Salaries in the Philippines have increased to their highest point since before the pandemic, representing a big win for most employees but a serious challenge for smaller businesses. With the labor market progressively getting even more competitive, startups and SMEs (small- and medium-sized enterprises) with limited capital have to think outside the box if they want to be able to compete with larger competitors for top talent. Here are a few unorthodox employee benefits that you could try to supplement salaries and standard compensation packages with:
1) Employee Loans
If you offer loans to the right employees, they can encourage loyalty and a deeper appreciation for your organization. To make employee loans viable, you need to choose low-risk employees and make sure your payroll management system can handle regularly scheduled loan disbursement in small increments. If you’re currently using a manual or previous-generation electronic payroll system, consider upgrading to newer solutions that offer transaction and payroll automation for small businesses. Doing these should not only allow you to limit your liability when giving out loans but it should also reduce your HR and payroll team’s overall burdens, given the hectic bi-monthly Philippine payroll system.
In the Philippine startup and SME scene, Maya Disbursements has emerged as a leading solution for the automated disbursement of loan funding. In addition to being a salary disbursement and allowance management system, Maya Disbursements could be set up to facilitate regular loan transfers and other payments to employees, beneficiaries, and even suppliers, saving your business time and avoiding expensive payment errors.
2) Tuition Reimbursement
Whether you decide to pay for employee courses partially or in full, tuition reimbursements are often greatly appreciated by employees, particularly given the rising cost of professional education. If the people you want to attract or retain are parents with young children, you can also choose to fund the tuition and allowances of their dependents.
Either of these reimbursement strategies may be accomplished through small business payroll administration solutions like Maya Disbursements. A huge benefit of Maya Disbursements is that it lets you create branded multifunctional cards that link to Maya accounts that you can set up for your beneficiaries, allowing for easier tuition and allowance management.
3) Structured Rewards Programs
Internal rewards programs are gaining popularity as a way to incentivize employees outside of the basic compensation framework. The basic idea behind these is to tie employee performance with points that could be redeemed for cash or tokens. If structured realistically and run with the right intentions, you can leverage rewards programs as a way to foster loyalty and attract new blood into your organization.
Maya Disbursements is perfect for facilitating these programs. You can distribute rewards and incentives disbursed through custom multifunctional cards linked to employee Maya accounts, greatly simplifying the rewards process while also reinforcing your brand.
4) Extra Paid Time Off
Companies like LinkedIn and Netflix famously have unlimited PTO (paid time off), provided that all work deliverables are met. In the Philippines, this is completely unheard of and probably not practical for most smaller businesses. However, simply going above the typical 10-15 vacation and sick leave package that’s commonplace in the private sector can be key to attracting top talents. So long as you’re able to manage your labor inputs and set reasonable limits, offering more PTO than the competition can make your small business stand out in today’s hyper-competitive labor market.
5) Flexible Work Arrangements
A growing number of businesses are turning to several unorthodox work arrangements that help give time back to employees without sacrificing productivity. Such strategies as four-day work weeks, remote work, and flexitime are just the most prominent of the dozens of strategies that small businesses have used to incentivize employee loyalty without diving deep into their limited coffers. While not all of these may make sense for your business, exploring them may prove to be key in developing a winning compensation package that’s uniquely suited for your small business’s goals.
Preserve Your Talent Pool with Maya Disbursement
While nothing will replace traditional benefits like salaries and health insurance, exercising a bit of imagination can be key in creating a compensation package that not only draws in talent but also retains them. With Maya Disbursements, you not only get seamless disbursement of salary and payroll processing for small businesses but you also gain the freedom to be creative with your compensation packages. Create a Maya Business Manager account today to build innovative compensation packages that attract and retain the best talents.
Getting a Maya Business account will also give you access to Maya 1-2-3 Grow, an exclusive product bundle aimed at startups and SMEs. This bundle gives you a 1% merchant discount rate (MDR) for QR Ph transactions facilitated through Maya Business solutions. At a 1% MDR, you can save PHP 14,600 in transaction fees for every PHP 1 million in QR Ph sales during the promo’s 3-month validity period. Moreover, as part of the bundle, having a Maya Business Deposit account as your settlement account also lets you enjoy free fund transfers via InstaPay and PesoNET, as well as a generous 2.5% p.a. interest on your account. This translates to PHP 25,000 in earnings on a PHP 1 million deposit. After signing for Maya 1-2-3 Grow, you’ll also be eligible to get Maya Flexi Loan offer of up to PHP 2 million within just 3 months, giving you more funds to build creative employee compensation packages with. Sign up for a Maya Business account today for seamless automatic transfers and limitless growth for your small business.
