Employee benefits are always a good way to keep employees happy, more satisfied and more committed, and can be a key point in terms of attracting and retaining top talent, a great way of differentiating yourself from the rest of the companies. Anyway, small companies still tend to think that benefits are something that only the big ones can afford. Each company should think about which benefits package would make more sense in their specific case. But, as a starting point, let’s have a look at some affordable employee benefits that can make your employees happy without hurting the company’s funds.

• Praise: It is important to praise employees when they have done a good job. It is a really simple thing to do, and it gives great results in terms of employee motivation and engagement. Employees (and everyone) need to know that their efforts are being recognized not only with a paycheck. Show them appreciation and let them know when they are performing at a good level.
• Training: Offering training and other professional development tools can help you both retain employees as well as developing them professionally the way you expect them to develop for the company. It is also a great way to motivate employees and let them know that they can go further in terms of professional growth.
• Flexibility: Employees are nowadays valuating way more the way their jobs allow them balance their professional and personal lives. Giving them the opportunity to adapt they work hours according to their personal live needs makes them feel more satisfied with their work. This makes employees more productive, as well as reduces nonattendance rates. You can either allow them work from home or give them the chance to decide when to arrive and when to leave as long as they accomplish their weekly hours.
• Commuter Benefits: Employers can offer their employees certain commuter benefits that can be subsidized on a tax-free basis. These can include transit passes, qualified parking or commuter highway vehicle.
• Employer Assistance Programs: Employer Assistance Programs (EAPs) are created to help employees with certain personal issues that could result in a drop of productivity. EAPs include assistance with family issues, situations of abuse of substances, situations of serious stress or crisis, financial counseling…These programs are really affordable as they cost around $20 per employee per year, but they can be very helpful when employees face serious personal problems that affect their performance.
• Paid Sick Leave: Some states already require it. Offering paid sick leave to employees guarantees keeping viruses away from the office, protecting other employees from being absent. And the cost of this is way less than what we would think: in 2014 the average cost of small companies in paid sick leave was 0.7% of total compensation of each employee. It is definitely way better to pay this amount than having half workforce sick, isn’t it?
• Health Insurance: This is the classical employee benefit. And it is actually not very affordable, but there are options that are not that expensive for the employer. And we all know this is one of the key players in top talent attraction, and it is essential if we want our company to be competitive in the hiring marketplace. The IRS offers a Small Business Health Care Tax Credit to small companies that can help them offer health insurance in a more affordable way.
• Wellness Programs: Wellness programs promote having a healthier lifestyle, more active and with healthier eating habits. These programs are created to improve the overall health of employees. They may include in company fitness or yoga classes, nutrition classes, outdoor sports sessions, or even gym subscriptions.

• Retirement Plans: Offering a retirement plan to employees is always a good idea, as all of them appreciate the opportunity to start taking care of their future financial needs and wellness. Companies with 100 or less employees can offer a Savings Incentive Match Plan for Employess Individual Retirement Account (SIMPLE IRA) plan to their employees. This plan provides small employers with a simplified method to contribute toward their employees’ and their own retirement savings. Employees can choose to make salary reduction contributions and the employer is required to make either matching or non-elective contributions. Small companies can also offer 401(k) plans, which do not require a contribution from the employer, but SIMPLE IRA are more simple and have less costly administration rules.
• Discounts: Offering discounts to employees is an easy, popular and affordable way to offer extra benefits to your employees. These discounts can include discounts with local shops, restaurants or gyms, discounts on the company’s products or services… If the employer doesn’t want to manage the program itself, here are different companies that offer discount programs for an affordable price.