In today’s difficult economic climate, small businesses are facing a lot of challenges. One of the most important challenges is employee retention. With so many people out of work, your employees may be tempted to leave your company for a better offer elsewhere. However, there are some things you can do to improve employee retention, even during tough times. One such way is by offering trivial benefits.
What you can expect in this article:
What Are Trivial Benefits?
When it comes to benefits, most businesses think of the big ones. But what about the smaller, everyday benefits that your employees or customers might not even think to ask for? These are what we call “Trivial Benefits,” and they can actually have a big impact on morale, productivity, and customer satisfaction. In this blog post, we’ll explain what Trivial Benefits are and how you can use them to give your business a boost.
So what is a Trivial Benefit? Trivial Benefits are small perks or privileges that make life just a little bit easier for your employees or customers. They’re the little things that show you care about your people and are always looking for ways to improve their experience. For example, some companies offer their employees free coffee or tea in the breakroom, while others let their employees bring their dogs to work. Neither of these benefits is earth-shattering, but they do make life more enjoyable for those who have them.
Are Trivial Benefits taxable?
A common question for employees and employers is whether they have to pay taxes on Trivial Benefits. The answer is that it depends on the value of the benefit and whether it is classed as a “taxable benefit.” HMRC has a useful guide that can help you work out whether a particular benefit is taxable or not. In general, though, any benefits that are worth less than £50 are exempt from tax. So if you receive a trivial benefit from your employer, such as a free cup of coffee or tickets to a football match, you don’t need to worry about paying tax on it, and neither does the employer.
Seven ways to improve employee retention with Trivial Benefits
Trivial Benefits are small perks that show your employees that you care about their well-being and appreciate their work. They don’t have to be expensive or time-consuming to implement; in fact, some of the best Trivial Benefits are actually very simple and easy to do. Here are 7 ways you can use Trivial Benefits to improve employee retention:
1. Offer flexible work hours
Giving employees some flexibility when it comes to their work hours is a great way to show that you trust and value them. And, since they won’t need to take time off for childcare or rush home to beat traffic, they’ll likely be more productive during the hours they are at work. For working parents like me, it’s an incredibly big deal to have the need for flexibility recognised at work.
2. Give out free breakfast and/or lunch
Who doesn’t love free food? Offering breakfast and lunch (or even just snacks!) is a great way to show your employees that you care about their well-being, and help them with their cost of living. Plus, it’s a great way for team members to bond over their shared love of (free!) food.
3. Allow employees to bring their pets to work
More and more businesses are going pet-friendly and for good reason! Allowing employees to bring their furry friends to work has been shown to reduce stress levels and increase job satisfaction. So if you’re looking for a way to make your office more relaxed and fun, consider letting your team members bring their pets to work with them!
4. Introduce a bike to work scheme
A bike to work scheme can play a significant role in improving employee retention by fostering a healthier, happier, and more engaged workforce. By encouraging employees to cycle to work, companies can help reduce stress levels, improve mental well-being, and boost physical fitness among their staff. This leads to increased job satisfaction and a stronger sense of commitment to the organisation. Providing such an environmentally-friendly and cost-effective commuting option reflects positively on the company’s values, making employees feel proud to be part of a socially responsible organisation.
5. Offer on-site childcare to working parents
On-site childcare is often thought of as a perk for employees, but it can also have a significant impact on employee wellbeing. For working parents, having reliable and affordable childcare is essential. Having on-site childcare offers peace of mind and makes it easier to balance work and family life. In addition, research has shown that employees who have access to quality childcare are more productive and have lower rates of absenteeism. As a result, offering on-site childcare is not only good for employees, but it makes good business sense for employers as well.
6. Provide healthy snacks for that 4oclock slump
One easy way to boost employee morale is to provide healthy snacks in the office. This doesn’t have to be anything fancy – a bowl of fruit or a selection of nuts and seeds will do the trick. Employees will appreciate being able to snack on something healthy, and it will help them to stay focused and energised throughout the day.
7. Get social to build relationships that go further than the office walls
Finally, offering employees the opportunity to take part in companywide social events is a great way to boost morale and promote team building. Whether it’s an annual summer party or regular after-work drinks, social events give employees the chance to relax and socialise with their colleagues outside of work. Not only will this help them to build stronger relationships with their co-workers, but it will also make them enjoy coming to work each day.
Trivial Benefits – anything but trivial when considering employee retention
There are endless possibilities when it comes to Trivial Benefits – it all depends on what your team values most! By offering perks that improve your employees’ quality of life, you’ll create a happy, engaged workforce that will stick around for the long haul.
Along with other more traditional benefits like health insurance and retirement savings plans, Trivial Benefits can play an important role in improving employee retention at your small business – especially during difficult economic times. By showing your employees that you care about their well-being and appreciate their work, you can create a more positive and productive work environment for everyone involved.