When did you last change your Rewards and Benefits?
The ongoing pandemic has caused a complete shift in the workplace. With so much uncertainty, and faced with mortality like never before, people are no longer content to just clock in and get paid. The Great Resignation is in full swing across the globe, with “historically elevated levels of workers leaving the labour market entirely”.
What does this mean for businesses? It means they’re no longer in control. The power dynamic has completely changed, with organisations now doing what they can to attract new staff and retain those they already have. The days of a small pay rise, fruit bowls, and 20-day holidays are extinct.
This is no bad thing. For employees, they can find an organisation that truly makes them happy, where they feel like they belong. For employers, a happy workforce is a productive workforce, and those that succeed in adapting to the times will reap the benefits: companies with happy employees are 13% more productive.
Honesty and transparency are key. By engaging with your employees on a personal level, it’s easy to see that they’re not after huge pay increases; they want flexibility, a better work-life balance, and to be appreciated. If you’re still stuck for ideas, here are some innovative new concepts that lead to employee success.
4 day week
At first glance, this seems the antithesis of productivity. After all, you’re losing a whole day of work. But studies show that this isn't the case. Not only do employees who work a 4 day week say they’re happier, healthier, and less stressed, but the majority of companies say that they’re saving costs, productivity has improved, and that they see fewer sick days.
Sabbaticals
Differing from standard leave, a sabbatical gives employees the chance to take an extended break from work to pursue things like travelling, hobbies, or studies. It gives them a chance to reset from work, to feel fulfilled, and come back renewed. Far from hurting a company by losing a valued employee for an extended time, it actually gives others a chance to step up and earn more experience, plus returning employees are more likely to have new ideas and increased confidence.
Lifestyle spending account
Similar to vouchers but more focused on health, which is a key factor in employee happiness. Consider giving out spending cards that can be used on health products, anything from yoga classes and gym memberships to language classes and smoothies. Taking an active interest in your employees’ wellbeing is a sure fire way to show you care, plus a healthier workforce is a more productive workforce.
Flexible hours
The standard nine to five is dead. People now expect to fit work around life instead of the other way around. This includes remote and hybrid work, allowing staff to spend time with family or work as they travel. Don’t worry about lack of productivity; 83% of employees report they are more productive working from home, and there’s the added bonus of lower overheads. This flexibility will be a key hiring point in the future, so don’t lose out.
These are just a handful of ways to change the culture of rewards and benefits. Always remember that your employees are people too, and treating them as such will only lead to success.
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