As a business leader or team manager, you have a lot to consider. From supporting your team through tough times to allocating work to the best employee for the job, you have a lot of work to do.
Therefore, you need to make sure that you spend your time wisely. You also only have a limited budget for your team, so you must make sure that you also spend this correctly and make the most of all the resources you have at your disposal.
As such, you might be sceptical about some aspects of managing your employees, such as offering staff perks.
Perks, including cash and non-cash benefits, have become a key trend in the UK’s corporate landscape over recent years, as employee expectations rise and businesses try to attract and retain the best talent on the market.
According to studies, many employers understand the need to explore benefits and increase their engagement with them, but that can be a challenge.
It can take a lot of time to learn more about the benefits available currently, then find and implement the right options for your team.
So, is it worth all this effort to offer benefits to your staff? Here are some of the reasons why you should consider offering perks to your team and how they can help you grow your business.
There Are Plenty Of Options Out There
Employee benefits come in a variety of forms and can offer many advantages to your business. As such, whatever type of organisation you run, and whatever your team’s tastes and requirements, you can find something to suit them. There are perks ranging from discounts on high street shopping through to extra holiday time or time off for specific lifestyle needs, such as getting a new pet. The best benefits for your business will depend on your target employee: older staff might be more attracted by cash benefits such as bonuses, whereas younger team members might want discounts to trendy stores. So, whatever your team wants, you can find employee benefits options to suit them.
It’s Easier Than You Might Think To Find Out About Benefits
With so many different benefits available, it’s easy to think that you’ll need to spend a lot of time researching them to find the right ones for your team. Thankfully, there are loads of resources out there to help you to find the best employee benefits for your team. For example, Drewberry is a provider of various insurance policies that can be a great benefit for your staff. If you’re looking to offer one of these benefits to your team, then the company has a handy guide that explores these options and others, so you can make an informed choice without spending hours researching all the employee benefits on offer.
Benefits Can Reduce Employee Turnover
Employee turnover can cost your business time and money, as you’ll need to regularly train new staff and get them up to speed, only to have someone else leave your organisation. As such, business leaders usually want to keep their staff turnover as low as possible. One great way to keep your employees happy and make them feel appreciated is to offer them perks. Thanks to the variety of options out there, you can find out what your team members are looking for and then offer it to them. Offering personalised employee benefits will make your staff feel supported and will show them that you are committed to investing in keeping them in your organisation.
Specific Perks Could Improve Your Team’s Work/ Life Balance
As well as dissatisfaction, another factor that causes staff turnover is poor work/ life balance, particularly for employees who work remotely. If your staff feel that they cannot enjoy their work and combine it with a fulfilling private life, then they might seek out another role that brings them less stress. As such, you need to work to facilitate a great work/ life balance for your staff. One of the best ways to do this is to offer them perks that help them to separate their working and personal lives. These could be discounts for unique experiences or additional holiday days to help them to recharge. You could also consider offering holiday time off after specific sporting or cultural events. Perks such as these could help you to retain your staff and keep them motivated.
Staff Shortages Mean Retaining Talented Staff Is More Important Than Ever Before
Retaining skilled team members is important for any organisation, but so too is hiring new talent to help your company grow. This has become increasingly challenging over recent months. While you may have heard about the staff shortages in industries such as hospitality and logistics, you might be surprised to learn that these issues are spreading throughout the corporate market. As such, not only do business leaders such as yourself need to retain your existing staff, but you also need to work even harder to attract new team members. With the recruiting market so competitive right now, the best talent will have plenty of options, so the more perks you can offer, the better. These employee benefits will make your job advert stand out from the rest, and entice qualified and experienced candidates to apply for it. These perks could also make the difference between a high-quality candidate accepting the position you’re offering or turning it down in favour of a business that offers them a better deal. With demand rising in many industries and companies looking to expand their teams, it’s vital that you offer competitive employee benefits packages.
Technology Makes It Easy To Roll Out A Benefits Package
Providing your staff with individual discount codes or regular updates about bonuses and perks can be time-consuming. Thankfully, new technology means that you can save yourself time and ensure that your staff get access to the employee benefits that they want. There are many software tools available to help save you time when you’re offering benefits packages to your team, so you can find one that will work well for your organisation. Many of these tools are easy to customise and set up, so you can quickly and easily create a personalised employee perks platform that your team will enjoy using and make the most of. Often, these employee benefits software solutions come with a subscription fee, but you’ll also get access to the perks on offer, so you’ll usually get great value. There are a lot of options out there, so you can find the one that will work best for your team.
Conclusion: Benefits Are Absolutely Worth The Effort
Ultimately, while offering a benefits package to your team can take time and money, it can help your business in the long run. It can offer you the chance to attract and retain the staff you need to drive your business forward. After all, the success of any business depends on its staff, so investing in an employee benefits package can help you to show that you care about your team and value their contribution. If you or a member of your management team is unsure about the advantages of offering perks to your team, then this article should help to convince you or prove the value of employee benefits to a reluctant team leader.
