Employees want more than just a salary – they want a future. In a competitive job market where loyalty and a ‘job for life’ becomes all the more elusive, it’s important to be alert. How can you be more creative and innovative in offering your people the right employee benefits and incentives to stay?
According to stats from US-based SME consultants FitSmallBusiness.com, a whopping 71% of workers (approx.), who said they were satisfied with their benefits, also felt a sense of loyalty towards their bosses, which means they’re less likely to quit their jobs.
Benefits like health insurance, gym membership, dental plan, pension or retirement schemes – you name it – don’t necessarily come cheap, but they’re an investment in the future of your business.
1. You’ll retain and attract talent
Fewer people these days settle for just a salary. That’s why 54% of millennials, (according to FitSmallBusiness), will factor in company benefits before taking on a new job.
They’ll also be paying attention to staff turnover, which for you can mean costly recruitment fees. Think of how you can better spend that money – Airbnb, for example, offer a travel allowance. If your benefits help keep your best people on board and show that your company really lives its values, then it makes your business an attractive proposition.
It’s important for your business to invest in some form of wellness or health benefits, because the talent of the future is aiming to create more fulfilling lives, with work being a part of that. You don’t want to lose out on young talented professionals because your benefits don’t stack up against others’.
2. Benefits boost productivity
When employees feel looked after by businesses and their needs are satisfied, then a happier workface makes a productive workforce. Staff will work harder, faster and more efficiently to reach business goals and not feel like they’re ‘forcing’ themselves to get the job done. It’s great for boosting morale and confidence among your employees making happier employers.
3. Benefits also boost profits
You might balk at spending money on benefits, but we’ve seen that not only can it help stem recruitment costs, but it can also boost your bottom line. Profit sharing, which enables businesses to share a portion of its company profits among its staff, has been successful.
The John Lewis Partnership is the poster child for profit sharing, putting it at the heart of its company ethos. The knock-on effect is that its employees feel valued, and have a vested interest in the business doing well.
4. Everyone can enjoy the tax benefits
As any canny business owner knows, company benefits all have their associated tax advantages and national insurance contributions (NIC) breaks. Employee Benefits breaks down the advantages for both you and your employees.
5. You’ll create an appealing company culture
Companies that take care of their employees establish a better reputation within their industry. No matter how technologically advanced we get, word of mouth travels from employees to potential recruits, future investors, partnerships and collaborators. New opportunities can come from putting your company values into practice.
Your company, like any other, is often defined not just by your ethos but by your culture. Rewarding your staff creates a vibrant, motivated, happy and positive work culture that allows your business to flourish – and attracts top talent.