Employee benefits are a great way to increase competitive edge, motivate current employees, and to attract new ones. But their positive effect on your company’s overall success goes much deeper. Traditionally, salary promotions are used to entice employee output productivity, while benefits also act as a bonus to reward productive practices and innovative behaviour. Incentivizing menial tasks, odd jobs, or other responsibilities come at an extra cost and there may be better options than increasing wage. Flexible benefit plans give employees different, adjustable options provided by their employer to fit what they currently want or need.
Offering appropriate pay that reflects work load and ethic is important, but offering a good employee-benefit program helps both your staff and your company. Having an array of benefit options and packages reflects on your investment in your company’s future as it initiates overall healthy company morale. Even further, employee benefits take shape in various different forms, not just the typical health care or family plans. Flexible benefits are the reformed version currently offered to employees of several business structures and fulfill the needs of the current work climate. Also, giving employees options that best serve their position, tasks, workload, etc., gets rid of the one-size-fits-all limitations of conventional benefit offerings. To understand more about flexible benefits and what they look like, read here.
When your company works hard for the employee, the employee works harder for your company, and this is shown through a solid and sustainable benefit plan. Flexible benefits have shown an increase in loyalty and a recent study states that 79% of employees prefer them over a pay raise. Being able to customize the aid made available to them stimulates responsible choices and allow staff to work better in the long and short term. As every employee seeks different help, such as parents or those suffering with a specific illness, can use their benefits to tackle such problems and prevent them from becoming work obstacles.
The attractiveness of flexible benefits not only guarantees loyal workers, but also boosts their focus and productivity. The same study saw an increase in attendance, efficiency, and astuteness. Employees reported improved sleep and a decrease in financial stress, both of which had a negative influence on their work. With benefits that accurately target employee concerns reap a positive ROI on their project management, production, creativity, and proficiency. As many companies commonly experience employee-absenteeism, flexible benefits act as a solution by offering flexible work arrangements that reduce the time missed by employees.
Offering benefits doesn’t have to be expensive. Analyze your work climate and employee demographic and see what they need outside of the office. There are many budget-friendly benefit options that are low-cost with a high social ROI. Improving company culture can be the initial target. Offering flexible schedules, remote-work options, group activities, and even occasional informal dress code cultivates a symbiotic work environment.
Having themed lunches, gym memberships, extended vacation days, etc. are low-risk options that exponentially increase workability. This is also cost-efficient as it decreases turn-over rates, attracts better talent, and encourages goal-oriented departments. This inadvertently improves employee health and strengthens loyalty for a more productive office.
What Do Flexible Benefits Look Like?
The modern-day employee is well-rounded and seeks to flourish both in and out of the office. Their benefits should mirror this. Although health-care packages are always high in demand, staffs seek different, broader forms of wellness. Within the last few years, employee demands have evolved into wanting better maternity/paternity leave options, work-from-home schedules, child-care services, and culture-boosting activities. Learn more about your options here.
Most employees now seek flexibility in office-hours and more free-reign in their projects. Employers have found staff to be more willing to work independently, offer creative insights, and be more hands-on with projects while also finding increased productivity in remote work. Achieving a work-life balance reaps more benefits than faults and adds both positivity and productivity as part of the company culture.