The key to building a strong Staff and Employee Benefits Program is understanding their needs and establishing rewards to suit - but where do you start?
There are more than 12.5 million people employed in Australia, at the Australian Bureau of Statistics' last count. Each of those individuals has distinct wants, needs and preferences that their employers need to recognise.
That's why businesses need to put significant tailoring into their Staff and Employee Benefits Programs. Moving away from a one-size-fits-all system can improve employee engagement and satisfaction, make your workplace more desirable to new talent and even impact your bottom line. But which employee rewards work best for certain individuals?
Starting small with employee benefits
Before rolling out a massive employee benefits scheme, starting small can help you understand how employees respond to such systems. A 2017 study from digital marketing firm Fractl found that nearly one-third of employees would consider even a lower-paying role if it offered free snacks and coffee.
This kind of step is simple and likely to appeal to all employees. If there is a positive reception, you can look at expanding your program.
Match employee benefits to their lifestyles
Employers don't have to know what their team do every second they are out of office, but having a broad understanding of this can go a long way in shaping an effective employee benefits program.
Understand your team's lifestyles, and then develop a Staff and Employee Benefits Program to suit.
For example - while massive discounts for global travel can suit younger employees with no dependants, more settled employees with a family to look after might not be as interested in a benefit that results in a lot more planning around their children or partner. Similarly, providing tickets to that latest pop artist's concert is unlikely to be suitable if your employee base is nearing retirement age or struggles with childcare arrangements.
Understand your team's lifestyles, and then develop a Staff and Employee Benefits Program to suit.
Be mindful of an employee's budget
Even the best Staff and Employee Benefits Program is unlikely to cover every single cost of the associated trip or activity. As an employer, it's your job to be mindful that the benefits match what you pay your employees.
For example - a two-for-one deal to a world-class attraction overseas sounds fantastic, but those on lower incomes might not be able to afford the associated travel costs and won't gain any material benefit from this being on offer.
You can have stepped programs or multiple options - just make sure you're delivery employee benefits that are relevant and usable.
Deliver employee benefits at the right time
Most employees will make their own holiday plans well in advance, and a good Staff and Employee Benefits Program needs to respect this. If your system builds towards travel rewards, communicate this early. If you are giving shopping discounts or petrol vouchers, make sure people have a say in when they receive these.
At financially difficult times like Christmas, even the smaller employee rewards can make a massive difference to mental health and wellbeing.
Get the right information on your employees
Perhaps the most critical step in successfully tailoring a Staff and Employee Benefits Program is understanding exactly what your team wants - and who better to get that information from than the employees themselves?
Power2Motivate's Survey tool can gauge your employee base with ease, discovering exactly what makes them tick and the kind of workplace benefits they want to receive. With this information, you take the guesswork out of employee satisfaction and make their salaries go further in exactly the way they want.
To find out more about our Survey tool or to begin implementing a comprehensive Staff and Employee Benefits Program that gives people the power of choice, contact the team at Power2Motivate today.