Effective Employee Benefits Don’t Have to Cost Much

Work life balance and flexible working benefits may be more valued than some of the more expensive employee benefits offered by some businesses.

Google is well known for providing everything from free food to onsite gyms. Netflix has joined the bandwagon of firms offering unlimited holidays. What these employers demonstrate is that in the war for talent, large businesses are prepared to invest heavily in order to attract and retain the best people. Competitive pay and good benefits still factor into an employee’s decision to join and stay at a firm. However, the market is starting to focus on offering some other key employee benefits. Employees must feel that their employers want to provide them with what they need to be successful in both their professional and personal lives. A recent study by Mercer identified three factors that employees are looking for in a company.

Flexibility

The nine-to-five workday is outdated. Regardless of industry, flexibility is important to employees who are trying to get their work-life balance right. Firms that offer employees flexibility in the form of remote working and flexible schedules are attracting the best people. Flexible working has also been linked to reduced levels of workplace stress, and increased productivity. The best firms have created a culture of trust. They trust their employees to self-manage and get the job done.

Health and Well-Being

Workplace wellness initiatives show employees that their employers truly care about their health and well-being. To be successful, employee wellness programs need to be customised and include a wide variety of wellness initiatives. Examples include fitness activities, onsite health screenings, providing standing desks and regular ‘lunch and learn’ sessions. For a true commitment to employee health and well-being, there must be a culture of wellness across the whole firm.

Working With a Purpose

The next generation of talented employees are coming up through the ranks and they want to work for a firm with a purpose. They are willing to give up fancy offices for more more fulfilling projects that make a difference. Modern employees want to feel their work is contributing to the greater good of society. In order to create a sense of purpose for your team, you should create a company vision. Following this develop a reward and recognition system that encourages the right behaviour. Educate your employees as to how their job impacts the firm, its customers and the wider community.

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