As a business owner or manager, it’s important to invest in your staff and ensure they feel valued and appreciated.
One way to do this is by offering a comprehensive employee benefits package. But with so many options, how do you know which benefits to offer and which will be the most popular among your staff?
We often think about rewarding our staff around this time of year, but this should go beyond the Christmas party – what’s really important to your team, and is it a benefit to all?
What do employees want?
First, it’s important to understand what employees value in a benefits package.
While traditional benefits like health insurance and retirement plans are still important, many employees value flexibility and work-life balance.
In a recent study, more than three-quarters (78%) of those who worked from home in some capacity said that being able to work from home gave them an improved work life balance.
This can include flexible work hours, telecommuting options, and paid time off for vacation and sick days.
Another popular employee benefit is professional development and training opportunities.
Many employees want to grow and advance in their careers, and offering opportunities for training and development shows that you are invested in their success.
This can include in-house training sessions, workshops, conferences, and even tuition reimbursement for employees who want further education.
Create a package
It’s worth looking into creating a package that will truly benefit your staff – using share schemes and bonuses are a great way to do this.
Share schemes, also known as employee share plans, allow employees to own a part of the company and share its profits. This can be a valuable benefit for employees looking for a long-term investment in the company’s success.
Bonus schemes are short-term incentives that reward employees for achieving specific goals or targets. These can be a great way to motivate employees and recognise their contributions to the company.
Both have great merit to your staff, but should only be employed if you can afford them – you’ll need to host a meeting to discuss whether it’s right for you.
Another way to show your staff that you appreciate their hard work is by offering perks and rewards.
This can include free snacks and drinks in the office, catered lunches, team-building activities, and even occasional bonuses or gift cards.
If you’re a virtual office, you can host webinars, or games hours (with rewards) to grow connections that aren’t just based on work, and allow your staff to see another side of you as owners.
Of course, these don’t actually substitute for actual benefits – if you’re not paying your staff properly, then a games day isn’t going to make a difference. But small gestures can go a long way in making your employees feel valued and appreciated.
If all else fails, can you pay them more?
While non-financial benefits are important, employees still want to be paid a proper wage. Conduct regular salary reviews and consider offering performance-based bonuses to reward employees for their contributions to the company.
If you can increase their salary according to inflation and offer support where necessary for our ongoing cost of living crisis, you’ll be easing their fears.
The key to offering a successful employee benefits package is listening to your staff and understanding what they value.
The best way to reward your staff? Regularly conduct surveys and gather feedback (ie ask them directly) to determine which benefits are most important to them, and make adjustments to your package as needed.
By investing in your employees and showing them that you value their contributions, you can create a happier and more motivated workforce.
If you need to discuss rewarding your team, feel free to get in touch with us today.