Rewarding staff this Christmas?
Employee benefits are designed to improve both the social and economic wellbeing of employees, as well as promote a happy workforce leading to greater employee retention. Benefits can also contribute to other strategic benefits for an organisation such as reduced absence through healthier employees achieved through a cycle to work scheme or gym membership.
In recent years, employee benefits have taken a much more individualised form with employees often having a wide selection of benefits from which to choose according to their needs. Flexible benefits are growing in popularity; with progressive, forward-thinking employers seeking to offer their employees a wide range of flexible benefits which would appeal to and reflect the diversity of backgrounds and age groups in work today.
To Each Their Own
Good communication is essential when deciding how to personalise the range of benefits to the workforce. Offers like childcare vouchers may only appeal to new or expectant parents. Employers should try to offer benefits which appeal to a wide portion of the workforce in order to make the flexible-benefits system succeed. In order to do this successfully, and to ensure that employees understand the implication of their selection, employers should seek to clarify two important topics to ensure that employees have an understanding of the offering:
- Communicate the reasons for the provision of benefits
- Educate employees regarding the advantages of flexible benefits
Supply to Demand
Personalising the offering can ensure the greatest ROI for employers and can also offer a more cost-effective approach to the provision of benefits. Understanding which benefits appeal to the differing needs of a diverse workforce can lead to increased benefit-engagement and employee buy-in. Statistics have shown a low historical engagement with benefit schemes but when an employer has an understanding of which benefits are the most practical and attractive to employees, buy-in ratios can be increased.
Employee Engagement Solutions
It’s well-documented that happy, motivated employees work harder and stay with an employer longer but flexible benefits are so much more than just a staff-retention tool. They offer a means of reward & recognition for efforts above & beyond the call of duty. Employees who notice their colleagues being rewarded for hard work are considerably more likely to go the extra mile as well.
The positive impact of an employee-focussed benefit scheme cannot be overstated, especially in areas such as recruitment, becoming an employer of choice, and employee satisfaction. From the perspective of an employee, it’s invaluable to have control over the elements of a benefits package, tailored to ultimately suit their own circumstances.
Call the Experts
In order to reap the greatest reward from flexible benefits it would be wise to call in the experts instead of trying to navigate the myriad of options oneself. While there are many reputable and highly regarded suppliers, one that has been much lauded in the press recently for all the right reasons is Perkbox.
If you’re eager to reenergise your employees and demonstrate that hard work & loyalty pays off, if the above reaches out to you and you’re searching for a one-stop shop to cater for all of your employees, you could save yourself a lot of time by contacting them.
To discuss a range of ways to reward your workforce, please feel free to contact us.