In South Africa, SMEs are quickly becoming the most interesting and appealing places to work due to the innovative nature of companies, the fresh outlook on team work, almost no micromanagement in sight, the brewing thought leadership, youthful but driven workforce and endless possibilities of growth.
The above are elements that can easily attract the créme de la créme in the workforce to your company. The problem is that this usually comes with a hefty price tag , one that SMEs usually cannot afford.
SMEs need to come up with innovative ways to attract and retain valuable talent in their company, by creating compensation packages that they can afford but are also attractive. Many SMEs are now offering unique benefits within their compensation packages to which have proven to satisfy all parties in the employment contract.
Employee benefits come in many forms. Providing benefits in addition to a monthly package can really motivate employees, and can ultimately differentiate you from the traditional compensation packages that are becoming less enticing to millennials.
We have taken the liberty of undergoing research and compiling a list of benefits that many SMEs are providing to their employees, these include:
Travel/ transport allowance
Cell phone allowance
Monthly Parking bay payment (near or on company premises)
Weekly provision of Breakfast or Lunch (once or twice a week)
Increase in leave days per annum
Allowance of a free leave day on employee’s birthday
Relocation stipend if an employee is relocating
quarterly workshop for personal benefit e.g: money management, best insurance options in the market, free training for skills in new tech software (industry specific) etc
Creating clubs example: squash, tennis, running, and cycling
Employee of the month prize (could range from movie tickets to weekends away)
Workplace resting areas and fun room
These are just some of the unique benefits that seem to be the most attractive to employees. We encourage SMEs to continue to think out of the box, and keep developing unique elements that contribute to their attractiveness in the market.
If you require assistance with creatively designing remuneration packages that are attractive and beneficial for all parties in the employment contract, contact Virtue HR Solutions to set up a meeting today!