Most People Ops professionals face long to-do lists and limited budgets. With lower turnover, an uncertain economic outlook, and rising costs, offering competitive benefits without overspending can be challenging.
Here are three ways to upgrade benefits employees with value – while staying within budget.
Grant Additional PTO
At JDM, we encourage employees to utilize our flexible time off policy. However, we understand that taking time away when others are still working can feel challenging, and the thought of returning to a backlog can make it even harder to truly disconnect.
To support better work-life balance, we added more paid holidays that align with our DEI efforts (including Veterans Day, Indigenous Peoples Day, and Juneteenth). We recently tested a soft office closure at the end of the year, encouraging everyone to step away and recharge – and it turned out to be a big hit with the team.
Offer (and Promote the Use of) Tax-Advantaged Accounts
Tax-advantaged accounts like FSAs, Dependent Care FSAs, and HSAs can often be underutilized by companies and employees. These accounts offer employees a way to lower their taxable income while covering essential expenses such as dependent care (Dependent Care FSA), out-of-pocket medical expenses (FSA), and savings for future healthcare expenses (HSA—these funds can also be invested)!
By contributing to these accounts, employees can reduce their taxable income by up to $13,500 annually (by maxing out HSA and Dependent Care FSA contributions). These accounts are typically free or low-cost for employers to implement and offer significant value to employees.
Recognize Your Employees
According to a recent study done by Canva, 87% of employees say feeling appreciated at work increases motivation. Employee recognition doesn’t have to be complicated; it can be as simple as giving a genuine compliment for a job well done, a company-wide award to highlight exceptional contributions, or sending a small token of appreciation, like a gift card.
You don’t have to be financially restricted to put these benefits into play; each of them has proven popular with the JDM team over the years. But if you’re in a pinch and haven’t yet implemented any or all of these benefits, you can wield them to keep your employees happy and keep your expenses in check.