Every business relies on the strengths of its employees, from the decision makers at the top to the entry-level staff that hold key processes together. Without an efficient, engaged and motivated workforce, growth and long-term success are by no means guaranteed – and often impossible.
Nothing has thrown this truth into sharper relief than the actions of the working population in the last two years. The UK is experiencing the long-term effects of the 'Great Resignation', an employment event that saw workers more directly reckon with their own expectations and value. Workers migrated en masse, leaving positions and even careers for better opportunities in other businesses or industries.
Of course, one of the main drivers behind the exodus of staff from certain businesses or industries is related to pay – which is much more than just paying an annual salary. What role do perks and benefits play in this relationship, and how can a business consider realigning to better manage growth?
The Purpose of Perks
Perks and benefits exist as “sweeteners” in a particular role, designed to attract high-level talent and subsidize salary arrangements in an affordable and fair manner. By providing your staff with benefits that make their lives easier and their role more comfortable, you directly affect employee satisfaction and therefore motivation.
According to the results of a 2019 Oxford University study, employee happiness is directly linked to increased productivity. The study found that happy employees are about 13% more productive on average. Perks are a useful long-term strategy for influencing this variable.
Realignment of your benefits package
If you've noticed an increase in staff turnover in the past year, this could be a sign that your benefits packages aren't working as designed. Many employees are beginning to notice a common tactic used by businesses where legal requirements are repackaged as role benefits. Therefore, better benefits packages could be a necessary part of attracting bright employees.
One of the most basic examples of an impressive perk is the provision of a company car. Not only do they give employees more freedom in their travel and business travel, but they can also be used beneficially by the business for tax purposes. The cost of a used Audi and insurance package is a pittance compared to the cost of onboarding new staff on a semi-regular basis.
Of course, a number of smaller and simpler perks can be just as effective. Providing free on-site meals through a professional catering service can be a strong option, while above-average reward-based initiatives can encourage healthy competition.
You can also provide health benefits to your employees. Free gym memberships or even partnering with dental experts like the best dentist in Rockefeller Center to keep your employees' dental health in check.
The way forward
As a final note, it is important that any business's efforts to review benefits packages are not done in a vacuum. Your staff's concerns may differ from your own ideas about what constitutes a competitive advantage. Asking staff for feedback and input can be extremely helpful in crafting attractive packages for new and existing staff.