Employee Benefit Schemes Motivate Staff
In the last couple of years employee benefit schemes have become increasing popular with UK employers. Tighter financial constraints have made it harder to justify pay rises and a greater sense of consumer consciousness in society has meant employees are now more demanding with regards to how they are treated by the organisations they work for.
Many employers have realised that their people are their most important asset. Recruiting new members of staff can be very expensive and not just financially. The disruption of taking people out of their daily routines to interview and then train a new member of staff can have a massive knock on effect in slowing down work and delaying deadlines. Holding on to high performers is also an essential part of organically growing an organisation as it ensures the knowledge and expertise developed over years of hard work stays within the business.
As well as keeping your best employees, a successful benefits scheme will help motivate the whole of your workforce to achieve better results. In the UK motivating employees is a real issue with roughly a half of all adults claiming they dislike their job. Employees that enjoy their work will be more committed and are more likely to spread positive stories or news about the company. This kind of employee advocacy can be incredibly beneficial and used as a powerful marketing tool.
So if these schemes are so beneficial, what are the best incentives to invest in? The answer to this question really depends on the organisation. If your business has limited resources then providing full private health care and designer clothes discounts may be out of the question. Simpler benefits like child care, office fruit, company days out or even more ergonomic work chairs can all help increase motivation and raise morale in the office.
Simple programmes like this are effective as they show employees that the organisation they work for cares about them and has taken the effort to consider their personal needs. In an employment market where most companies are unable to offer vastly higher salaries than their competitors, these kinds of benefits can make all the difference in attracting and retaining the best people.
IT Solutions company Softcat, who were named as the best SME to work for in The Sunday Times Best SMEs to Work for 2010 list, run a number of benefit schemes. Managers regularly catapult sweets and chocolate to recipients across the office and employees are given the day off if their birthday happens to fall on a weekday.
Performance Development Company Lane 4, named 5th best SME to work for by The Sunday Times, holds monthly lunches with staff to discuss business, as well as treating all employees to quarterly outings which include activities like sushi-making classes and American Football.
Nowadays it’s more important than ever for organisations to hold on to and get the most out of their prized assets. It’s no coincidence that businesses emerging from the recession in the best shape are the same organisations that invested heavily in employee benefit schemes and consequently get the most from their staff.