When used effectively, employee benefits can have a really positive impact on your workplace. They’re a great way to demonstrate to employees that you recognise and appreciate their hard work, and can also help to keep employees motivated and engaged at work. This contributes to making the workplace a positive environment, which can increase productivity levels.
While there are clearly lots of reasons to offer benefits to your employees, it’s important to be aware of how to do so in a way that ensures the success of your business.
With that in mind, let’s take a look at some examples of employee benefits, and how they can be maximised both for your employees and for your business.
What are employee benefits?
‘Employee benefits’ refers to rewards and incentives you can offer to your employees. These benefits can be split into two categories: monetary and non-monetary. While monetary benefits include things like pay rises and retention bonuses, examples of non-monetary benefits include additional annual leave.
Regardless of which type of benefit you decide to offer, knowing how to maximise them will have a positive impact on your business.
How can you maximise your employee benefits?
When you’re trying to maximise your employee benefits, it helps to think about what sort of benefits you’re offering and why.
You could start by talking to your employees, asking them what sort of benefits they’d like to receive. If you’re offering benefits they really want, this should do more to increase their levels of motivation than benefits they may not be as interested in.
This will lead to them being more focused and engaged at work, which is key to the success of your business.
You should also think about the practicalities of different types of benefits before suggesting them to employees. For example, you may find it useful to consider the affordability of monetary benefits such as retention bonuses and pay rises, and whether you can sustain them.
If paying for these things has the potential to be detrimental to the success of your business, think about offering non-monetary benefits instead.
You may decide to offer your employees more than one benefit, such as multiple types of insurance. In this case, you should consider getting employee benefits insurance, as this covers things like group life insurance, income protection and critical illness coverage.
It’s likely that a lot of your employees will want insurance-based benefits if the option is available, as it means they and their families won’t have to worry about finances during difficult times or under unexpected circumstances.
Employee benefits insurance is also likely to contribute to the success of your business, as it should help employees to feel that they are working for a business that cares about them and their families. This plays a role in creating a positive atmosphere at work, which encourages employees to stay focused and engaged with their job.
Maximising your employee benefits relies on deciding what sort of benefits your business is best equipped to offer, then talking to your employees to find out about the kind of benefits they think they’d find useful, as well as what would motivate them at work.