As a business owner, one of your primary responsibilities is to put together and manage the team that keeps the wheels of your business running. The more vital their role in the business, the more you want to keep them. The benefits that we mention below aren’t just going to help you better retain your team, however, they can also motivate and engage them, which can then help them perform better. If you want to offer the best benefits package, then here are some of the perks you need to consider offering.
One of the fastest-growing concerns among the working population right now is the seeming lack of jobs that offer the same future securities that used to be much more commonplace only a couple of decades ago. Since most workplaces are content to work with the same level of churn that sees employees moving from company to company, standing out against the grain and offering long-term rewards such as a group personal pension can make it clear that you want and will support your employees if they intend to make a life-long career in working with your team. Of course, the higher the level of contributions that you’re willing to offer, the more effective this benefit will be, too.
A lot of workplaces have had to start offering more flexibility than they might have originally wanted to. The recent pandemic has turned working from home from a growing trend into a norm in many industries. However, the ability to work from home is only one example of flexible working conditions that you might e able to offer your employees. The other most common option is flexibility in when they choose to work. It takes effort to manage the timetable of workers on a flexible schedule but allowing them the freedom to work how they want can actually improve productivity as they’re more likely to choose to work in times and ways that better suit them.
It might sound like giving away what you might want to keep yourself, but there are significant benefits to giving company shares away. Aside from being a real financial incentive, it ties the value of the perk directly to the growth of the company which can help them feel much more involved and motivated in the company’s aims, rather than just their own job. Just make sure that you learn what you need to know about shares and shareholders. Once you have given away shares of the company, then the very nature of who owns it and who has a say in how it runs can change. You will always have control over the direction of the company if you hold the majority of the shares, but you have responsibilities to other shareholders to learn, too.
It’s not just about how you reward your employees for the work that they put in, benefits are all about how well you can help make them balance both their work needs and their life needs. As such, the addition of facilities they might want to the workplace can be a huge draw. This can be as simple as things like a separate breakroom or a place to relax away from their desk. However, businesses that have the room and resources to go further often do by adding things like a daycare at the workplace or even an office in the gym. The better you can help them manage needs that are not necessarily work-related, the more effective this benefit is.
If your business is rapidly growing and profiting greatly and it’s, in large part, thanks to your team, then sharing that wealth is a simple but effective answer. Annual bonuses can become a major motivating factor for workers to make sure that they’re doing their part enough to be kept around long enough to make them. If you want to get the very best out of them, you can go even further with performance bonuses. Performance bonuses have to be managed carefully, however, as they can also serve as a negative motivator for those who do not receive them. However, there are services that can help you set up bonus systems to make them fairer and more strategic.
It’s important for business owners to be well aware of how much they’re willing to give in exchange for the trained and qualified labour at their disposal. The tips above can hopefully let you better know your options.