Why benefits can be more important than salary
It’s 2018 and now it’s more important than ever to offer employees the flexibility they want and need. According to the #WorkHappy index by Jobbio flexible working is the most sought after benefit this year. So, if you’re not already offering this, it’s time to ask yourself why?
It is always worth considering what benefits you are offering alongside annual salaries. Not all companies have the budget to offer headline grabbing annual trips, unlimited holiday packages or vouchers to acknowledge good work but every company has the opportunity to think creatively about how they incentivise their workforce and in turn aid attraction and retention.
Which benefits should you offer?
Financial incentives whilst important are not always key motivators for your employees, it’s important to find out what actually ticks their boxes and attempt to craft benefits packages accordingly. Soft benefits such as free breakfast provided once a week, summer hours or simply a recognition lunch from a senior member of the business can often create more of a ‘feel good’ factor than a small bonus which is eroded by taxation.
Then there’s the big benefits such as flexible working and unlimited holiday, if your business can offer this without it severely impacting the work you do then it’s worth considering adding these into the mix, it could mean the difference between hiring a parent who needs an extra half an hour in the morning to get the kids to school, or flexibility to take time off during school holidays.
Consistency is vitally important. For example if your business rewards high or outstanding performance with an impromptu lunch then EVERYONE who falls into that category should be rewarded. Too often it is the ‘favourite’ or those who shout loudest who get the frequent ‘soft’ rewards. Those members of your workforce who are quietly getting on with their jobs are often overlooked. The first time you realise their disquiet is when they are handing in their resignation letter.
How should you know which ones to choose?
Asking for feedback from your employees is the obvious way to understanding what rewards your employees really want. There are some enormously creative ways of making the action of ‘giving feedback fun’. If appropriate for your culture, a quick online search will reveal some wonderful (and sometimes downright odd) ways of engaging employees in open feedback. Employee motivations are changing all the time so it’s important to ensure they feel like they’re being listened to and have an input. Here are just a few of the benefits that we have as a direct result of employee feedback:
- Flexible working hours
- Long Service Award
- An extra day’s holiday for your birthday and your wedding/civil partnership day
- Private medical insurance
- Early finish on Friday’s
- Monthly drinks in the office
- And lots more…
We all understand that you cannot please all the people all of the time. However, if the purpose of your companies benefits is to build loyalty in addition to attracting and retaining quality staff, it should be high up the agenda - Certainly, for any business with ambition