Meaningful employee benefits that don't cost the earth for small businesses

In the face of a recession, UK businesses are up against a new set of challenges. How to offer a robust employee benefits package, yet cut out expenses in their operations? The answer is actually simpler than it may seem. 

The employee benefits package is a special tool in a business. It’s one that drives engagement, helps retain talent and can create healthier, happier employees. It’s also a tool that is often misunderstood by leaders. 

See, some of them view workplace benefits as a nice-to-have instead of a necessity; as an expense rather than an investment. Here, we’re looking into how smaller businesses can offer bigger benefits – recession or not. 

What makes a ‘meaningful’ employee benefit?

Before we dive right into some of the most meaningful workplace benefits, let’s first discuss what exactly makes a meaningful benefit… 

Meaningful benefits are those with practical use. Benefits that can be utilised in the immediate term, and can also make a difference to the lives of your employees in the long term. This can only be achieved when you really assess your own workforce. 

For example, if one of your benefits is the popular cycle-to-work scheme, but your team has been remote since COVID-19, it might be time to shake things up. In addition to being relevant to your team, your benefits must all support and encourage healthier, happier lifestyles. 

While ‘pizza Fridays’, unlimited beer or office snacks sound great on the surface, they don’t contribute to employee wellbeing. In fact, by incorporating employee wellbeing into your perks, you’re able to create a better business. Why? 

Well, it’s simple. With 12.7% of all sickness days in the UK connected to poor mental health, wellbeing perks could cut down absenteeism in your company. What’s more, it’s believed UK businesses could save around £8bn by investing in more mental health support.

On that note, it’s clear what meaningful benefits are and why they matter. Now, let’s take a look at a number of benefits you should be offering your workforce.

Flexibility is a winner for employees

Since the global pandemic, flexible work has become the new norm – or at least an expectation. The shift to hybrid and remote working was a contributing factor to the Great Resignation. As many of us began working remotely, employers had to be more lenient around working hours due to other daily responsibilities like childcare. 

It’s this flexibility that both attracts and retains talent. With the advancement of technology, it feels like this advantage in the workplace is a long time coming. In one report by the Office for National Statistics (ONS), they found that 84% of those who worked remotely due to the pandemic, expected to continue working on a hybrid basis moving forward.

Outside of working hours and where specifically we work, flexibility supports our work-life balance. We’re able to spend less time commuting and more time with family and friends. For these reasons, it’s no surprise that it makes our list of meaningful benefits.

Learning and development opportunities

The opportunity to progress is massively appealing to people. We all have goals and ambitions for our career and learning and development is the key to getting there. The biggest misconception about learning and development is that it costs the world.

When in fact, the rise of technology and vast access to information has made it easier than ever to learn. Now, each and every one of us can read through research papers, find statistics around a particular topic and use our own initiative to fact-check our information. 

We can purchase books with a single click, and we can access affordable short video courses through platforms like Udemy and Skillshare. Ultimately, the online world is our oyster, and employers should take advantage of the learning and development opportunities available. 

There are many more chances to offer learning and development outside of the classroom or through expensive degrees – how are you supporting learning and development in your company? 

Health and wellbeing initiatives

We couldn’t write this list without including health and wellbeing initiatives. According to an article by TheHRDirector, around 42% of employees would stay in their current role if they were offered health and wellbeing benefits. 

In a world battling uncertainty, burnout and economic instability, we must step back and focus on our health and wellbeing. While this is our own responsibility, companies can support and encourage healthier lifestyles and behaviours. 

By offering gym memberships, access to dental care, eyecare or maybe mental health support, employers are able to create a healthier, happier life. Why not go that step further and offer paid spa days? 

Sometimes we need a push to make better choices, and this is your chance, as a leader to gently encourage health and wellbeing through your benefits package. 

It’s also worth remembering that with a recession, people often cut back on things like gym memberships and fitness classes without realising how crucial they can be to our health and wellbeing. Including health and wellbeing benefits is a way to combat the recession and empower employees to continue with their health and wellbeing journey. 

Unlimited time off work

Finally, let’s talk about unlimited annual leave. It’s worth noting that while this may seem like an attractive benefit, it can be executed poorly. That’s because, believe it or not, when employees are offered unlimited holiday, they sometimes take less than they should. This is usually because they feel guilty taking time off from work when it’s unlimited. 

However, we’re here to tell you that it can be done correctly. We recommend setting a minimum amount of time to be taken off. For example, leaders could encourage their people to take at the very least 30 days of annual leave. Through regular meetings and conversations, leaders should let employees know this is essential for their wellbeing. 

This approach reinforces the idea that it is okay to take holiday, and the option for more is there if they’d like. Unlimited time off is a controversial employee benefit, but it can be simple and effective.

What should you do next?

So, there you have it! Four employee benefits that don’t cost the earth for your small business. These are workplace perks that most businesses can offer — in one form or another. We’ve elaborated on these points above to show just how your business can adopt these benefits without going out of business. 

We’ve said it once and we’ll say it again, your fringe benefits are essential in the modern workplace. More than ever, they are becoming a tool to attract and retain the best of talent.

Credit: Alex Hind is the CEO & Co-founder of the employee wellbeing platform Heka. Through Heka, thousands of users book from more than 3,000 experiences across 50+ categories.