How to Move Beyond Cash Compensation
In Part 3 of the Employee Compensation and Rewards Series, we look at other perks you could offer your employees.
While financial rewards and group benefits remain top employee considerations when looking to join or stay with a company, other perks can enhance corporate culture, reward performance, and improve retention.
Here are some ideas:
Working Remotely: By far the most popular option, employees appreciate the flexibility of working at home regularly or on a casual basis.
Flex-time: Morning people might want to start early, while night owls prefer to come in later. Consider flexible start times to keep everyone motivated.
Job Sharing: Two or more people share one position with each person on a pre-determined schedule. Businesses get the added benefit of having two people who are familiar with one position.
Compressed work weeks: Who wouldn’t like to have a little more time off? Adding hours to workdays mean you can offer longer weekends. As with any strategy to provide greater work/life balance, be sure to document policies clearly to comply with employment law.
Extra time off: Offering someone extra time away from the office to unwind is a nice way to say thank you for long hours or show appreciation for good work.
Casual day or casual workplace: Dressing down to support a charity or as part of your corporate culture can boost employee satisfaction.
Gift of giving back: Give employees time to volunteer in their communities or provide donation-matching programs.
Other low-cost rewards or incentives:
- Direct deposit of paycheques save employees a trip to the bank
- Tickets to a game, movie, or entertainment event
- Restaurant gift certificate
- Wellness credit - annual or monthly amount for staff to use for sports, fitness, or other activities that help them unwind
- Commuter benefits - monthly transit passes or parking privileges
- A couple of hours from a housecleaning service
- Catered lunch or take home dinners - a real perk after busy days
- Spa day/massage certificates
Getting creative with staff rewards can be a real boost to morale and help you keep the talent you need, but as with any non-salary benefit, you should check with tax, legal, and compliance experts to fully understand the potential impact of any perks you provide.
How to Move Beyond Cash Compensation (PDF version)
The information contained in this HR Tip Sheet is summary in nature and is intended to provide general guidance. It should not be viewed as a replacement for legal or professional advice.
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