By Lizzie Benton, Datify
As a business one of the biggest tasks that keeps you on your toes is retaining your employees.
With the jobs market becoming increasingly competitive with many businesses now offering more than just financial gain, it’s time to turn things around to keep the skilled staff that are driving your business forward.
Financial bonus schemes are only offered annually in most companies, and the strain of this can be costly to the business.
But with the new approach of employee benefits it can make work life more enjoyable for employees and help to pull in the purse strings when it comes to the businesses finance.
Rather than spending out on recruitment fees and sick days, this can be reduced with the approach of a benefits scheme. Plus if you have a desirable benefits package, you’ll find it far easier to recruit should you lose anybody.
With competition hot amongst businesses with who’s offering the best benefits package, it can be a case of adapt or risk losing your most valued employees.
You may wonder what’s in it for the staff, but think of it this way, what’s the point of having a big pay out at the end of the year if you don’t have the time to spend it?
The variety in benefits available can make the work/life balance far more comfortable for employees and increase productivity as you’re able to organise monthly incentives rather than an annual one.
Improving productivity with something to look forward to the end of the month can lead to a business that moves forward faster, rather than having idle staff who are hanging around for their next money pot.
When money is involved it can cause competition between your staff and animosity if it’s discovered the bonus was not equal across the board.
Avoid this traditional pit fall with this useful benefits guide.
Increasing the benefits that employees are legally allowed can make your business one that’s got potential candidates queuing at the door for a position.
It’s essential you confirm and putting it in writing, as it shows that you want to care for your employees and make their lives better.
Rather than simply making comments about benefits in an interview or in passing, you’re taking serious action in saying what you mean, and this is something your staff will truly respect.
A great example of this is Virgin Managements recent changes to the contracts of their long term employees, offering a year’s full pay for those looking to taking parental leave if they have been with the company for four years.
Virgin have always known to offer great benefits to their staff, but this job security is showing that they’re not wanting to loose skilled staff simply because of the limited maternity pay that is currently offered by the government.
When you’re next updating your employee’s contracts think about what matters most to them that you could offer without it deeply affecting the bottom line of your business.
Could you increase holidays or include a longer lunch break?
If you want to get their advice and make it known, start an anonymous suggestions box so that you can get an idea of what your employees would truly feel advantageous to their lives.
On The Job Benefits
With most business careers located behind a desk, it’s no surprise that the BBC recently reported that sitting down all day poses serious health risks.
We’ve all known this for a long time, with increased weight problems within the industry and dreadful posture causing long term back pain.
But as you know of these problems be proactive in offering care to your employees to help counteract all the desk work that they’re doing.
If you’re unable to invest yet in one of the new hi-tech standing desks, implement a Physiotherapist to visit once a month to give your staff required treatment.
Ben Barker from Total Health Clinics has recently started offering this service to local businesses and commented that, “Many businesses are starting to realise the physical harm that comes from sitting down all day, and with just a lunchtime treatment many staff are seeing benefits in their general health and productivity”.
When you incorporate health benefits that are associated with roles in your business, staff can feel far more valued in their position.
Getting your employees to work well together has always been a challenge for businesses, but ‘Team Days’ are becoming increasingly popular as a resource to bring everyone from the business, both high-level and mid-level, together reducing the feeling of a hierarchy.
As well as getting a better understanding of the people that you work alongside, it can also give employees experiences that they may not have invested in outside of work.
Bragging about this on social media will showcase the business as one that cares about its employees and invests in their growth.
Abandon your financial bonuses scheme and create a stronger more productive team through company benefits. You may be surprised at the reduced cost and overwhelmed by the increase of candidates handing a CV your way.