A successful employee benefits program can increase employee engagement, lower turnover and attract the best talent. Having an employee benefits program is a step in the right direction – but it is not good enough. Leaders need to ensure that their staff are engaged with the program and that they feel recognised and rewarded.
In this article, I will discuss the important elements in making your benefits program a success.
Throughout the blog, I have used the word engagement in almost every article. In order for your employee benefits program to be successful, employees need to engage with the program.
There are 3 simple things you must ensure to make your benefits program engaging: 1) people must know about it, 2) it must be rewarding and 3) it cannot be boring.
Simple things like monthly newsletters and direct pushes of exclusive discounts can help increase engagement with your benefits program. By having a program that is dynamic and constantly evolving, employees will be excited to find out the next benefit or exclusive corporate discount they can enjoy.
Not only should your program be exciting, it should also feature a wide range of perks that employees will want to use. For example, discounts for your utility bills and rewards like discounted drinks with your colleagues can ensure that staff are actively involved in the program.
It’s no secret that employees want to be recognised for their hard work and contribution to the company. Don’t let good work go unnoticed – recognise it in the moment.
With an employee benefits program, you can offer a gift card, or go out for a treat at a bar that offers discounts for your staff. Even e-thank you cards, badges or social posts can go a long way with promoting a positive work culture.
Recognition should also take place soon after the event has happened and not be unusual occurrences. This ensures greater impact and creates a culture where an employee’s hard work is recognised, improving morale and encouraging positivity in the workplace.
3) Sometimes simplicity works just as well
Your employees benefits program doesn’t only need to cover fancy perks and exciting activities – it could be as simple as regular company wide recognition, or free fruits and healthy snacks in the office.
Sometimes it’s the thought that counts, even a simple public thank you within the company can boost morale and encourage engagement and innovation.
4) Celebrate long service
Staff turnover is expensive – from administrative to training costs and productivity loss, firms must inspire loyalty to retain talent. Firms should look to celebrate long service awards at 3 and 5 years, not just at 10 and 20 years. Staff that are loyal to the firm are more aligned with the firm’s values and set a good example for newer employees.
Treat long service awards as an opportunity for celebration, involving their colleagues, friends and managers. Publicly acknowledge their contribution and reward them with gifts like extra bonuses, gift cards and sponsored holidays. Do this well and you may find more and more people receiving awards at your next long service celebration.
5) Alignment with Vision & Culture
Your employee benefits program is in many ways a reflection of the kind of culture you want to show your employees. For example, a program geared towards rewarding staff for performance in contrast to perks offered to the entire staff promotes a more competitive culture.
Align your program with your company vision by rewarding goals and promoting behaviour of your firm’s culture. This is your opportunity to make your employees believe in your vision and get them invested in the future of the business.
5) Never stop improving your benefits program
Your employee benefits program should be constantly evolving. Keep changing it up every year and add new features to keep employees excited and engaged in the program. Most of all, get feedback from your staff on what to improve, what new features to add and what new discounts will be most welcomed.
With an effective employee benefits program, leaders can inspire loyalty as employees feel recognised and rewarded for their work at the company. Human Resources can no longer be looked at only from an operational perspective but also as a source of strategic advantage to harness innovation and increase productivity among employees.