4 Affordable Benefits That Move the Needle for Employees 

If David Blake has learned one thing as CEO, it’s that “people just want to be appreciated.” Blake, 54, founded Boston-based IT sourcing and commercial advisory firm UpperEdge, in 2010, and says company culture has been a priority from the beginning. That’s why every year the team at UpperEdge surveys their employees about the company’s benefits program and what benefits employees want.  

The company can’t do everything, Blake admits, but he says that they’ve continued to fulfill asks the best they can. While there are certain, sometimes-more-costly benefits that matter greatly to most workers—including health insurance and an employer-sponsored retirement program, according to a 2023 Pew Research Center report—there are others that can make a difference to employees without breaking the bank, experts say. Here are four:  

Flexible work arrangements 

Flexible work is a priority for workers: almost two in three workers in a survey from the Conference Board ranked “workplace flexibility options,” in terms of location or hours, as important, above other non-salary compensation offerings like bonuses. Even in-person workers want more flexible benefits, as Gallup found.  

For employers, “it can actually cost you nothing,” says Chantel Sheaks, vice president of retirement policy at the U.S. Chamber of Commerce. Granted, with smaller companies, it may take some more coordination to ensure “you have the right coverage at the right time,” Sheaks says, but it could be a differentiator for these small companies too.  

At UpperEdge, the team was relatively flexible even before the pandemic, Blake says, and have proven that flexibility doesn’t inhibit their productivity. “They appreciate what it affords them, as far as being able to balance things that are going on in their personal lives.”  

Emergency savings funds  

Another low-cost benefit, Sheaks says, could be emergency savings. This allows employees to build up a “nest egg over time” that they can pull from without needing to dip into their retirement savings.  

For employers, it can be both inexpensive and easy to set up, as many providers offer emergency savings programs, Sheaks adds. Employers can decide whether to match contributions up to a certain amount, though she says it’s likely workers will be more encouraged to contribute with a match.  

SHRM, formerly known as the Society for Human Resource Management, has instituted a “crisis funding” program called SHRM Aid, says Jim Link, the organization’s chief human resources officer. All interested employees can contribute to a crisis fund, which has been arranged through a third-party vendor. In the case of a “natural disaster or crisis” or a “financial crisis not of their own making,” they can apply for those emergency funds, he says.   

Access to emergency funds has wide appeal, Sheaks attests. “We’re actually seeing, across the board, that these benefits are appreciated even with people with six figures,” she says. “You’d be surprised at who needs it.”  

Time off (and even company shutdowns)  

Paid time off is often the first benefit that small and midsize companies offer their employees, according to a report from the payroll provider Gusto—even before health insurance. “This is a benefit that is likely highly valued by employees and one that can be implemented by employers for relatively low cost,” the report said.  

But something that’s making a “bit of a comeback,” Link says, are paid company-wide shutdown periods. Twenty-six percent of small businesses that offer benefits offer this particular benefit, according to Gusto’s data. Liz Wilke, a principal economist at Gusto, says these can be popular around slower times of year, like the holiday season.  

“Nobody has to check emails. Nobody has to worry that they’re missing something. That can be especially valuable in a small business, where one person can wear many hats,” Wilke says.  

New York City-based public relations firm Powell Communications closes for up to two weeks over the holiday season for a fully paid break. “It really gives you that full-on disconnect,” says Powell COO and CFO Lisa Chiovaro, “as opposed to just folks taking their PTO, their time off, where other people are still on.”  

Outside-of-work activities  

Providing employees with opportunities to connect and collaborate outside of their day-to-day work is another low-cost benefit that can really appeal to workers, Link says. For instance, companies can facilitate employee volunteer opportunities as a team—something that can really appeal to younger workers in particular, he believes.  

“They make that cultural connection between your role as an employer and your role as an employer in society,” Link says.  

The UpperEdge team has participated in volunteer work since its founding nearly 15 years ago, Blake says. Today, the company has an employee-led volunteer and philanthropic committee that develops ideas for volunteer initiatives, he says. In 2023, employees volunteered with eight organizations during paid days, including Habitat for Humanity and the Greater Boston Food Bank.  

“You get to experience not only the camaraderie of working together as a team,” Blake says, “but you also get to see the benefit that others derive from your service.”