Benefits don’t have to be financial: how to motivate your workforce
For the past five years benefits have managed to endure the recession whilst salaries have been frozen and redundancies continue to rise. However in 2012 benefits seem to finally have been squeezed dry. According to new research 26% of large employers will have no choice but to cut their benefits packages over the next 12 months, and this is the case throughout the business spectrum.
In order to attract and retain the best talent, your company must offer more than just salaries. Benefit packages play a major part in employees’ decision making process, attracting a candidate to a company and demonstrating employers care about their workforce.
However, benefits don’t have to be about providing healthcare, attractive pension packages and company cars. They can be non-financial items which make savings for employees or make them feel important and valued.
Here are just a few suggestions of benefits you could offer within your company:
Whether you are in retail, wholesale or any kind of service industry, offer your staff discounts. Selling at cost price will save your employees plenty of money and won’t cost your business any more than it already does.
Car Parking / Travel links
This sounds so simple but in the long run can save hundreds, if not thousands of pounds. Offer free parking. If your office moves location, choose somewhere which has a car park. If you already have a car park supply employees with parking permits if required. It shouldn’t cost your staff any money to be at work. If you can save them ten or twenty pounds a week, that will add up and they will notice. Equally, if there are close public transport links point them out and push councils to provide safe ways of crossing roads and getting to work.
This is a way of allowing your employees to balance their personal life with their work commitments. Every employee is contracted to a certain number of hours. This system allows them to choose the number of hours they work each day on condition that they fulfil their quota throughout the week. Core hours can be enforced to cover peak periods of activity however the extra flexibility creates a feeling of empowerment.
Join an employee benefits club
There are many types of incentive and reward clubs that offer employees a range of benefits. Some provide saving schemes, others specialise in retail discounts, money off holidays or days out. Many are free to sign up to and they can also be used by the company to cost-effectively reward employees for hard-work or objective completion.
Joining a sharesave scheme (also known as an SAYE scheme) can help employees to save for the future and invest in your company. It is a government programme allowing employees to save tax-free for a period of time. They then invest the money in shares which have been discounted by up to 20%. Savers also receive a bonus set by HMRC and the end of the saving period.
There are many ways to make employees feel that they are more than just a cog in the machine. For more information request a copy of our article on motivating staff in a double-dip, by emailing email@example.com
In what ways has your company developed non-financial benefits? How did you find your benefits set?