Whilst many great companies thrive on the motivational mission of their business and inspiration engendered by an enigmatic leader, attractive benefits can definitely help attract and retain great employees.
Listed below are a number of ideas about the most attractive benefits you could offer your employees.
Increasingly employers are offering flexible benefit packages, giving their employees a personal budget, often around £500 to allow them to choose what they want. Options can include gym membership, self-‐development courses, or extending benefits they currently enjoy.
More time off is arguably the most valuable gift an employee can receive. Gaining additional annual leave in relation to service is one option, allowing employees to take their birthday off on the company is another, as is being able to leave early if targets are met. The chance to buy and sell annual leave normally allows the sale or purchase of between three and five days a year, and can be a useful benefit to some employees.
Getty Images’ pay‐for-performance scheme is accompanied by ’spot’ rewards that managers are allowed to dispense, of £300 to £3100, to reward exceptional performance. Similarly BSkyB enables its managers to reward staff with gifts, ranging from spa weekends to iPods. The trend of using individual recognition schemes with more personalised rewards is set to continue.
Private healthcare for an employee often forms a key part to a standard benefits package. This benefit is not normally extended to the employee’s family, but an additional benefit would be to allow the employee to extend their membership to their family at your business rate.
This can include flexitime around a set of core hours. For those motivated by the need to strike a better work life balance this benefit can boost performance by improved motivation.
Increasingly employees are engaging in charitable ventures in their own time. Supporting this with at least one paid day off a year to dedicate to charity work is a great way to reinforce the altruistic side of your business, and hopefully gaining additional motivation from your participating employees.
Auto enrolment means all employees will be enrolled in a pension scheme which their employer contributes to. You could consider increasing the minimum contributions on the basis of length of service, performance or generally across the board.
To attract and retain high performers and ensure your business is outperforming the market it’s essential your employees are motivated to continually develop and improve their skill sets. To facilitate learning and development the following initiatives may help: develop a mentoring program, regular internal appraisals and easy access to external training.
Childcare voucher schemes can ensure that employees realise substantial tax savings and childcare costs.
If your budget doesn’t stretch to any of the above, simple workplace perks such as beers after work on a Friday afternoon, birthdays off, or the boss buying coffees can and should be used to maintain and improve motivation within the office.
Ultimately most employees are motivated by their basic salary and sales people, in particular, are driven further by the potential to earn commission and bonus. Whilst this shouldn’t be ignored, all of the above offers simple alternatives which can encourage your star employees to believe your company is the right place for them to further their career.