Lots of companies offer ‘a great salary with generous holiday allowance’. Some offer the great salary and generous allowance along with a gym membership or perhaps a company pension scheme – and apparently, that is a ‘benefit package’.
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Is it really, though? What difference does that make to an employee’s life? What loyalty would it inspire in them if they have a bad day at the office and think of moving on? They could probably live without the two days over mandatory holiday allowance which is supposedly generous, and soon every employer will have to offer a pension scheme. So, who cares about that? Companies go to great lengths to attract staff, make their company more attractive than others and get top people in the door. Why then, do many employers refuse to offer anything above and beyond the basic expectations of a salary and benefits package? Many will tell you it’s too expensive to do anything more than the basics. Some will justify the situation with the aforementioned ‘benefit package’ which isn’t really much of a benefit. Others will tell you that the top brass gets the best of everything so why worry?
Not rewarding your employees with genuine benefits because of the cost is a false economy. Why? If your employees don’t feel genuine benefits are available, they have less emotional and financial ties to your business. They have less loyalty. They are not wedded to your business. It means the money you have saved yourself on benefits will be spent on recruitment fees, retraining, IT Support, new office equipment – all the things involved with new people coming into your business. Now, when it comes to benefits, we aren’t saying it has to cost the earth either. There’s a lot that can be done for relatively small money. I’m writing this from the desk of a company who supplies me with breakfast every day and pays my mobile phone bill, and for me that is great. It’s practical and makes a real difference to my life – I’ve more time every morning because I don’t need to choke breakfast down in my rush for the train and I’m £40 better off every month!
Here’s a list of ideas you could consider – some fairly standard and others a little more outside the box:
- Office fruit bowl – keep the workforce healthy
- Monthly socials – good fun and gets everyone together
- Medical or dental insurance – great for everyone, especially families
- Holiday allowance – more than just one or two days over standard!
- Pay a bill – mobile, 3G tablet, shopping vouchers, take your pick!
- Consultation services – pay an accountant to consult with your staff once a month
- Relaxation and de-stressing – spa days, office massages, yoga, etc.
- Let them pick – offer a certain amount of money to be spent on them as they choose
Obviously, this is a very short list and is meant as food for thought more than anything. But the fact remains – offering genuinely appreciated benefits to your staff will increase their loyalty no end.
Related: How to improve morale and productivity in the workplace