Benefits Employees Prefer More Than a Raise
More and more employees are becoming open to leaving their job due to a lack of benefits. Is this happening to the employees in your organisation?
You might think a salary increase is always the answer. But, the majority of the time, it doesn't cut it.
Before you open up the floodgates to a parade of puppies in your office, think about what really matters to YOUR employees.
What’s the average age? Interests? Maybe run a survey or two and find out what kind of perks they’re looking for.
What You Could Offer (aside from a raise):
- Employee discounts and rewards
- Wellness program
- Flexible working - discover why flexible working is the top employee benefit of 2022
- Employee development plans (training)
- Retirement benefits
- Gym memberships
- Incentive or bonus payments
- Health insurance (when not required by law) - quick fact: health benefits are the most commonly offered benefit in 2022
- Tuition reimbursement
- Paid parental leave
- Childcare assistance
- Commuter assistance
- Diversity program
Why are Workplace Benefits Offered to Employees?
Better wellbeing and performance
Healthy employees have far better output than stressed, overworked ones. An employee wellbeing programme or health-related incentive shows that your organisation is focused on an employee-first approach to work and gives them the support they need to work happy.
When employees feel valued and appreciated they are far more likely to be more productive and happier at work. Research shows that feeling appreciated was the third biggest factor in employee workplace happiness in the UK. Therefore an employee job benefits scheme is an excellent way to show that your organisation appreciates the work of its employees.
Recent studies show that nearly a third (32%) of employees would leave a role if flexible working was not offered, and 38% would leave to pursue a better work–life balance. Therefore talent retention is a top priority for business leaders who are now using counteroffers, new technologies, training and flexible working to reduce voluntary turnover.
6 Low-Cost Employee Benefits
When it comes to employee benefits, as a HR professional or leader, you might think they always have to be big, expensive benefits that are potentially out of budget for your organisation. Sometimes, the smallest or low-cost employee benefits can have a great difference. Here are 6 that might get you thinking...
- Local store discounts
- Bring your dog to work day
- Guest speakers in the office
- Monthly breakfast in the office
- Allow paid time off for charity work
- Offer on-site yoga or workout classes
To Sum up…
Company perks remain a major opportunity for most organisations, which aren’t taking full advantage of the appeal of non-monetary benefits for most employees.
As the workforce changes, so have employee expectations about benefits packages. The “standard” benefits package is no longer enough to find (and keep) quality employees.
For organisations to attract and keep quality candidates, now may be the perfect time to adjust their benefits packages. However, remember, offering benefits that employees want, need, and will use, is far more important than providing benefits that “sound cool” but don’t really benefit anyone.
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