How To Recession Proof Your Employee Perks Program

Let’s face it: economic times are tough, budgets are tight, and employee morale is suffering. With such uncertainty, it can be extremely tempting to trim employee benefits in the name of saving cash for your company. But, as employee benefits and incentives slowly begin to disappear, so does employee loyalty while staff turnover increases. And when the cost to replace an employee can cost up to $3,500 or more, the dollar signs can quickly begin to add up even while you are “down a man”.

So, how do you provide perks and keep your employees enthusiastic and loyal even in a struggling economy? Here are three tips to “recession-proof” your employee perks program:

How can you restructure your perks program rather than completely eliminating it? Evaluate what perks you currently offer your employees and determine what your team truly values and place laser focus on it. Instead of gifting cash (which will almost always be spent with little memory of how it was used), find meaningful ways to celebrate achievements and milestones.

Even in hard economic times, many are still looking for ways to help others who are in great need. Here’s an idea: offer employees two-three days a year to spend volunteering at an organization or charity they are passionate about. As you give back to your employees you empower them to give back to the community.

Sound impossible? Think again. One of the greatest benefits you can give to your employee doesn’t cost you a thing: time. As a leader, you can be a strong mentor to team members, inspiring growth and professional success. Spend time getting to know the individuals who work for you, what their goals are, and how you can genuinely invest in their career advancement.

A change of pace and scenery is always nice, and granting the opportunity to work from home during certain seasons is a free benefit you can provide. And while 9-5 may be the standard, some individuals may be more productive in the earlier hours while others come alive later in the day. If a “set your own hours” approach is feasible, you may find that it actually increases productivity while offering a felt reward.

Depending on your industry, you may have free perks right under your roof! Do you work in the entertainment sector? Make sure your employees have early access to new music, films, or books that are pending release. If you work in technology perhaps you can provide a first look at new products, or if you’re in the food industry and can offer a “first taste” of anything new coming to consumers in the future.

Consider finding room in your benefits budget for an affordable employee discount program that aggregates consumer perks and offers. Programs such as this help you in two ways: For one, your employees get the added benefit of hundreds (if not thousands) of dollars in savings that increases their total compensation without the burden of a salary increase on the company. Second, outsourcing your employee perks is often a cost neutral move—by offloading the responsibility, time, and resources required to negotiate with vendors and communicate perks, you and your staff are freed up to spend time on more critical HR roles.

Investing in your employee’s wellness naturally leads to increased productivity and stronger loyalty within your organization. While the funds to hand out extravagant perks may not be as readily available as they were in years past, there are still opportunities to protect this much needed avenue for employee engagement. Recession proofing your employee perks program is really recession proofing your workforce; in cultivating a more empowered and passionate team, you are better prepared for the path ahead, regardless of how rocky it might be.