Who says benefits have to cost an arm and a leg? Show your team your appreciation with these creative, low-cost perks.
A. Company T-Shirts
Welcome new employees with a branded company T-shirt. It sets the tone for a casual workplace and gives both new and seasoned team members a common connection. - Chuck Cohn, Varsity Tutors
A. The Option to Work Remotely
Giving your team members the option to work remotely doesn't cost much, and it can be a big boon for employees living a busy, nonstop city life. It means they don't have to deal with stressful commutes, especially in less than ideal weather, and it allows them to work in peace and comfort outside of the office. We all have mornings where we wish we could stay in bed just a little longer. - Russell Kommer, eSoftware Associates Inc
A. Unlimited Vacation
Unlimited vacation is an employee perk that has the potential to go a long way. Not only do people love the idea of having flexible vacation time, but it also allows them to take ownership of their role at the company and shows them you respect and trust their decisions. This, in turn, will help strengthen their bond to your business and push them to work harder. It's a win/win for everyone. - Jared Brown, Hubstaff Talent
Allowing your team to have flexible schedules (with certain limitations) costs you next to nothing, and it's the biggest perk for people who value work-life balance. Bosses who make people feel bad about asking for time off risk burning out their team and causing high turnover. Just make sure your team can cover for each other, so days or hours off don't leave them stranded. - Elle Kaplan, LexION Capital
A. An On-Site Day Care
We offer babysitting on the few days that most day cares are off. This is a huge help for the parents in our office. We hire qualified babysitters and buy many activities and supplies. The kids have a great time, and best of all, the parents only have to make one drop off! - Elliot Bohm, Cardcash.com
A. Discounted Lunch
There are a variety of great incentives out there! At EVENTup, we give our employees a lunch credit on Fridays, where they can go online and pick lunch from a variety of restaurants. Plus, since all the orders get delivered at the same time, our employees are able to sit and have lunch together. - Jayna Cooke, EVENTup
A. Gym Memberships
With so many gyms and studios out there, there are a lot of affordable options to offer your employees. Exercise goes a long way with overall mental and physical wellbeing, and if employees feel good about themselves, it reflects in their work and increases their productivity. - Jessica Brown, Ivy & Aster /Lovelane LLC
A. Continuing Education
I strongly believe one should constantly be learning to stay ahead of the game. One low-cost perk small businesses can offer is access to online learning platforms such as Lynda.com or Udemy. It keeps employees actively learning new skills and helps them stay competitive in the job market. - Patrick Barnhill, Specialist ID, Inc.
A. Fun Fridays
On Friday afternoons, we stop working a couple hours early to have a few drinks and enjoy a few snacks in the office. It provides our team with a smooth transition into the weekend after a long, busy week. - Duran Inci, Optimum7
A. Birthdays Off
Give team members their birthday off. It doesn't cost much at all, and it creates a very special experience for that team member. It's by far the most cost-effective way to make someone's day special. - Magnus Simonarson, Consultwebs
A. Unlimited E-Books
We give all of our employees the option to buy unlimited e-books on the company in whatever genre they want. It encourages their personal development, which benefits everyone. You could easily get bulk discounts on e-books too by doing this regularly. It's another perk I love, since I read a lot. - Turgay Birand, EditionGuard
These answers are provided by the Young Entrepreneur Council (YEC), an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, YEC recently launched BusinessCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.