- Ever wondered what makes your employees keep coming back to work each day?
- What keeps them motivated to perform their job duties every day as diligently as ever?
- Is it just about the timeliness of the paycheque or about how they feel towards the company?
If you aren’t able to answer these questions, then its time you rechecked the provision of your employee benefit policies because sooner or later, it may become difficult for you to retain your employees.
According to research, 64% of SMEs currently active in the UK are unable to retain their employees. It means that if your employee retention percentage is low, it automatically lowers your profitability index. Employee profitability is directly related to company profitability and recruiting engaged and hardworking employees are beneficial for the company’s success.
Therefore, these are some key strategies to increase your employees’ efficiency, productivity, your business profitability, and your employee retention:
Tangible Employee Benefits
Employee benefits that can be calculated and measured accordingly are tangible employee befits. They usually involve monetary and material incentives, such as:
Pay Raise, Incentives and Bonuses
Salary, paycheque, and financial incentives have always been able to lure employees into keeping working hard every day for their respective organizations. However, this only values their work for the employees. And they look for other motivating factors that deem them as an asset to the organization. It is why pay raises and bonuses tend to work two-ways. Not only do they make the employee feel rewarded, but they intentionally improve productivity. The employee starts working hard enough to become eligible for higher pay rates, exclusive rewards, and bonuses. Bonuses don’t even have to be a significant amount but just enough to appreciate the extra effort made.
Holiday and Vacation Allowances
Businesses are greatly benefitted when employees travel on paid leave. Employees come back with better enthusiasm to be productive without having a fear of their salaries being deducted or the risk of losing their job. Small businesses try to take a step ladder approach for paid vacations. It means that employees will receive a week of paid leave after they work for the company for a year. And the longer they keep working for the company on a yearly system, the company will increase their paid vacation by a week.
Paid Leave and Compensations
Offering employees paid leave like sick or emergency leave, as well as compensations in need, are considered to be another significant tangible employee benefit. It works wonders for employee’s mental well-being when they can stay home in case of a sudden onset of an illness. Instead of coming to work because you can’t afford to stay home, take a paid sick leave easily to stay back and get well. And not risk spreading the disease to the remainder of the staff.
Health Benefits and Insurance Provision
Insurance coverage like health, life, family, and car are a great incentive to gain employee profitability. Usually, insurance procedures are too difficult to follow, and paying for health care can be too expensive. Just like Jessica Jones Jacket covers her and provides added security, businesses that offer to take the headache of insurance procedures for their employees ease them the burden while providing 50% paid health insurance coverage, an insured car, family insurance payments, etc. This method incredibly increases the chance of your small business, hiring well-qualified employees. Because these incentives make your organization appear more attractive.
Intangible Employee Benefits
Employee benefits other than that of monetary value that can’t be measured are known as intangible employee benefits. Also known as soft benefits, and although they are not materialistic in nature, they still add value to employee productivity because of their appeal and high regard for an employee. Following are some ways you can provide soft benefits to your employees:
Empower your employees – share your business goals, vision, and mission with them
One thing every employer needs to understand is that keeping your employees happy is the secret for increased productivity. Employees not being involved in your business goals and unable to understand your company visions will make them a stranger to the organization. They will feel demotivated and rejected and not a part of a working group that has a mutual goal to achieve. Therefore, empowering employees, keeping them updated with the latest targets to achieve, and making them happy by involving them in the company’s vision should be your organization’s number one strategy.
Manage employee performance and engagement
So the real question is how you find out if you have an engaged work staff. It is relatively simple. You see it right on their faces. The more focused and determined your employees are, the more involved they are in their work. The work drives them creatively and efficiently rather than just a monetary incentive. An engaged employee will be emotionally invested in the company and committed to their work. They will put their best foot forward for every task willingly. And play into the organizational goals and aims.
Target disengaged employees
Relatively, disengaged employees also show it clearly through their negative attitude towards the work and the workplace that they are disinterested in. Not only do they bring the company morale down but cause losses in collective productivity as well. The best way to deal with such employees is to discuss it with them on a one on one basis. Allowing them to talk it all out if they have any complaints against their workspace or anything that is bothering them is an excellent way to begin. Try to resolve the issue or assure them that it will be looked after shortly to drive profitability from them.
Value employee feedback
Lastly, value your employee feedback. The employees are a company’s biggest asset that helps in the built as well as up and running of the organization. Small businesses much need employees to hold their market place and drive profitability out of them. Therefore, take their feedback into account, listen to what they have to say, and clear the complaints that they have when necessary. You can hire a writing service and buy assignment online to answer your employee feedback properly.
Conclusion
In conclusion, employee benefits are one of the many tactics that can battle employee profitability and help in the retention of the best. If devised and appropriately managed, it can prove to be an excellent tool that delivers a good experience for employees as well as profitability and retention for the company. An ultimate win-win situation!
Author Bio: Claudia Jeffrey is currently working as a Product Assistant at Crowd Writer, a great platform to buy essay. She deals with employee benefits and co-relations. Her personal interest includes blogging for current recruitment trends.
