Employee benefits programs can help improve engagement, productivity and the bottom line at your organisation. Here's how.
All businesses want to get the most out of their people. But with Gallup reporting that only 13 per cent of employees worldwide are engaged at work, organisations appear to be having difficulty achieving this.
One way to really engage people is through an employee benefits program. By offering discounts on a wide range of products and services, not only will you help employees' salaries go further, you'll also make them feel appreciated.
So how does an employee benefits program work?
When an employer signs up to an employee benefits program with Power2Motivate, they'll pay a monthly fee based on how many employees they have. This will unlock an online portal, which employees will have unlimited usage of. This gives employees access to discounts on a huge range of items, including:
Groceries, for example 5 per cent off at Woolworth's or Coles.
Box office and events, including theatre tickets.
Sporting events, including AFL tickets and other difficult to obtain or even sold-out games.
Travel and transport, including money off train travel, car hire or flights.
The discounts will either come as vouchers or gift cards, and are easily accessible for all employees via our online portal.
What are the advantages of an employee benefits program?
1) Increases engagement
Gone are the days when salary was enough to keep employees motivated and engaged. Now, employees want more from their jobs. In fact, research from Glassdoor indicates that nearly four in five employees (79 per cent) would prefer new or additional benefits to a pay increase.
This is why employee benefits programs work so well. They help to engage employees by showing that you appreciate them, and this type of recognition tends to be much more memorable than simply increasing pay (which isn't possible for many companies anyway). For example, if someone is able to attend an event because they've received a discount, they'll remember that much better than if they simply receive a little extra pay in their monthly salary.
2) Improves the company's bottom line
When employees are more engaged, businesses perform better, because productivity tends to be higher. In fact, companies with highly engaged workforces outperform their peers by 157 per cent in earnings per share, according to Gallup. By using an employee benefits program that helps to improve engagement, there'll be a clear effect on the company's bottom line.
3) Increases loyalty
On top of this, employees are much more likely to stay at your organisation if they feel appreciated. Two thirds of employees would quit their jobs if they felt unappreciated, Forbes reports. Showing your team how much you value their contribution by offering benefits is a great way to decrease turnover. With 43 per cent of millennials planning on leaving their jobs within two years, according to Deloitte, employee benefits could be the crucial factor in keeping the best talent at your organisation.
4) Helps you attract top talent
Likewise, employee benefits programs will help you attract the best talent when recruiting. When there are several companies offering similar salaries to a candidate, they are likely to choose the employer that offers other perks. By providing an employee benefits program, you'll also help to show the potential employee that you appreciate them, which will improve their perception of your business culture.
5) Valued by all
Finally, employee benefits are perks that your whole team can enjoy. While some other programs reward those who perform the best, this is a chance for you to show your entire workforce that you value their contribution.
Reach out today or request a demo to find out more about how Power2Motivate's employee benefits programs can help you improve engagement, productivity, and ultimately your bottom line.