For professionals that are in high demand, perks can be a crucial factor in their decision to stay with a company. That's why offering perks is a great way to improve remote employee retention.
And offering the right benefits can be tricky if you are running a remote team. Remote workers are usually independent contractors, which means that they get a gross salary that does not include benefits. If you want to have a serious team with quality remote workers who are there for the long run, it's important to think about what kind of benefits you want to offer.
For many small businesses, offering full healthcare and pension benefits is not yet an option, but there are other perks you can offer.
In this article, we bring you 5 perks you can offer to reduce turnover and improve remote employee retention.
1. Training & Education
Remote employees often leave their companies because they lack growth opportunities. No one wants to be stuck at the same level forever, so having an opportunity to grow & develop is very important.
For example, HelpScout offers a Personal Development stipend in the amount of up to $1,800 per year to their remote workers. Their employees can freely use this stipend to sign up for any courses or conferences.
This way, the company encourages its workers to continuously work on their personal development.
You may not be able to afford to give your employees the same amount as Helpscout but what you can give them is time for training. There is so much incredible training content available online for free or for a very low cost, and simply giving your employees allocated training time is also a great perk.
2. Flexibility
Studies show that 67% of remote employees feel that the greatest benefit of remote work is having a flexible schedule.
Aside from making your employees more productive, it also reduces turnover.
And it won’t cost you a dime.
So, having a remote team already adds a layer of flexibility. But what can you do to additionally increase that even more?
First of all, allow them to have a flexible schedule.
Some people prefer working traditional 9-5 hours, while others feel more productive in the early mornings or late evenings.
If possible, allow your remote workers to freely choose their own working hours. As long as the job gets done with the quality you want, there's no reason to have a strict schedule. The only thing you should really focus on is the final product of their work.
3. Home Office Set-Up & Equipment Stipend
Remote work relies on technology.
That’s why assisting your new remote employees in setting up their home office is not only a perk, it is a necessity. And having access to the necessary tools and equipment can significantly boost the productivity of remote workers. A better computer or a more comfortable chair can make a big difference in how much work can be accomplished in a day.
Including this in your benefits lets your employers know that you're aware of the financial burden they're taking on as remote employees and even $50 a month can make a big difference for them.
4. Paid Time Off
Every employee needs time to relax.
Lately, more and more companies are introducing unlimited paid time off policies, allowing their employees to take as much personal time as they need.
It might seem drastic, but it works.
In fact, studies show that 44% of remote workers with unlimited vacation options only take two or three weeks off per year.
Offering this perk shows your remote employees that you trust them, which can drastically improve their loyalty and reduce turnover.
Buffer, a successful social media management company, even offers minimum vacation requirements. Each employee needs to take a minimum of 15 paid vacation days each year.
Ensure your remote employees have the right balance of their personal and professional life. They will feel happier and more productive.
5. Personalized Remote Work Stipend
This perk is perhaps the best way to offer personalized benefits to your remote workers.
It is specifically designed to fit the needs of your remote employees.
If you don’t have a fully remote team, this perk will also ensure equal treatment of your remote workers and your on-site people.
So what is a remote work stipend?
Basically, this is an amount of money regularly given to your remote employees for them to use for their own personal perks.
Think about it.
On-site employees usually have an office space, a computer, a desk, office supplies, and many other things you might not even consider.
However, remote employees have to provide everything for themselves – even the cup of coffee that they have during their break. A remote work stipend covers the cost of such items.
And here is why it works:
- If your workers can freely pick what they want, they will be more satisfied.
- You won’t waste money on perks that some of your employees don’t even use.
- You won’t have to spend time choosing and managing additional perks.
Depending on the amount of your remote work stipend and the other perks you offer, it can be used on healthcare, pension fund, education, wellness, or continuous learning.
Even a relatively modest amount each month can help towards ensuring your employees have the security they need and access to services that will make them happier and more productive in their work.
These were our top 5 ways you can improve remote employee retention.
By the way, did you know that companies that hire remote workers have 25% lower employee turnover?
If you want to improve your retention by hiring great remote workers, you can do that right here on JobRack. We have thousands of high-quality remote workers who might be a perfect fit for your company. Click here to find out more.
