Employee Benefits are a great way of showing your employees how important they are to the company. To retain or hire good assets, you need to come up with attractive benefits so that they feel like they are a part of the company, rather just a pawn in the big circus. This sense of belonging is vital in the overall productivity within your enterprise. Additionally, as an SMB or an Enterprise, you need to be creative with the employee benefits you provide to your employees to keep them interested in working for you. Remember, there are several options for you, but not all of them are going to do the trick. Here are a few ways to retain your top talent, and attract high performers to your organization:
Wage Increases and Incentives
Monetary benefits have the biggest appeal in terms of making your employees happy. In this day and age of increased expenses, getting good money is the biggest motivation for any employee. It doesn’t only show your appreciation for their work but also your caring nature as a business.
If you asked any expert or consultancy firm like Aim to Win about the best employee motivators, then performance recognition will always be among the top. Having this as part of your work culture can significantly reduce employee turnover rates.
Whenever you reward valuable contributions, you promote loyalty and increase the overall business productivity. Keep in mind that this recognition-rich culture shouldn’t only be driven by the top management. You can try peer recognition, which is one of the most effective techniques. Once you’ve identified the top performers, you can now go ahead and repay them for their effort.
With monetary rewards, you have a lot of options, provided the necessary resources are available. For one, you can have increments assigned to the target employee in short intervals. This way, you’ll be able to implement your strategy without straining the company’s financial muscle. It’ll also ensure that they work harder to gain even bigger rewards.
When it comes to employee incentives programs such as FutureFuel, you can either go for a common plan for everyone or go for a personalized touch according to the individual’s performance.
The advantage of a group incentive plan is that it promotes teamwork since every employee is paid according to the performance of the team as whole.
Individual incentive plans, on the other hand, encourages personal growth and promotes employee responsibility. Therefore, you can choose either of the programs depending on the business objectives at the time. At the end of the day, your strategy will breed a healthy competitive spirit in the workspace which is beneficial for you as an employer!
Just as money is a huge motivator, an incredible number of employees around the world consider health insurance as their most preferred employee benefit. The link between offering health insurance and hiring is incredibly high as a huge number of people get attracted by this prospect.
As an employer, therefore, you ought to invest in this area as part of your employee benefit plans.
You can either go for group insurances or individual insurances. However, if you are a small enterprise, you may have to opt for an insurance plan according to the wishes of your employees.
Remember, each option has its pros and cons, especially when it comes to expenses and ease of implementation.
Therefore, it’s important that you consult an expert to find out the best strategy depending on your budget. Also, make sure to get in touch with a good insurance company to get good deals for your employees.
Here is a benefit that many entrepreneurs do not think about, but surely is one of the best benefits one can offer to the employees. No employee likes to travel for long on his or her own expense, face issues with last-mile connectivity or travel in crowded public transport. This is where you as a business owner should step in to come with viable solutions for them. Providing employee transportations not only makes them happy but is extremely beneficial for your company as well. It leaves behind the scope of employees coming late, in reputation management of your company and it makes your employee comfortable in their commute.
You just need to hire an employee transportation solutions company such as Seahawk Travels that provides such services. One thing you need to keep in mind is that it is not just about the to and fro commute that the employees are worried about but it is also when they have to travel to other places for meetings and workshops. Covering all such employee transportation helps in keeping them happy, engaged and motivated!
Maternal as well as Paternal Leave
Gone are the days when giving maternal leave for women in your company was enough as now the dads too are hoping to get a certain number of days off to take care of their child. If you offer maternal and paternal leave both then this is surely an attraction that most employees will be happy to get.
Many companies don’t take into consideration the fact that a dad can be distracted from their duties when their spouse is in the delivery room. Giving them paternal leave will not only relieve them of the pressure but also give them the opportunity to spend time with their family.
No one can deny the fact that fitness has become a huge part of a millennial’s life and offering gym memberships for free is something that your employees would absolutely love. You can either provide a gym space at your own workplace or provide them membership coupons of gyms with which you have a tie-up.
All the benefits mentioned here have their own significance and thus are equally important in many ways. Make sure that your employees know about these benefits in advance so that the hiring process gets easier. To improve the retention numbers, make sure that you are making increments in the benefits depending on individual and group performance rates. Health insurance, gym membership, and transport benefits may not seem significant, but they have a huge impact on your business success.