BusinessVibesVolumes have been written regarding management techniques, organisational structures, and styles of leadership that can help an organisation function more effectively and achieve greater financial success. Employers everywhere understand that an outstanding business is comprised of equally outstanding staff and that the quality of work contributed by employees is a key factor in the success or failure of all businesses. What is less understood is how offering employees the right mix of benefits can greatly impact their capacity and willingness not simply to serve, but to shine.
More than Money
When a successful applicant chooses to accept an offer of employment, money is an obvious consideration. Yet, often the deciding factor is strongly influenced by the range of additional benefits the organisation provides. Well designed and clearly articulated benefit packages can give a business crucial leverage and a competitive edge in the hiring and retention of stellar staff.
The advantages of providing benefits that appeal to staff go well beyond the initial hiring phase. People consistently work better when their job provides a sense of purpose, accomplishment, camaraderie, and collaboration. By linking ones deeper needs and values to experiences within the workplace, work becomes not only a source of income but a place of meaning and mutual support. Benefits offered by employers constitute a range of supports that directly influence employee connection and investment in the workplace, which in turn translate into a vast array of tangible advantages for all concerned.
A Competitive Edge
Numerous studies have demonstrated that employees who are emotionally connected to their work consistently outperform their less enthusiastic co-workers who are simply turning up to receive a pay check. Employee engagement is closely tied to higher profit margins, greater staff retention rates, a more positive work culture, increased willingness to collaborate and innovate and deeper levels of staff satisfaction. Significant gains across the entire spectrum of business life such as these cannot be overstated and providing the right type of benefits can make all the difference when motivating employees to effectively participate with the overall aims and mission of the company.
Which Benefits are the Right Ones to Offer?
The best benefits are the ones staff value and appreciate the most. The way forward is made clear through consultation and observation. Surveys, seeking feedback, being open to new suggestions, and analysing existing company data is always advisable.
It is paramount to design choice and flexibility into benefits packages from the outset because in order for benefits to be highly valued by employees, they must be relevant to their needs and able to be utilised accordingly. Staff experienced with the advantages of selecting benefits most suited to their own specific situation will be reluctant to give up such perks by seeking alternative employment in a similar environment that offers a paucity of choice.
A World of Choice
Common benefits offered by employers include flexible working hours, purchase leave, health insurance, dental plans, disability insurance, family leave, access to childcare facilities, gym memberships, salary packaging, vehicle privileges, company cars, superannuation or retirement funds, shares, bonuses, commissions, and holiday leave.
Less common benefits may include club memberships, job sharing, staff and family discounts, movie and event tickets, plane tickets, team building days, study leave, and professional development training.
The scope is virtually unlimited and businesses are becoming more creative in the way they source, incentivise, and promote such benefits.
The point that bears repeating is that the needs of the employees should indicate the types of benefits they are able to access. For example, an employee in their late teens will likely have less interest in life insurance or child care than employees who are more elderly or currently have small children. Someone who has newly graduated university with significant debt may greatly appreciate the use of a company car as opposed to a fellow employee who lives in a city with limited parking and excellent public transport.
Opportunities abound for businesses to prosper by engaging staff at a deep level through actively promoting the employee benefits they offer. The link between benefits, committed employees, job satisfaction, and enhanced performance is clear and requires decisive action to fully harness.
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