Global professional services firm, Aon, have published the results of their Benefits and Trends Survey for 2018. The report, which collates responses from over 200 UK businesses, revealed that four in five organisations see employee engagement as a key strategic priority.
An evolving approach
The results of Aon’s survey highlighted that the approach HR and Reward professionals are adopting in relation to their employee benefits schemes continues to evolve. The underlying theme is however, that in an uncertain economic climate, organisations are seeking to boost employee engagement without breaking the bank, and in turn retain talented and experienced workers.
In 2016, a record total of £46.4bn was paid out in employee bonuses across the UK, but do these traditional end of year rewards still cut the mustard? With fewer workers feeling valued or motivated by an annual bonus, businesses should be exploring the perks of providing an ‘always on’ reward to their employees – keeping them engaged year-round.
Offering recognition throughout the year also allows businesses to break down large end-of-year targets and create smaller, more manageable objectives for their employees. This not only keeps their workforce motivated, but improves productivity overall.
Cash isn’t always king
The danger with a monetary bonus is that employees can begin to expect them as part of their salary, rather than as an incentive or reward. Employees want to feel appreciated, valued and be recognised for their hard work throughout the year. The phrase “behavioural economics” may be new to the boardroom table, but the knowledge behind it isn’t. By addressing their relationships with employees and ensuring workers continue to feel valued and motivated, businesses can not only reach their financial goals but also retain talent.
The Dining Club Group has been offering businesses unique membership schemes to engage, retain and reward their employees for over 30 years.
Peter Syddall, Benefits & Rewards at The Dining Club Group comments;
“With people continuing to spend less of their disposable income on material items and more on experiences, businesses should be reflecting this in their choice of employee reward or incentive. Our dining memberships embrace the experience economy culture and offer employees a unique alternative to gift vouchers and other traditional incentives.
In times of economic uncertainty, we continue to give our members the opportunity to save money without compromising on their lifestyles – boosting both their mental and financial wellbeing”.
In with experiences, out with ‘stuff’
When considering your employee benefits scheme or staff reward, make sure it is memorable. Are your employees likely to remember the gift voucher they received a year ago? Offering an ‘always on’ incentive allows you to become a touchpoint of your employees’ daily lives as they enjoy year-round recognition for their hard work.
As the largest dining and experiences membership provider in the UK, The Dining Club Group could add real value to your employee benefit scheme throughout the year; boosting their engagement and improving your retention rates by offering a unique way to make their salary go that little bit further.