Optical Resources: Getting Creative with Compensation Perks

Posted by Janelle Pauli on Wed, Oct 21, 2015 @ 15:10 PM

We have recently been talking a lot about optical resources for staff management on the blog. We've talked about what to look for in future employees and the types of interview questions to ask. And more specifically, we recently talked about whether or not your practice offers a commissions program to your employees.

Which is why we thought this article from our friends at The Optical Vision Site, would be great to share. If you are managing employees in a small independent eyecare practice, it can be hard to stay competitive with their salaries. The ladies at The Optical Vision Site offer 20 alternate perks to help keep your employees around.

Optical Resources: Employee Perks You Staff will Loveoptical resources

There has been quite a debate on whether to increase minimum wages. The Federal minimum wage is $7.25/hour although each state and city is allowed to have their own wage provisions in place. In places like San Diego minimum wage will be at $13.00/hr in 2017, and in Seattle $15.00/hr.

As a business owner, while you may be paying your staff more it can sometimes be a financial challenge to give staff a yearly raise. According to various sources, the pay raise increase on average is said to be about 3% in 2015.

If you have staff and think that a yearly raise is a given, think again. The days of the annual raise just might be over as employers are coming up with other compensation ideas and perks. A survey by the Society for Human Resources found that 35% of companies increased spending on benefits.

It puts everyone in a bind. Employers don't want good staff to leave, as replacing them can be an expensive cost of up to 150% of the salary. Many employees don't want to leave, a raise is not just a sign of appreciation, but a sign of worth.

So that brings up the question. What else can you do to creatively reward staff without a direct raise?

1. Performance-based bonuses or incentive pay

2. Health care

3. Life insurance

4. Time off

5. Parking

6. Gym memberships

7. Commuting rewards (paid toll roads)

8. Flexible scheduling

9. Extra paid time off (going home an hour early for a week, adding an extra holiday)

10. Attendence to education events and trade shows

11. Retirement plans

12. Expanded maternity leave

13. Gift Cards

14. Spa days

15. Pet health insurance

16. Tickets to events

17. Child care subsidies

18. Recognition, monthly rewards

19. Paid volunteer time

20. Employee option to request their own perk

Do you offer your employees any perks that we missed on the list? Let us know!

Visit the Optical Vision Site

 

Tags: Resources, Tips & Tools

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