Perks of the job
Flexible working may be here to stay for some people, but there are a number of other benefits employers can offer to improve staff morale and increase retention rates.
Many workers would be familiar with supplementary employee benefits such as group life assurance, private medical cover, and pension schemes to which the employer makes a contribution.
Lifestyle perks including organised social events or subsidised gym classes have become increasingly popular as team building exercises and opportunities to make employees healthier and therefore less likely to suffer health-related absences.
No universal benefit
However, businesses should recognise that not all employees will appreciate the same benefits and that over an individual’s career the value they place on different perks will change. For example, a younger worker may be more interested in discounted gym membership or social activities, whereas a more mature individual may place greater value on health insurance.
A voluntary programme will allow individuals to receive the benefits they place most value on. This level of choice will increase employee satisfaction as they will feel their specific needs are being considered.
Giving employees a choice on the make-up of their benefits package can serve as a helpful recruitment and retention tool and boost employee engagement. Time-based benefits are often particularly appealing because staff feel like they have more control over their work-life balance.
Giving something back
Corporate social responsibility or CSR is a hot topic among larger organisations, but even the smallest firm can make a positive impact on society through its employees.
Studies have found a direct link between an employee’s positive perceptions of their employer and their participation in volunteer activities – particularly when such activities benefit the local community and are undertaken during regular working hours.
Many companies already partner with charities to raise money through one-off initiatives, so implementing a more structured programme and enabling employees to work for their nominated charity is a good way of generating goodwill.
Letting employees choose the cause to be supported can increase engagement, as does informing them of the impact of their contribution. This can be explained in real terms, such as the number of food parcels bought with money raised from a charity event, for example.
Making it work
Employers should make the benefits review process engaging to ensure employees realise the value of these benefits. The financial data available to users of cloud-based accounting packages such as Big Red Cloud will give the business a sense of how such schemes impact the bottom line.
Benefit schemes might seem like a lot of admin for a small business, but the time taken to manage them and the costs involved should be weighed against the advantages of increased staff satisfaction and engagement with the company.
Young people entering the workplace have grown up with the ability to make choices that are customised to their needs. Employers who are flexible enough to react to the changing way benefits are offered to their staff can expect to see higher levels of employee satisfaction.