Running a startup is often like a juggling act. You need the best talents to join you but don’t really have the resources to attract and keep them within the organization. It’s a genuine challenge almost all new businesses face.
As with any other challenge, you need to get pretty creative to solve it. One way to get potential employees to pick you over some corporate behemoth is to offer attractive perks and benefits. As a startup you need to go beyond expectations and offer something unique to get the most talented team possible.
Here’s what you should consider:
Start off by ensuring you’ve covered the basics. Get a quote on insurance for your employees and set up a clear policy on their 401K. Although most of your employees will be younger than average, they probably already know what to expect from a full-time job, so it’s important to meet expectations.
One of the key benefits most startups can provide is flexible working hours and work-from-home policies. Bigger companies may struggle to give their employees free reign over their work hours and office location, so you can easily implement this when your company is smaller and still growing. Being flexible with work structure is a cheap and easy way to boost morale and productivity.
Build the culture.
Quirky and eccentric work benefits can do more than just attract talent, it can help you build the organization’s culture. You can shape the perks according to your vision of what your business believes in. For example, allow a dress down day once a month and collect money for a specific charity for dressing down on that day. Get everyone free pizza once a month, or leave a gaming console in the office for employees to unwind after a hard day’s work.
Another advantage of being small is you can offer customized benefits to individual employees. One size never fits all, so let your employees pick and choose what benefits they want. Set aside a fixed budget to fund the perks and let your team decide what they value most. This way you never have to pick between flexible work hours, better office decor, game rooms, free food, or gym memberships. Your employees can simply tell you what they need and you can try to give them what they want.
Unique benefits and an attractive work environment will help you get the team you need. Take advantage of being small and nimble by offering benefits your corporate competitors cannot match.