The cost of offering employee benefits is an expense that most companies need to deal with, at least in some way. While bigger companies have deep pockets to offer benefits such as health insurance and pricey “perks,” smaller companies often struggle with the costs. Fortunately, many employees are not only open to, but often genuinely appreciative of, alternate employee benefits.

Benefits do matter. Studies show that employees are less likely to stay with a company that does not offer desirable benefits. In fact, a lack of benefits could even keep potential employee candidates from applying in the first place. But costly benefits may not be what most employees value most.

Even when the company offers a health insurance plan, today’s employees are often appreciative of benefits that help them with their work/life balance. Benefits such as being able to telecommute, work “flex hours,” or compressed work weeks, are quite popular with employees. If the work is still getting done, benefits such as these give employees the flexibility that they desire for very little company cost. Additionally, benefits such as these tend to improve employee morale, and even their overall physical and mental health.

Providing time and at least partial financial backing for an employee’s professional development is also a win-win benefit. Even if a company’s training budget is a bit thin, there are webinars, conferences, and online seminars which are cost efficient and yet desirable. Allowing employees to pursue these development opportunities during the workday can be a big plus for employees, while the company reaps the benefits of the employee’s newly gained knowledge. If the company’s budget allows, assistance with tuition is also a great alternative employee benefit to offer.

Health related benefits are also appreciated by employees, and do not have to be costly. Most areas have local gyms or exercise programs that they can partner with, getting a special membership rate for employees. Company-sponsored sporting events for employees to participate in are also great, as they provide exercise as well as team-building opportunities.

Employees often wish to participate in community-focused volunteer efforts but cannot because of work schedules. Allowing employees to use paid leave to participate in a certain number of hours of these events is a great way to encourage employees to volunteer, which in turn is good for the entire community. Employee discount programs are another benefit that is generally cost-efficient but can really help employees save money. If these programs involve local businesses and restaurants, that is even better.

Company organized special events and themed workdays are a great way to give employees some benefits while also having fun. A “bring your pet to work” day does not cost a dime but can be very enjoyable for employees.

Finally, it is important to listen to employees to see what kinds of things they would like to have. This method has the advantage of allowing a company to customize alternative employee benefits to the people that will be receiving them. It is also a great way to let employees know that the company cares and is listening to their needs.