Let’s face it, even when you are ready for an employee or two as a small-business owner, you may not quite be rolling in the dough yet. The employees may start per diem or part-time if you have the funds for consistent work.
This may be worrisome as a small-business owner who does care for his employees as to whether you are offering them enough–insurance, benefits, paid time off, etc. The true answer is that if what you can offer them starting is a paycheck, then that is a good starting point. Hiring an employee or two was meant to be a stepping stone to growing your business and therefore being able to offer them more down the line.
If you are still reading this and worried you could be doing more, here are some cost-effective things you can offer your employees while you establish the means to give your employees what you wish to:
Offer to be a mentor
If you have employees working for you who are interested in your line of work, then offer to mentor them as they continue to learn and grow within the industry. Teaching your knowledge comes with the risk of them taking it and moving on to another company, but if you give them a welcoming and friendly workplace to learn in, then they most likely will continue to grow with you and the company
Free training for a skill
I was originally a public relations major and my boss hired me on to do public relations. He could not pay me a high rate initially because he was a start-up so he offered to teach me pay-per-click marketing and search engine optimization techniques–as a collateral. I was able to learn a new skill set for free and was still getting a paycheck nonetheless. Sometimes offering this could entice employees to stay.
This may take a small percentage out of your pocket, but helps with company morale and retention rates in employees. If you are a CPA who owns their own firm, why not do your employees taxes at a discounted rate–or for free. If you own a coffee shop, why not offer all menu items at a fair discounted rate? These may seem trivial, but it can help employees feel appreciated.
A friendly demeanor
The most cost-effective thing you can do to give back to your employees when you can’t give much is a good attitude. This may sound cliche, but there are jobs employees want to go to and those they do not want to go to and being the former can really help keep them interested even during a time when this is all you can offer beyond a paycheck.
What are your thoughts on offering non-monetary benefits in lieu of a higher paycheck?
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Socially Dedicated, a Philadelphia-based firm, provides marketing, content creation, public relations, business management consulting and social media management to small businesses. Check out our website or locate us on social media using the icons below.