Employee benefits certainly make a business more attractive to both potential and existing employees. However, if your business is on a budget, it may be difficult to implement employee benefits that are low cost, but still offer value for your employees.

No need to worry – we have compiled a list of the top 7 cost-effective employee benefits for you!

The option of free food and drinks, particularly healthy snacks, fruit, and tea or coffee, can be a great mood booster for employees. This can also help improve workforce morale, encouraging employees to eat healthier and to eat in general! When businesses (and personal lives) get busy, it can be common for employees to skip breakfast or lunch, so providing free food and drinks is a good way to show your employees that you care about their wellbeing.

Although the majority of us start from the bottom, this does not mean that we want to stay there – and the same is true for your employees. Offer them opportunities to grow, whether that is through training courses or a path towards obtaining a certification, showing your employees that you also care about their professional growth is extremely important in improving employee retention rates.

A report discovered that over 9 in 10 organisations changed their benefits in response to the pandemic, showing that COVID-19 impacted the business landscape significantly. One of the things that largely emerged out of the COVID-19 pandemic was the ability to work from home. As lockdowns eased, many businesses adopted a hybrid approach to working, with work hours spent both in the office and at home. Some businesses stuck to remote working altogether. Something to consider as an employee benefit is to offer flexibility in where (and (possibly when) your employees start and finish work. Having remote employees may also cut down on general business costs in terms of maintaining the office.

Believe it or not but providing discounts from local businesses is a low cost benefit that you can add to your business. This can help employees with purchasing both essential and non-essential goods, especially during the current cost-of-living crisis.

Financial struggles are commonplace in our current economic climate, particularly due to rising inflation rates. As an employer, it would be a good idea to protect your employees’ financial wellbeing through benefits such as group income protection and medical, dental, and vision insurance. These can be low-cost add-ons that are beneficial for employees during this time.

Champion healthy living with a cycle-to-work scheme that helps your employees keep fit whilst reducing their impact on the environment at the same time. This can be incredibly advantageous for employees who usually bus or drive to work, saving them money on things like petrol and bus tickets also.

Another cost-effective benefit that you can implement is additional holidays or extra paid time off. All employees would be grateful for extra holidays, whether that is something they have to pay extra for or as a company bonus, it is a great way to help them relax and avoid burnout.