Keeping your staff motivated is key to achieving workplace productivity. While the most common form of motivation is through incentivising employees, it’s important to be aware of which employee benefits are most likely to drive the best results.
The success of an organisation is very much dependant on the work ethic and devotion of the staff that work there. If the organisation’s employees aren’t driven to work hard and deliver high quality results, there will always be a streak of mediocrity seen throughout the organisation’s offering.
With competition toughening in most industries, small business owners need to ensure that their employees are working at their maximum potential in order to stay in the game and remain competitive.
Because of this, employers have quickly learnt that merely paying their staff a salary isn’t enough of an incentive to achieve the best results. If a small business owner is looking to motivate their staff to perform at their very best, they need to be offering them grade-a benefits and incentives as well.
Recruiting and hiring the right people for your team might be challenging but retaining them can be even harder. With employers looking high and low for talent, global employee turnover rates are staggering.
Offering your employees benefits beyond their salaries and bonuses can make the recruitment process and holding on to your talent far easier.
The reality is that people are a lot more likely to apply for jobs at organisations that are advocates for employee wellbeing and won’t be pulled away to a different job that easily if they’re being well looked after at their current role.
One of the organisations that are leading the way in assisting employers navigate their way through the world of employee benefits is Perkbox. Based in the UK with offices in France and now Australia as well, Perkbox has created a platform that centralises the benefits and perks that organisations offer their staff.
In order to gather some relevant insight into the best way to approach the employee benefits space, I reached out to some of the experts over at Perkbox and found that they (not surprisingly) had some real gems to share.
Many employers offer their staff financial incentives in order to keep them motivated. These incentives typically come in the form of a commission, a profit share or some sort of performance-based bonus.
But, Jack Beldon, Sales Director at Perkbox Australia referred to commission-based incentives as “mercenary-style incentives programs” and looked at them as a very narrow-minded approach to motivating staff.
“The downside to only offering commissions and profit shares is that if any changes happen to the business that affect commissions it can turn your workforce against you,” Beldon told The Pulse.
“Similar to how successful investors hedge their bets with a varied portfolio, incentives should come from a variety of sources.”
When considering the types of perks that you might want to offer your employees, it’s important to remember that the employee is far more likely to appreciate a benefit that suits them, rather than something that suits you.
This is something that Perkbox has tackled very well in their offering. The perks that they offer businesses are (almost) all different in each country that they operate in.
“Almost all of our perks available in Australia are unique to Australia,” said David Bliss, Senior Partnerships Manager at Perkbox Australia.
“Australians love boutiques, small coffee shops, independent cafes, and things like that.”
Employees will respond to and appreciate benefits that speak to them, so putting in the effort and doing your homework on what your staff like is a key part in offering benefits to your employees.
While offering employees a variety of benefits is important from an employee wellbeing and retention perspective, the world of employee perks is changing – moving in a different (and interesting) direction.
Hannah Sims, Regional Product Manager at Perkbox APAC, told The Pulse that “Gen Z workers” are growing less interested in the run-of-the-mill perks, and are after more meaningful experiences.
“Modern workers aren’t looking for free health insurance, gym memberships, ping pong tables and beer on tap. Sure, those are nice-to-haves, but their real priorities lie elsewhere.
“They want the opportunity to progress in their career, to learn and develop, and for their personal growth to be supported. They’re after meaningful work, flexible working conditions and, most importantly, inspiring leaders who bring purpose and drive to their work.
“They are on the hunt for businesses committed to looking after the full employee experience.
“Over the next few years, it’ll be those businesses investing in the full experience of their teams who will attract and retain real talent.”
There will always be a need and place for creative, non-mercenary and useful employee benefits in the workplace, but if you’re looking to stay ahead of the game, it is more important than ever to begin introducing a deeper level of meaning into the experience you offer your workers.