standard hour workweek altogether. A growing number of employers are implementing a four-day workweek , where employees work reduced hours but maintain their usual salary.
Under this schedule, employees work their full 80 hours during a two-week period, but they do so in nine days instead of the usual ten. This gives employees an extra day off every other week.
Another fun perk to offer is regular group activities. This can include yoga classes, meditation sessions, and other activities for 30 minutes to an hour each week, for example. These activities allow your staff to destress, helping them remain happy and engaged throughout the day.
Recognizing employee achievements is an essential part of employee retention. While providing feedback and recognizing accomplishments in small ways is often enough, some organizations invest in achievement awards. This gives you a way to formally recognize your employees' contributions in a fun way.
Achievement awards could include providing gift certificates to top employees and holding award ceremonies, among other prize options. Another inexpensive way to retain employees is by providing occasional gift cards or meal reimbursements.
This could be for special occasions, such as birthdays, or for all employees to enjoy once a quarter, for example.
One thing to note is that while the IRS generally considers meal reimbursement a de minimis fringe benefit, it always considers gift cards taxable income.
This means you'll have to withhold employment taxes for the gift card's value. Who doesn't like free food? Giving your workers access to coffee, tea, and healthy snacks is a great way to make employees feel welcome and appreciated.
You can also supply a workplace microwave, electric kettle, coffeemaker, and utensils in your break room to facilitate employee lunches and snacks. This can be a simple recognition, or you can provide cake or ice cream.
Some organizations also choose to get employees gifts for their birthdays or anniversaries. When honoring birthdays, it's important to ask each employee how they feel about having their birthday celebrated at work. Some may not want their birthday celebrated in the workplace for one reason or another.
Giving employees PTO for volunteering is a great way to create a more positive work environment while helping your employees make changes in their community.
You can also have volunteer days where your entire organization volunteers in the local community, hosts fundraisers, or sets up clothing or food drives. Demonstrate a commitment to your employees with a willingness to invest in their future. You can provide growth opportunities for your workers through mentorship programs and clearly defined career paths within your organization.
On top of reducing skill shortages, an employee development program can also have a positive impact on turnover rates. While the free and low-cost benefits above are great perks to offer to enhance your benefits package, they may not go far enough to attract and retain the employees you want.
While offering these benefits can be expensive, they don't have to be. We'll discuss affordable ways to offer these essential benefits to your team.
Health benefits are the most in-demand employee benefits. One of the most significant barriers to offering health insurance for small to medium-sized employers is the rising cost of traditional employer-sponsored plans. While group health insurance plans may be too costly for some organizations, other options exist for affordable coverage.
Health reimbursement arrangements HRAs are employer-funded health benefits that allow you to reimburse employees for more than other qualifying medical expenses. Depending on the type of HRA you offer, this can also include individual health insurance premiums.
An HRA gives you complete control over health care costs while giving your employees more freedom over their benefits. They are also tax-free for employers and employees. If you have employees who receive advance premium tax credits or you want to offer a health benefit to contractors , a health employee stipend might be right for you.
A health stipend allows you to offer employees a monthly allowance for health and wellness-related expenses. However, stipends are taxable for both the employer and the employee. Offering employee stipends is a cost-effective way to enhance and enrich your compensation package with meaningful lifestyle benefits your employees love.
With employee stipends, you can offer a custom monthly allowance for expenses of your choosing. For example, with a wellness stipend , you can reimburse your employees for wellness services like gym memberships, wellness mobile apps, yoga classes, and home exercise equipment up to their available allowance.
This gives your employees more freedom to use their benefits on the needs and activities of their choice rather than forcing them into a one-size-fits-all benefits program. With stipends, you can offer allowances for a variety of company fringe benefits, including, but not limited to:.
With PeopleKeep's WorkPerks employee stipend administration software, you can create custom benefits or offer one allowance for all of your eligible expenses.
While most employee stipends are taxable, some company fringe benefits are tax-advantaged. With stipends, you have complete control over your budget by setting maximum allowances for your employees. This enables you to provide affordable benefits no matter your business size or budget.
While not every small and medium-sized organization can offer traditional benefits, such as group health insurance and retirement plans, there are many affordable and creative employee benefits options available. You can combine these perks to create a standout compensation package without breaking the bank.
If you're ready to offer affordable personalized benefits to your employees, PeopleKeep can help. Our personalized benefits administration software makes it easy to set up and manage HRAs and employee stipends in minutes each month. Schedule a call with a personalized benefits advisor to learn more about affordable benefits options for your small business!
This blog article was originally published on November 30, It was last updated on November 14, Chase Charaba is the content marketing manager at PeopleKeep. He started with the company as a content marketing specialist in early Chase has written more than blog posts for various companies and personal projects throughout his career.
Skip to Content. Share article. Learn more about providing employee stipends with our free guide What are free employee benefits and perks? Why are affordable benefits good for retention?
