Employee Incentives to Help Your Company Stand Out
Article Written By: Chelsea Lamb ([email protected])
For decades, many companies have provided their employees with benefits like paid time off (PTO), sick days, health care, and 401(k) contributions. But millennials and Gen Zers are looking for more from their current and potential employers, which is why so many businesses (large, medium, and small) are exploring additional perks to offer.
Providing job perks can go a long way in keeping your team members satisfied and productive, but it can also help your company stand out and recruit top talent. If you’re ready to up your employee incentive game, consider this information and advice from The GRID Wisconsin.
Benefits vs. Perks
While often used interchangeably, benefits and perks are distinct incentives companies use to attract and retain employees. PeopleKeep points out that benefits are usually wage-based, meaning that they are something team members would probably have been required to pay for themselves. Offering a partial health care plan, for instance, can lower an employee’s medical care costs while tuition reimbursement can relieve an employee’s student loan burden.
On the other hand, perks refer to extra incentives employees receive in addition to their salary and benefits. This might include gym memberships, tickets to concerts, having access to nutritious snacks, etc.
Why Offer Benefits and Perks?
Employee retention is critical for all companies. If you have team members who add value to the company’s mission and work well with others, keeping them around for the long haul will save your company a lot of time and money. In other words, hiring and onboarding new employees requires much more work and money than keeping current employees happy.
By offering the right benefits and perks, your business can benefit in both areas. The Great Resignation has taught us that many workers are willing (and even eager) to jump ship for better opportunities than ever before.
By providing attractive benefits and perks, your business can significantly reduce employee turnover. And when it comes time to interview candidates, your workplace will stand out if you offer unique incentives.
Learning About Your Employees
One of the best ways to determine how you can improve your workplace is to ask your employees for ideas. Send out an employee satisfaction survey annually that allows your team members to share honestly any issues or concerns they have working for your business.
Provide a platform for them to suggest benefits and perks that can leave them more satisfied and less likely to look for work elsewhere. These surveys can also show you and your managers what you are doing right.
Paid-time-off (PTO) has been a common benefit among companies for many decades. But these days, Built For Teams notes that more businesses are offering unlimited PTO to attract and retain employees. This perk helps team members create a healthier work-life balance for themselves because it encourages them to take vacations and leaves them with more time to practice self-care and tend to their personal commitments.
Unlimited PTO can also prevent employees from financial challenges when they or their loved one gets sick. Some business owners are nervous about offering unlimited PTO out of fear that their employees will abuse it. However, as long as your team members are working productively and meeting deadlines, there’s really no reason they can’t take off a couple of days now and then.
Some jobs thrive on a rigid start and end time. However, thanks to technology, most knowledge-based positions can be performed remotely at any time of the day. Consider offering flexible work hours to your knowledge-based team members, even if it means adopting a hybrid work schedule where they alternate working in the office and working from home. This is where good accounting software comes into play. For instance, if you run a construction company, using a construction accounting solution that keeps tabs on your contractors’ billable hours allows you to better manage your projects and your employees’ schedules, whether from the office or at the job site. This works well when you’re using a remote or hybrid setup.
Studies show that many remote workers are more productive, not to mention happier and healthier. Employees who care for children or other loved ones can especially benefit from a flexible schedule. Even team members who do not have family commitments can use a flexible work schedule to invest in their health and wellness.
A strong team is crucial for your company’s long-term success. One way to foster relationships among your employees is to plan more company-sponsored events. You might be surprised by how much a happy hour, office party, and intramural sports league can do for improving morale.
As you start hosting more company events, you may want to capture images of your employees participating to share on your social media accounts. Along with showing your customers a glimpse of your healthy workplace, this can help attract top talent to your team. Just make sure that you can easily resize your photos to upload them on social media. Using an online picture resizer will help you quickly adjust image sizes for easy uploads.
Chances are you’ve seen pictures or videos of the game rooms in Apple’s and Google’s headquarters. But the truth is, many companies are offering this perk today. Consider creating a well-defined relaxation zone that fosters fun and de-stressing activities for your team members.
This is an excellent way to prove that you care about work-play balance, and it can do wonders for cultivating productivity and creativity. The best part is that your relaxation space doesn’t have to be fancy. Even a simple lounge area with minimal decor and comfortable seating can go a long way in helping workers unwind and recharge.
Customers and workers alike value businesses that care about their communities. Besides giving your employees PTO, allocate a specific number of days each team member can get paid to volunteer for local charities and organizations. Better yet, allow each employee to choose where they spend their time and energy. This not only helps to promote community relations but also gives your team members a healthy break from the daily grind.
The workplace and business landscape are evolving, and many companies are adding new employee incentives to retain and attract top talent. If it’s time for your business to take things to the next level, consider the benefits and perks above. And keep researching other ways that you can create a healthy, happy, and productive workplace for your team members.