Knowing more about your employees enables you to cultivate a company culture that will not only benefit but also actively contribute to your company’s success. To elaborate, reward systems built upon each individual’s motivators will have far more impact than a designated bonus or £15 gift card.
According to Glassdoor, around 60% of jobseekers say such perks are a major incentive when looking for a job. 80% prefer additional benefits over a pay increase. Many people value things like personal perks, public recognition and educational opportunities over extra pennies on their paycheck.
Let’s break down the benefits…
Higher employee satisfaction
When employees are dissatisfied with their job, they lack enthusiasm about their day-to-day role and the growth of a company as a whole. When your employees feel overlooked by you as their management, their low satisfaction will drain company time and money.
Engage your employees by showing interest in them not only as workers but as people, too. When employees feel satisfied with their position, they feel a greater connection to the company and are therefore likelier to improve the quality of their work – benefitting company andcustomer.
Higher retention and lower turnover
Hiring new employees can be expensive and time-consuming. A Gallup poll suggested that up to 51% of employees are actively looking for a new job, proving that disengaged employees won’t stay for long.
It’s well worth investing in perks and savings to boost employee retention. As LifeWorks shows, you can help employees save money on daily essentials by providing these workers with 40% discounts on movie tickets or in-store coupon codes, which can also skyrocket employee engagement. Retain top employees and reduce turnover rates by ensuring these workers’ happiness in day-to-day life.
Engaged employees work faster, harder and better overall. When your team likes what they do, it’s a no-brainer that they’ll strive to do it well. Plus, if you connect to them on a personal level as their employer, they’ll strive to benefit you and your business based on respect, not just because they are expected to.
Cultivating an exceptional working environment enables your employees to be driven to produce good work, consequently benefitting your company in positive ways. Higher-quality work makes a happy customer – and a happy customer always comes back!
Asking basic questions or collaborating with your employees on a face-to-face basis is such a simple way to increase your company’s profitability. Even so, many businesses keep looking outward without ever turning inward. Without the solid foundation of an engaged team, no company can thrive.
In Europe, average absenteeism rates can reach up to 6% or more. The issue with under-appreciated, disengaged employees is that they do not feel like they are part of the organisation they work for; therefore, they have no issue with “letting them down”.
It’s important in this situation to consider implementing perks and savings. You can instil perks into the fabric of your company’s culture to consistently encourage employee participation within your organisation. The most effective of today’s companies offer perks far transcending beer-and-pizza Fridays – from 100% boosted cashback to a ‘Wallet’ service where you can let savings accrue.
Show your employees that you appreciate what they do. In turn, they will love what your organisation does for them and reward you with heightened engagement and better results.
Increased employee loyalty
A huge benefit of having engaged employees is that they are dedicated to your company. The more committed you are to the wellbeing of your employees, the more loyal your team will be to your organisation.
Through enhancing your corporate culture and connections, you can cultivate employees who will become excellent ambassadors for your brand.