Increase employee satisfaction and morale Employee benefits are one of the best ways to retain employees. Increase productivity Employees who feel cared for and appreciated are more likely to work harder and stay motivated. Benefits create a competitive advantage Offering a robust benefits package gives your organization a competitive advantage.
By offering additional low-cost perks, your job postings will stand out. Free and low-cost employee benefits ideas Now, let's look at some of the top free and affordable perks you can offer your employees.
Employee discounts If your organization sells consumer goods or services, consider offering special employee discounts or free items. Event tickets While event tickets can get expensive depending on the occasion, providing free tickets to employees is a great way to recognize their contributions and create excitement and engagement.
Potlucks and team lunches One of the best ways to enhance your workplace culture is by allowing employees to socialize about something other than work. Bring your pet to work To make the workplace more fun, many organizations allow employees to bring their pets to work on certain days or year-round.
Summer Fridays Many organizations offer summer Fridays to their employees. Remote work Many organizations have kept the remote work model they adopted during the COVID pandemic. Flexible work schedules A flexible work schedule allows employees to choose their work hours as long as they finish their work.
Casual dress code Allowing your staff to wear casual clothes is another great perk for attracting job applicants. Unlimited PTO Paid time off PTO is an essential benefit for recruitment and retention. Trivia night Another fun activity that can promote engagement and positive company culture is hosting or attending trivia nights.
Within federal agencies, the U. Office of Personnel Management defines part-time work as less than 40 hours per week. Workers who participate in job sharing can work a maximum of 32 hours per week.
Under the Affordable Care Act ACA , the Internal Revenue Service IRS considers someone full time if they work an average of at least 30 hours a week or hours a month.
For example, a part-time employee at one business could work a morning shift every weekday, but a different business might have their part-time employees working longer hours on just a few days a week.
The ACA also requires applicable large employers ALEs to offer affordable, minimum essential healthcare coverage or pay a penalty and report additional information to the IRS. An employer is considered an ALE if they had at least 50 full-time or full-time equivalent employees FTEs during the previous year.
The FLSA regulates several aspects of employment, including child labor, recordkeeping, minimum wage, and—most importantly for our discussion—overtime. What does that mean for your full-time employees? Bring BambooHR's award-winning experience to time tracking for your employees, managers, and payroll team.
Andrea ended up performing so well in her part-time role that John promoted her to assistant manager, a position that would move her to working full-time.
Now that sounds like a hiring dream come true, no? Everyone involved took advantage of all the benefits of part-time work:. But this potentially dream scenario was in fact a worst case scenario, especially for Andrea. What started as a fun way to make some money a few days a week became a burden she was only willing to bear out of her friendship with me.
Instead, he demanded they work long hours for barely competitive wages, offered meager benefits, and provided no development path for talented workers like Andrea.
John feels that things might have been very different but for the promotion. She was a great sales associate and a great assistant manager, but she was also smart enough to know that she was worth more. With a better culture, better compensation, and more career development opportunities—like a path to a buyer or regional manager role, for example—Andrea might have been happy as a full-time employee.
As with many aspects of HR, there are lots of rules and regulations to consider when looking at the difference between part-time and full-time employees. Whether your employees are part-time or full-time, you need to help them feel valued, invested, and successful if you want your business to succeed.
BambooHR provides a one stop shop to manage data, hire talent, run payroll, and help employees thrive. Best of all, it's easy and intuitive for busy HR teams. While there's no legal definition of part-time vs.
full-time employment, most part-time employees work 35 hours or fewer per week. Assuming each shift is an eight-hour day, that adds up to approximately a four-day work week. Learn more. Compared to full-time employees, part-time employees are less likely to receive benefits such as health insurance, dental insurance, or k.
There is no set number of hours that makes up a part-time shift, but most part-time workers are scheduled for shifts that last eight hours or less in a single day. It's important to note, however, that income varies by age, location, and other demographic factors.
Part-Time vs. Full-Time Jobs: What's the Difference?
Academic Calendar. Academic Exclusive sample offers. Faculty Directory. Academic Affairs. One of the better-known benefits Expedience volunteering is the impact on the community. Unpaid volunteers are often the glue that holds a community together. Volunteering allows you to connect to your community and make it a better place. Karen Pollitz, Kaye Pestaina Sports equipment samples, Alex MonteroLunna LopesIsabelle ValdesAshley Experience all the benefits without payingand Mollyann Brodie Published: Jun paykng, Understanding how health insurance works involves Experiencf how people Experience all the benefits without paying about their health tthe, how affordable that coverage is, how they interact with their insurance provider, the problems they experience, and, critically, how insurance works for people when they get sick. To accomplish this, the KFF Survey of Consumer Experiences with Health Insurance interviewed a nationally representative sample of 3, U. adults with health insurance. Importantly, people covered by different types of insurance have different levels of income, education and health status, which may affect their experiences and views. See Appendix 1.
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