How often do you reassess your employees’ benefits packages? If it’s not an ongoing conversation, it’s time to rethink how you’re doing things. With the pandemic reshaping how we work and highlighting the importance of employee satisfaction and wellbeing, it’s more important than ever to make sure your employment package is not only competitive, but really reflects what your employees want. It’s no longer good enough to buy in an off the shelf package; employees want more and they deserve more! If you want them to feel valued and in return remain loyal and wanting to give their best to the job, it’s time to do some research.
What does the research say?
Glassdoor’s Employment Confidence Survey found that 79% of employees preferred to be offered new benefits to a pay increase, with this being 86% in employees aged 18-44. The desire of Millennials and Gen Z for workplace perks is is often attributed to them being demanding and entitled, but in reality people are starting to value their contribution to the business that they work for. They see that they will have to work until they’re much older than their parents did, and so want their employers to appreciate their commitment with signs of recognition. It’s not entitled, it’s a healthy change to be welcomed for the wellbeing of teams. It also leads to meaningful conversations between business owners, HR and employees, and it saves businesses money.
A good benefits package can save you money in three ways:
Tailoring and adding more benefits to your employment package costs less than a pay rise but has the same effect on people’s feelings of being valued and respected. Many options cost nothing or very little and can increase productivity (think flexible working, an extra day holiday/duvet day, dress down days, wellbeing visits (e.g mobile massage, mindfulness sessions), supplying treats/coffee, meals out…)
2. Almost one third of employees have cited work benefits as the top reason for looking for a job outside of their organisation, or for choosing to stay in their job. Recruitment costs and staff turnover are a huge financial burden on many businesses but much of it can be avoided if you show your staff that you want to keep them, through the channels that they want.
Ensuring your staff feel that they are valued, capable and involved can reduce work based stress. Stressed workers need time off, not only for their mental health but also because stress increases the likelihood of physical illness. By asking for feedback and providing wellbeing options through on site sessions, access to discounted services or vouchers you could reduce the number of days taken off sick in your organisation.
Perks most important to wellbeing in 2021
It’s important to note that in one study, 69% of staff reported that they would work harder for a company that supplied a *tailored* support package, so the above benefit options are just examples. It’s best to ask your employees directly what they want, and a simple way to do this it by sending out our free survey.
Don’t make the mistake of thinking that because you found out what they wanted 2 years ago or 1 year ago and acted on that, that you’ve got the right package. Needs change over time, and they have changed significantly over the last 18 months with wellbeing and community now being paramount for many.
Clearly this all points to one thing; as an employer you need to review your rewards and perks offering regularly. Ask your employees what’s important to them now and respond appropriately. Making your staff feel valued will increase morale and open up important conversations; if they want more wellbeing benefits how can you help them within the workplace regarding their mental health? If they want discounts, what retailers do they want them with? Keeping your staff feeling understood and respected will save you money and reap rewards for years to come.
If you’d like to find out more about Lancs Local tailored employee rewards, which reinvest into the communities your staff live in, check out Lancs Local Employee Rewards. Get in touch for a discount code for a free membership so you can test it out for yourself.Employee rewards, Locally
Glassdoor Employment Confidence Survey 2015
The perks employees want in 2021, www.perkbox.com
CIPD Survey Report 2018; UK Working Lives, https://www.cipd.co.uk/
The Most Desirable Employee Benefits, Harvard Business Review 2017