Without skilled employees, it’s unlikely that your business is going to prosper in the long-term. Attracting and retaining the right people, therefore, is something that you should be very concerned with. But assembling that workforce isn’t just about dangling the biggest possible salary in front of prospective recruits; it’s also about all of the extra perks you might offer. These things don’t have to cost a lot – but, as we’ll see, they can be invaluable in demonstrating to employees just how critical their contribution is.
Why does it matter?
Through employee perks, you can demonstrate to give employees just how much you appreciate their efforts. It’ll let you distinguish employees that go above and beyond the call of duty, and thereby provide you with a means of incentivising that behaviour. For example, employees who work long hours during very busy periods in order to help keep the company afloat might be granted a bonus. Open banking solutions provide a neat and reliable means of providing this.
The Effects of Employee Perks
Rewarding your employees in this way will have a number of practical consequences. Let’s take a look at a few of the more important.
Higher Self-Esteem
Employees might come to doubt that they’re worth much to the business, or to themselves. Providing a reward is a way to demonstrate, fairly objectively, that a person is competent in their job. This will help to eliminate negative spirals, and create a positive atmosphere at the workplace.
Improved Morale
The effect of a reward can be contagious, even if the actual cost of the reward isn’t all that high. For example, if an employer announces that the efforts of the office are being recognised, and that everyone is going to be taken out for a slap-up meal, you might end up spending around £50 per head – but the good vibe created by this outing might have disproportionate benefits when it comes to productivity.
Superior Retention
Staff who feel that their efforts are being recognised are much more likely to stay in a given role. In fact, it’s often cited by recruitment companies as the number one cause of job dissatisfaction. When staff leave, they create a problem, in that it will take time to get a replacement up to speed with the requirements of the job.
How to Reward Staff
Staff rewards can come in a whole range of forms. You might grant additional time off, surprise everyone with small gifts, or ensure that lunch is paid for every day. If your resources allow, you might provide other perks, like on-site childcare.
