With the majority of working professionals agreeing that employee benefits impact their positivity and loyalty towards their employer, it’s clear that businesses can’t afford to neglect the importance of a well rounded employee benefits scheme.
Gone are the days where employees turn up to work simply to earn a wage. Today, our career is a huge and important part of our lives, and employers will have to step up their game if they want to hold on to their most talented workers. When it comes to the career priorities of today’s workforce, company benefits play a big part. To put it simply, the odd financial bonus will no longer cut the mustard.
What is employee engagement and how does it affect your business?
Firstly, let’s discuss what employee engagement actually means – it’s not as simple as your staff being happy in their role. You can be happy at work, but that doesn’t always mean you’re 100% dedicated to the business.
Employee engagement is about being committed to the company and your employer. It’s about someone doing all they can to understand their role within your organisation and working hard to reach shared goals.
For businesses, the overall aim of employee engagement is to create a happy and dedicated workforce that benefits the company. This helps to increase productivity and creativity – in fact, a study from the University of Warwick found that happiness at work led to a 12% spike in productivity
What role do benefits play in employee engagement?
Employee benefits are an important way of showing your staff that you value them and that you’re looking out for their wellbeing, both inside and outside of work. They can also be used to reward them for their hard work ensuring that your employees hard work doesn’t go unseen.
Benefits play an integral role in employee engagement. Unfortunately, many companies have not put enough thought into what they’re offering, believing that as long as they’re providing the minimum and most common benefits, they’ll create an engaged workforce.
This is simply not the case. With four generations now in the workplace, there is no ‘one size fits all’ approach and benefits need to be tailored to meet the needs and priorities of different age groups. This is no mean feat, but it’s something that businesses will have to learn to do if they wish to retain staff and attract new talent into their organisation.
What employee benefits can be offered to promote engagement at work?
There are a number of benefits employers can offer to ensure their staff are happy, and this applies to their lives both inside and outside of work. Below we’ll outline the key benefits that appeal to different ages, and how these can encourage employee engagement.
Let’s start with the practical benefits that every workplace should offer. These include pensions, healthcare benefits or insurance and childcare vouchers. Nowadays however, these schemes are seen as a given and are no longer an impressive part of a benefits package.
Flexible and remote working is becoming an increasingly popular perk for professionals. In fact, almost two thirds want their employer to offer a range of flexible working opportunities. Work-life balance is also becoming more important to professionals and flexible working allows them to seamlessly fit their job around their private life – in turn, making employees more loyal to your company, generally happier and therefore more productive during their working hours.
With less emphasis being placed on large salaries and bonuses, it’s also important to offer money saving schemes that help today’s frugal professionals. Discounted gym or dining memberships not only keep employees happy and motivated but also help their salaries go that little bit further.
Finally, employers should offer staff benefits that will allow employees to progress and develop their career. This might be paying for additional training or online courses or funding them through an apprenticeship. No one wants to feel like they’ve hit a wall in their career, and these benefits prove to your employees that you’re invested in their progression, making them more loyal to your business.
Benefits play a key role in employee engagement. Taking the time to understand what staff want and offering benefits that compliment this is an important step for employers and can contribute greatly towards creating a happy and dedicated workforce. To discuss how our employee benefits schemes could support your business, please fill out our contact form, email firstname.lastname@example.org or call 0800 304 7337.