Perk Up in the New Year

If you haven't begun to feel the pinch of the current economy in your business or organization yet, you're either extremely fortunate or about to get a nasty surprise. For the rest of us who have seen prices go up and new business ebb, cost-cutting is an inevitable tactic to employ so we can bear the economic strain. A particularly painful, yet effective, area to cut costs is employee perks and benefits. However, there is opportunity here (yes, BRAND opportunity).

If you must remove perks and benefits from your employee package, it softens the blow to replace them with other, lower-cost perks. These can also be brand-building tools, if carefully selected; the types of perks you offer your employees say a lot about a company, its values, and its brand. While none of these are going to be a good replacement for health insurance or 401k matching, they could soften the blow of some cutbacks:

Creative Brand

• Impromptu field trips


• Free beer in the office


• Time off for creative projects/hobbies.

High-end Brand

• Consulting and planning services


• Concierge services


• In-office massages.

Nurturing Brand

• Daycare/on-site lactation room or emergency child allowances


• Holiday turkeys/hams


• Time off for volunteer work.
  

Don't let these examples limit you--getting creative with perks is what makes them stand out. For example, RedPeg Marketing of Alexandria, VA sometimes awards its employees their bonuses with suitcases full of cash instead of checks. It doesn't cost any more, but the impact is huge. Use these to promote your business as a place that cares about its employees but, more importantly, lives the brand that it promotes.

Sources:
Jacobson, David. Extreme Extras. April, 2006. Money.
Penttila, Chris. Employee Benefits in Today's Economy. January, 2009. Entrepeneur.
Create loyal employees with creative benefits and unique perks