Are you hoping to keep your staff around and ensure their continued engagement and productivity? Offering great benefits is one way to do that.
Today's job market is dynamic and fiercely competitive. Considering the wide range of employment opportunities out there, and the modern technology people can use to pursue them, there's never been a more hectic time for chasing employment than the present.
There's a lot of pressure today to retain employees, engage them and get them to work productively.
For workers, this is exciting, as it means a plethora of options. For employers, it can be nerve-racking. There's a lot of pressure today to retain employees, engage them and get them to work productively. What can motivate them?
According to the latest survey data, offering great benefits might be one good strategy for doing just that.
Benefits can increase satisfaction, loyalty
As they're pondering how to motivate employees, one thing many business leaders are realising is that robust benefits tend to do the trick. According to Metlife's Employee Benefit Trends Study Australia report, only 45 per cent of people in Australia are satisfied with their jobs, but among those who like their benefits, that figure skyrockets to 76 per cent.
Likewise, people with good benefits were found to be substantially more loyal to their employers, at a rate of 73 per cent versus 42 per cent of people overall. In a competitive talent marketplace, giving people good benefits looks like a great way for elite employers to differentiate themselves from the pack.
Which benefits should you offer first?
It's clear that benefits make for great staff incentives, but which ones do you offer? Seek Insights and Resources notes that a lot of employers emphasise exciting new perks like gym memberships and fun parties, but really, the most successful tactics are the most basic ones.
Set up a rewards programme that works. For example, giving people flexible hours is a major step that can add ease and convenience to people's lives. If they're able to stay home with their kids during the day rather than report to the office, or work from the road while traveling, that's sure to curry good favour. Additionally, benefits geared toward health and wellness are always sure crowd-pleasers.
To really kick into high gear when it comes to engaging employees and keeping them happy, it might be wise to implement an employee rewards programme that will give people even more incentive to keep up the good work.
At Power2Motivate, we understand that this can be a challenge, but we're committed to helping you pull it off. We have a unique approach to setting up benefits programmes, and we're happy to put it to work for your business.