Start ups face various challenges sustaining in the competitive businesses and major players tend to supersede them in many fields. Be it bidding for new projects, continuous funding, hiring better talents or retaining existing super talents, start ups face onerous situation for many years of their launch date. It becomes imperative for the management to think out of the box to cope up with the situation and get the best out of their employees to compete. Some of the start-ups have shown their presence pretty quick in the market of Information technology but some remains gray even after trying hard for years.
Let’s analyze some of the simple benefits a start up can offer to their employees for better retention and to attract new talents to their pool.
Better tax savings and personal savings plan
If you ask an employee why you want to work for my company, the first thing that would come is about the benefit they will get in return for the effort they will put in for the organization they will work for. If you offer better savings plan and help save tax out of their income, it makes a positive sign for the employees to think about your startup. Other simple yet effective ways are providing food coupons, leave transportation allowance, extra working hours allowance etc that adds flavor to the unlisted benefits in the offer sent to the employee.
Outings and team break
Some of the startups simply focus on getting the best out of their employees from day-1. If you do not help them rejuvenate, your computers will also give up one day forget about the employees who are working in your organization. Even computers ask for a mandatory reboot once a while then why not make outings and team breaks mandatory for employees funded by the company?
Tie up with other organizations
Tie up with other organizations to provide employee benefit is one of the major key factors MNC’s provide to their employees. Flight ticket booking, hotel reservation discounts, food discount for nearby restaurants, discounts on spa are some of the examples that a start up can do without getting into losses. The companies with whom you are making up the contract get enough sales from you in return.
Cross knowledge sessions Transfer
One of the important and key factors apart from monetary benefit most of the employees look forward is about their career progression and getting knowledge from other teams across the organization. Try not to make it boring by putting too much of code into the presentation but rather starting with basics to advanced sessions, can be helpful to gain additional knowledge that help them.
Another important thing an employee would like to see in your startup is about the health benefits being provided. This doesn’t mean providing insurance for the sake of legal compliances. Health benefit is about providing free health checkups, meditation sessions, yoga sessions etc. The long term advantage of providing health benefits are better employee retention, better performance and in return a better work environment.