HR professionals are constantly facing the challenge of how to best keep employees happy, motivated and engaged, whilst on the flip side, needing to ensure costs are always in line and any ROI on organisational spend can be justified, especially when it affects the bottom line.
There is always so much at play when it comes to employee engagement, hiring the right candidates, retaining your current staff and making sure you're an employer of choice and stand out from the competition. Multiple elements need to work hand-in-hand where a slight change in one avenue may drastically alter another business avenue.
Employee Benefits are an essential tool which can be used to fulfil all of the above organisational needs, as the opportunities they provide are endless. Where remuneration packages and bonuses can only go so far, companies should look at a combination of various employee benefits and perks for their teams, something which will of course, align with their business values and goals.
Economic Employee Benefits
These Employee Benefits are savings or a package which will save the employee money and allow them to have a greater disposable income. An Employee Discount platform is one of the most common features of this type of benefit. Offer your team a platform with thousands of everyday savings, from discounted high street retailers, reduced price cinema tickets, travel and financial package options, discounted supermarket e-vouchers, cheaper mobile tariffs - the options are endless.
Economic Employee Benefits will show your team you care about their financial wellbeing outside of the workplace. You're trying to ensure they make everyday savings on money they would have spent anyway. These platforms can be a low-cost per employee investment, yet the outcome they yield is far greater than the initial sum.
Social and cultural Employee Benefits
This category is often viewed as more intangible and thus, it may be harder to get approval on. Align your company with a charity and set up charity days where your employees can get their hands stuck into and volunteer. Create a social committee at work and give them a monthly budget for team events and team building activities. Speak to your team and see what makes them tick. If they enjoy the theatre, treat a different team each month to a West End show.
Wellbeing and wellness employee benefits could also fall into this category. Set up weekly fitness classes at the office, offer a bootcamp in a nearby park or have a space where the team can enjoy some time out and listen to some mindful podcasts / meditation apps.
Flexi-time Employee Benefits
Employees love and value the idea of flexible working. Gone are the days of 9am - 5pm. Offer a flexible working schedule for your employees as an employee benefit and watch productivity levels soar. Give your team this flexibility and let them work at slightly more optimum hours, whether that allows them to miss rush hour traffic or help with their personal schedules and school runs. Your team will feel more engaged as they can focus on a better work-life balance and won't be so worried about having a constant clock-checking mentality.
Mandatory and regulatory Employee Benefits
These are the employee benefits which employers are obligated to give to all their full time employees, whether they've been working a day or a year. These including a Pension scheme where the company contributes, Statutory Maternity Pay, Sick Pay as well as an Annual Leave allowance.
What are you offering your employees? Do you mix and match employee benefits from all these categories, or would you like to introduce more into your offering? Remember, the investment will be worth it when you have a workforce that loves coming to work, have a healthy work-life balance and are engaged to always go above and beyond.
Staff Treats is a leading Employee Benefits provider offering over 3,000 exclusive employee benefits and perks which are brilliant for engagement. If you'd like to find out more, simply download our exclusive e-Book on Employee Benefits with a case study from KidZania.