Smart companies realise that offering team members attractive benefits and perks as part of their employment package makes good business sense.
Benefits are a clear demonstration to people that they matter and that the company wants to see them succeed. This makes for happier, more motivated people, and greater productivity and employee retention.
There has been a lot of research put into which incentives are most effective, so here are the 5 top benefits and perks you can offer your people:
- Pay increases and performance bonuses - regular evaluations tied to raises and bonuses will give your employees incentive to perform, and enable you to keep your most skilled people longer.
- Work-life balance - offering options that improve your employee's work-life balance shows trust; in return you can expect increased commitment and productivity, higher job satisfaction, and reduced absenteeism.
- Professional development - working with your team members on training and development provides a clear path for them to grow with the company.
- Increased leave options - giving staff more than minimum leave shows the company is willing to go above and beyond; employees will be much more likely to reciprocate.
- Discounts and freebies - offering simple, useful perks like travel expenses, parking, discounted company products or gym memberships, or free food, may not cost the business much, but it will mean a lot to your workers.
Remember, everybody is different, so it pays to understand which benefits and perks are of value to your people and to provide options so they can choose the things that will best enhance their working lives. We can advise you on any tax implications, you need to take into account.