Employee benefits have a huge impact on talent attraction and retention. But they need to be effective. How to achieve this? Through choice.
One in three people say perks are the most important consideration before accepting a job, Glassdoor reports. However, 50 per cent of employees think their current benefits packages aren't tailored to their needs, according to a report by the Workplace Communications Blueprint.
With employee benefits programs such an important part of talent acquisition and retention, it's essential companies are able to make them effective. What's the principal way to do this? Choice.
Matching the choice we have in our personal lives
We have more choice now in our personal lives than we've ever had before. The internet means we can look through hundreds of stores online before we make a purchase, and review sites mean we don't just go to the closest restaurant or cafe, we can shop around to find exactly what we're looking for.
We have more choice now in our personal lives than we've ever had before.
Everything is also much more tailored to us nowadays. Instead of simply having to watch whatever's on TV at the time, we now have personalised Netflix recommendations that are individually customised according to our previous viewing history.
So why do we often lack this degree of choice in our professional lives? After all, workplaces can have several different generations of people all in one office, and they're all going to want different things. And when it comes to employee benefits, the clue's in the name - it needs to genuinely benefit the employee, but different things will help different people.
Nearly three quarters (72 per cent) of millennials prioritise experiences over things.
Nearly three quarters (72 per cent) of millennials prioritise experiences over things, research from Harris Group indicates. So the employee benefits they may wish to receive could include discounts on flights or travel, or even event tickets.
Meanwhile, slightly older employees may prefer discounts on more everyday things that will help them get by, such as money off at supermarkets.
The key is to have as much choice as possible. It's not up to you to assume what your workforce wants from their benefits - the only people who should be deciding are the employees themselves. That's why at Power2Motivate we have a global rewards gallery that lets your team choose discounts on thousands of different items, from travel and event tickets to food shops and electronics.
Other tips for a successful employee benefits programme
You need to couple your employee benefits programme with genuine recognition of the work your team does for your company. Ensure they know that the employee benefits you're offering are in return for their amazing work, and show your thanks for what they do on a regular basis.
It's also important to make an employee benefits programme simple and easy to use. A study by Michael Page indicates that 82 per cent believe organisations over-complicate employee benefits. Even if you've got the best perks available, if someone doesn't know how to use the program they're never going to receive them, and will feel more resentful of your organisation than if there were simply no benefits available at all.
At Power2Motivate, our rewards gallery is located on an online platform that's accessible anywhere with an internet connection. It's easy to use, and data analytics mean you can see exactly what's working and what's not, and adjust accordingly.
For more information on how an employee benefits program can make a huge difference at your organisation, reach out to the team today.