Lots of factors go into making employees feel truly supported by their company. In the corporate world, there is a lot of talk about “our people matter to us” and “we appreciate all that you do.” However, especially in today’s workforce where company loyalty is becoming less important, primarily in the younger generations, these words are not enough. Candidates and employees are looking for organizations that take those sentiments and actually back them financially. After all, actions speak louder than words! With that in mind, what are some stipend programs you should consider implementing into your business that can adequately support your team outside of the office? Let’s take a look!
Small Business Stipends
This is something we have here at GoCo! Every week, we spotlight a small minority-owned business that falls under our monthly themes. Then, we give our team a stipend to spend at that spotlighted business so that we can not only treat ourselves, but get out into our community and support a small business in the process! This is a great opportunity to help boost smaller creators and learn about some incredible services near you!
Employee Appreciation Stipend
On Employee Appreciation Day, consider giving your team a stipend to treat themselves on the company! It’s one thing to say you appreciate and value your employees. It’s something else entirely to financially back that appreciation up! This is something our team absolutely loved. We allotted this stipend for “self care,” but that term can mean vastly different things for different people. Whether it was a trip to the salon, a nice meal, restocking on some beauty essentials, or even getting groceries, this stipend was given to our team for them to do whatever they pleased!
In the current seemingly hybrid workforce, there is still a need for adequate home office equipment. Rather than sending your team preselected items, give them a stipend to select the products that they feel would help them be successful! Some people are into fancy monitors, ergonomic chairs, standing desks, and more! Whatever it may be, give your employees the flexibility to curate their ideal work-from-home environment!
We all need our morning and midday pick-me-ups! Consider taking that responsibility on for your team by providing them with a stipend to spend on things like coffee, tea, snacks, or other refreshments to keep them going throughout the day! A lot of companies will have these amenities provided in the office anyway. For your remote team members, they’d be sure to appreciate you extending the same courtesy to them!
Fitness services can become expensive very quickly. Whether it’s a gym membership, a class subscription, or even something like a biking club, those fees add up! However, physical health needs to be prioritized. So, think about offering a stipend to your team for these types of memberships and subscriptions so that they don’t have to worry about it themselves! A fitness stipend would be a great way to invest in the people who invest so much time and effort into your organization.
Professional Development Stipends
Lots of corporate positions require certain skills and/or certifications, most of which come with some sort of fee. You don’t want that fee to be the reason your employees decide against taking the opportunity to expand their skill set. Your employees have aligned their professional aspirations with your company. In return, consider offering them a development stipend to show that you truly care about their growth within their field, career, and your organization.
If your company requires someone to relocate for a new position or project, that transition becomes significantly more manageable for the employee if they know they have relocation assistance available. Moving is such a hassle, and a very expensive one at that. Have your team do some research on cost-of-living for the cities your employees will be relocating to and determine stipend amounts accordingly!
These are just a few stipend program ideas to get you started! The real key is to think of your team specifically and take their needs into consideration. Then, you can get a better idea of what types of stipend programs your employees would benefit most from! Regardless of what program you decide to implement, your employees are sure to appreciate being with an organization that takes that initiative, anticipates their needs, and acts accordingly!
Fully automate your HR with GoCo.