Are you just like everyone else? So many businesses, particularly small to medium sized businesses, view employee benefits purely as an extra cost.
Do you know what makes that ironic? When you treat employee benefits just as a cost, that’s exactly what they become! The RIGHT benefits package works FOR your business, helping to engage and motivate employees to perform at their best and remain loyal. The WRONG benefits package however is just an overhead that nobody really appreciates and that delivers little return to the business.
So here are our top tips on key points to consider when you’re working out the right set of benefits to provide to your employees.
1. Start with the big picture – what are your business’s culture, values and goals? The goals of your benefits package should be aligned with these
2. Design a package that both attracts talented candidates AND retains and motivates employees to perform at their best
3. Recognise that not everyone is motivated by money. Everyone will have different triggers, so providing a range of options will make it easier to keep a diverse workforce happy. The better you understand your employees’ motivations, the better results you’ll get.
4. Take advice to make sure you take advantage of tax-efficient benefits to help both your business and your employees
5. Make sure you keep the balance between ensuring equality but not treating everyone as clones
6. Sell your benefits package in your recruitment adverts and materials as well as making sure your employees know what’s available – otherwise it can only do half a job!
7. Make sure you regularly review your benefits package to make sure it still works, supports your business and is competitive
Need support with designing or implementing a new employee reward program or employee benefits package? Contact HR on Tap to discuss how we can help.