How You Can Help Employees Save on Expenses
Good employees work hard if you hire the right ones! Help them save on expenses with these tips to keep them in your camp long after you signed them on.
Don’t make employees park on the street for two hours at a time. You’ll lose an hour a day per employee in “parking swaps,” and hiring more people only amplifies that lost time.
People will walk together while moving their cars, wait for the one person who needs to go to the bathroom, and taking extra time to put on winter wear during harsh weather. Just pay for their parking and reap the rewards of productivity.
Here’s how to calculate it:
- Boil down your employees’ salaries to hourly wages
- See how much time they spend on moving cars from time sheets, or estimate the time
- Multiply that by the number of employees you have
Even an entry-level employee with a salary of $36,000 per year earns about $17.30 per hour. At an hour per day, that costs you $86.50 per week in time lost for every employee you have.
Even at a small company of 13 people, you’d be looking at over $1,100 in lost time per week. That’s over $55,000 of lost productivity per year-easily the value of another high-performing employee.
It might be time to look into a parking plan, if only to optimize everyone’s time.
It’s the little things that help employees stay focused throughout the day. Things like free coffee and tea are fantastic places to start, even though it sounds basic.
These things become a part of everyone’s daily rituals, offering a placebo effect of comfort (although unlimited coffee really does have a tangible effect). People come in a little earlier and stay a little later with those kind of amenities.
When the chips are down, that $1 cup of coffee is easily worth the extra $17.30 in time you get from employees arriving early or staying late to finish a project. If you want software engineers or legal counsel teams to get it all done, then throw them a bone.
All of these things help employees save on recurring costs as well, building goodwill and loyalty in return. Coffee can cost $40-$50 each month per employee, even if they’re just buying k-cups in bulk. That’s before factoring in more expensive beverages in popular coffee chains. Be the hero and get them office K-cups at a bulk.
It’s going to play out in your favor in the long run.
Most employers lose out on great opportunities by keeping their employees from networking. Stop fearing that they’ll fly the coup (that says a lot about culture, by the way) and start bringing them along to help build inroads!
It doesn’t matter what kind of event it is-everyone’s there to network in some capacity. It might be an open networking event or an industry summit (real estate, technology, HR, etc.) it doesn’t matter. Turn your team’s connections and enthusiasm into your organization’s advantage.
Let your employees bring some authenticity to your company’s brand, and maybe some unexpected benefits as well. Your employees might build a rapport with potential clients, or discover some added value for your organization. It could take the form of a new consultant, a new software tool, or a new resource for excellent hires in the future.
“What if we train people and they leave?”
“What if we don’t, and they stay?”
This joke encapsulates the so-called dilemma of training employees. It cannot be avoided, ultimately, but you can get an exponential return in value if you pay for some certifications here and there.
These don’t need to be night courses that cost a huge amount of money, like an MBA. Focus on low-hanging fruit to help your employees get a foothold in the industry-ultimately bringing more credibility and productivity to your company.
You can even provide magazine subscriptions to industry-focused publications as an alternative. The point is that you’re giving team members a way to bring new ideas and experiences to the table. You never know how the next breakthrough will come from, or how it will develop in your workplace.
No, not every single team member will take advantage of this stuff. That could be an issue of time, culture, or hiring. Some people are just too swamped to take a couple hours out of the week to learn, while others might just be content to stay where they are (but this second group won’t last long).
Still not sure how to make these things work for your company? Talk to us at the Career Path Group to find out! Work with the confidence of a seasoned executive search agency at your fingertips.