One of the best ways to retain employees is by offering benefits.

The issue with most benefits is that they’re expensive - but did you know that there are certain benefits you can offer that cost very little?

These benefits are budget-friendly—some even free—and yet employees cherish them all the same.

Want to learn what they are?

Keep reading to discover 7 practical benefits you can offer your employees that are both low-cost and also incredibly valuable!

1. Flexible Work Arrangements

One of the most coveted perks in the modern workplace is having the option to work remotely.

Having this flexibility is the kind of thing that can keep workers more relaxed in their day-to-day life, and more loyal down the line.

The best part? It’s completely free.

You don’t have to pay anything extra for workers to work at home. If anything, you’ll save money because you won’t require as much office space!

Remote work does require mutual trust, but if you incorporate an accountability system that works for you, it can be a fantastic way to boost company morale and keep employees happy.

2. Flexible Vacation Policies

Speaking of flexibility, another benefit you can implement is flexible vacation policies.

Instead of sticking to the strict day-accrual method, staff members can be allowed extra days of vacation under special circumstances.

Obviously, you’ll need to ensure that this system isn’t abused, and that proper accountability is instituted.

But if you have employees you can trust, a flexible vacation policy can foster a healthy company atmosphere and reduce burnout in the long run.

We all need a break from time to time, and exercising an option for flexible time off will give workers the feeling that they’re being well-cared for mentally and emotionally.

3. Health and Wellness Resources

In addition to vacation, health and wellness initiatives are another way to boost the mental health of employees.

From yoga to meditation classes, many organizations are carving out time to prioritize the mental health of their employees.

Other options include sponsoring mental health hotlines, digital apps, or even retreats. These resources can keep your employees energized and grateful.

It’s common for workers to quit due to feeling underappreciated, and this is one great way to show them that they’re being looked after.

4. Family-Friendly Policies

The best benefits are the ones that resonate with employees on a personal level—and nothing is more personal than family.

Endorsing family-friendly benefits is both easy and incredibly valuable.

Prioritizing parenthood is one of the best ways to showcase this. Giving parents the option for parental leave, flexible child care arrangements, and even nursing breaks, can make them feel like their workplace is their home.

These are the kinds of benefits that truly make an impact, so you don’t want to overlook them.

5. Financial Education Workshops

You’d be surprised just how little people know about basic financial literacy.

Most employees, if given the option, would be more than happy to learn more about it.

Offering workshops or educational seminars about personal finance management will go a long way with your employees.

Since your employees are getting paid regularly, teaching them finance management will be especially relevant to them - and the cost to provide it would be very low.

6. Employee Discount Programs

Employers have the ability to offer discounts to employees—and we highly recommend it.

Imagine your staff members feeling grateful about saving money on everyday purchases, and knowing that it’s all thanks to you.

However, it should be noted that not all discounts are equal, and they’re often perceived very subjectively. For instance, an unmarried man with no kids likely won’t appreciate a discount at a baby department store.

So if you’re going to offer discounts to employees, make sure it’s actually something that suits their interests and preferences.

7. Casual Dress Code

Finally, one of the easiest benefits you can employ—at completely no cost at all—is a casual dress code.

Whether it’s on a casual Friday or an everyday thing, having a lax wardrobe policy will make workers feel quite at home.

Naturally, a balance must be struck. You don’t want employees to get too comfortable.

But as long as there are tasteful boundaries in place, consider a more relaxed dress code. Staff members will be a lot more likely to stick around if they’re allowed to wear clothes they’re comfortable with.