You Don’t Match Their 401K or Offer Health Insurance—So What Do You Offer?

My husband and I were out to dinner last week with one of my friend’s who works at Tiffany & Co. She was telling me about one of her coworkers who was interested in leaving and thought I might be interested in her.

Out of nowhere my friend says, “Shanu, you won’t be able to afford Mrs. Smith.” First, I was offended, then for a sec I thought maybe she was right, but then I realized I knew somewhat of the salaries Tiffany & Co. offered to even their best employees (one of my best friends works at Tiffany’s in CA and we do talk salaries.) I interrupted my friend by saying, “Tiffany’s hourly pay isn’t something to “cry home about,” and that I knew it was all in the commission. I told her I’d be willing to pay her friend the same commission to get her salary where she wanted to be. Hey, if the store’s making money and commission is what it takes for her to be happy—win-win! Then my friend said, “There’s no way you’re going to be able to match our benefits.” At that time, I was with my husband and she with hers so I didn’t want to get into a long discussion about it and told her we’d chat later about this.

While lying in bed that night, I realized the jewelry stores I worked for, my friends who own stores, and even at Guliani’s we don’t offer benefits such as matching employees 401K or health insurance to all. I started to wonder if that was why jewelry stores are always looking to hire? Many jewelry store owners that I know offer paid vacations to employees after a certain period of time, paid holidays, and plenty more benefits—yet they’re always looking for employees?

What type of benefits does your store offer that cost your company little, yet at the same time, improve morale, build loyalty, and make your employees feel warm and fuzzy about where they work without hurting the bottom line? Or do you offer to match their 401K and health insurance to all?

In addition, here are some benefits you might want to consider which won’t hurt the bottom line:

1. Discounts. Negotiate various discounts with local merchants for your employees. For example, hotels, restaurants, movie theaters, coffee shops, and at health clubs. Offer discounted prices on your own company’s products and services as well.
2. The Local Dry Cleaner. Ask a local dry cleaner for free pickup and delivery of your employees’ clothes.
3. Clothing Allowance. When the business is doing well and you feel the time is right to treat your employees offer a clothing allowance to each. Possibly, offer a clothing allowance to each new employee so you don’t have to spend all the cash at once.
4. Breakfast. Once a month or at every staff meeting order breakfast for all.
5. Family Fun. When your employee’s kids are given a half-day allow them to take a day off without having to use up vacation o sick days.
6. Get Together. Invite your staff, their family, and close friends to a BBQ at the house or a picnic at a nearby park so their kids can come too.
7. Promote Teamwork and Reward Your Star. Have the staff vote on the most hard-working sales associate. Give that sales associate a cash prize.
8. Education. Once a year allow your staff members to pick from a list of seminars, trade show events, or educational class to better themselves at what they do.
9. Pets. Purchase a “pooch pass” for your entire staffs friendly creatures. Most dog parks have a pass that allows your animal to enjoy a huge unleashed open area for a minimal yearly fee.
10. Hobbies/Activities. If you know which hobbies or activities, your employees enjoy on their down time…pay for one of them. For example, kickboxing classes, art class, wine tasting, an art show, a play/opera, football tickets, a basketball game, etc.