A business can’t run without employees, and employees can’t work well in a negative environment. Satisfied employees are more likely to give their utmost effort to the company, as they will reflect the same sense of caring back to a company that cares for them. Plus, unhappy employees are more likely to leave, resulting in a high staff turnover that is costly both to the company and to staff morale.
It is prudent to have a good amount of staff perk and benefits; Glassdoor conducted an Employment Confidence Survey in 2015, which revealed around 60% of people see perks and benefits as a major factor when weighing up a job offer.
One potential perk, apparently offered by the likes of Netflix, Virgin, and LinkedIn, is unlimited holidays for staff. The idea is that there is no restriction on the number of holidays staff can take, so long as their work is completed and not effected by taking holidays. This employee benefit is quite common across America, and an estimated 9% of businesses around the world are said to offer this perk or similar.
How effective is this holiday benefit though, in practice? Theoretically, reducing the pressure of a limited number of holidays should make for happier staff, which in turn, would make for a more productive workforce. But some HR departments are not so sure how beneficial this policy is, given that holiday allowance generally isn’t a motivator for recruitment and retention. With that said, data from the US shows 80% of people would consider unlimited holidays as a perk when deciding on a job offer.
To investigate the matter further, personalised lanyards, supplier Badgemaster has created this article on employee incentives.
Employee benefits don’t need to be costly, but a good investment can certainly pay off. At the end of the day, your staff are central to your company’s success. Better health, dental and vision insurance benefits is top of the list for employee motivators (88%), with flexible hours and vacation time, and work from home options not far behind. Companies which offer free eye tests, dental check-ups etc are very appealing to many people. Taking away mundane but necessary costs for your employee is recognised as a good company benefit.
Consider paid maternity and paternity leave as another incentive — 42% of people questioned in a Harvard Business Review survey said this would be a particular benefit they would look for when applying for jobs. Whilst planning for the future has now also become an increasing consideration for many employees who are now aware of the importance of pension contribution. Workplace pensions are now a compulsory benefit that must be provided by an employer to their employees – and now, employee benefits specialist Thomsons even found that employees rated a decent company pension above private medical insurance, extra holiday or childcare vouchers.
You may wish to consider these excellent employee incentives too:
- Employee of the Month
- Free snacks, tea, and coffee
- Birthdays off
- Team-building events
- Social office events
- Bank holidays off
Perhaps surprisingly, whilst money is no doubt a motivator, an employee’s salary does not always reflect in their decision to stay or go. The survey by Glassdoor’s in 2015, also found that 80% of employees would choose additional benefits over a pay rise. For many employees, new opportunities, challenging work, good management, recognition and rewards are more impactful on their satisfaction than salary alone – communication is key to ensuring your internal workforce, and management team are satisfied in their roles.
Many companies still deem salary and the number of holidays as the prime motivators for retaining and recruitment. They are no doubt important, but other perks are key to keeping staff content.