Flexible Work Environments
In today's hectic world, time is nearly as valuable as money. Consider the following statistics from Families and Work Institute (Source: National Study of the Changing Workforce, 2008):
- 59% of employees don't feel that they have enough time for themselves.
- 61% believe that they don't have enough time for their spouses/partners.
- 75% (more than 7 out of 10) feel that they don't have enough time for their children.
For these reasons, one of the most popular and most appreciated employee benefits available today is a flexible work environment. Once the hallmark of only small and "hip" technology companies, flexible work arrangements are now offered by larger, more established organizations. Some examples of flexible work programs include:
- Flex schedules: work hours that are outside of the norms, such as 7:00 AM to 4:00 PM instead of 8:00 AM to 5:00 PM.
- Condensed work weeks: for example, working four 10-hour days instead of five 8-hour days.
- Telecommuting: working from home or another remote location.
- Job-sharing: allowing two or more employees to "share" the same job, essentially doing the work of one full-time employee. For example, Jan works Monday through Wednesday noon, while Sam works Wednesday afternoon through Friday.
Allowing your employees to tailor their work schedules based on their individual needs demonstrates a great deal of respect and can generate an enormous amount of loyalty in return. Even if your business requires employees to be on-site during standard operating hours, having a process in place that supports occasional paid time off to attend outside obligations such as doctors' appointments or family commitments and even unexpected emergencies can have enormously positive effects, too. In some cases, these benefits have no costs associated with them, while in others, the costs may be minimal (e.g., the price of a smartphone or laptop to help employees remain productive on the go).
Free Food
Another popular perk at smaller companies is a well-stocked kitchen. Soft drinks, snacks, and inexpensive meal items such as cereal and bagels can go a long way towards fostering good will (and keeping energy up!). Providing healthy options, such as fruit, nuts, and smoothies, is a subtle way to show employees that you value their well-being.
Social Activities
Concierge Services & Discounts
You may also be able to negotiate with other local companies for employee discounts and services. Laundry services, dry cleaning pickup/drop-off, and meal providers that can deliver hot, family-sized take-home dinners may help employees save moth time and worry - and stay focused on the job.
Financial Planning & Education
For many people, money worries can be distracting and time consuming. Consider inviting a local financial professional into your office to provide counseling sessions for your employees. While you don't necessarily have to pay for any services provided, simply offering the opportunity to get such help during work hours will be greatly appreciated by your workforce.
Survey Your Employees
The best benefits are those that meet the needs of your employees. Before making any assumptions, survey your employees to see what benefits they value the most. Then, respond to the most commonly identified concerns and desires with creative solutions. That can encourage employees to respond in kind through hard work and dedication.
Abel Financial Strategies are not attorneys or accountants. If a need is discovered, we will refer you to attorneys or accountants in your area to work with or work closely with your attorney or accountant to resolve the need.
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Abel Financial Strategies are not attorneys or accountants. If a need is discovered, we will refer you to attorneys or accountants in your area to work with or work closely with your attorney or accountant to resolve the need.
Securities offered through First Heartland Capital®, Inc. Member FINRA/SIPC Advisory Services offered through First Heartland Consultants®, Inc. (Abel Financial Strategies is not affiliated with First Heartland Capital®, Inc.)
Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes) and Barron's (S&P 2014 total return); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprices.org (spot gold/silver); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.
The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted index composed of 2000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indices listed are unmanaged and are not available for direct investment. Securities offered through First Heartland Capital® , Inc. Member FINRA/SIP
Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes) and Barron's (S&P 2014 total return); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprices.org (spot gold/silver); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.
The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted index composed of 2000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indices listed are unmanaged and are not available for direct investment. Securities offered through First Heartland Capital® , Inc. Member FINRA/SIP
