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 the importance of employee satisfaction and wellbeing, it is more important then ever now 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 stated that they would prefer to be offered new benefits to a pay increase. Moreover, 86% of younger employees aged 18-44 prefer benefits or perks to pay raises. This aligns with the common misconception that Millennials and Gen Z are entitled demanding in the work place. But taking time to do the research gives us more insight; people are starting to value their time. 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 employees costs less than a pay rise but has the same affect 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, masseuse visits, 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 their organization, or for choosing to stay in their job. Recruitment costs and staff turnover is 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.
What employees want, in order of popularity
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 are just examples. I recommend you send out a survey to find out exactly what YOUR teams want. Don’t think that because you found out what they wanted 5 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 www.lancslocal.co.uk/employee-rewards-lancashire and get in touch for a discount code for a free membership so you can test it out for yourself.