Jean Martin, talent solutions architect at best practice insight and technology company CEB, says introducing new company benefits has become a top priority in the present economic climate.
“In most developed economies salaries have tended to flatten and moved towards the market median,” she says. “That means it is hard for companies to differentiate themselves on pay with their competitors. One way of doing that is to create new benefits and we’ve seen more companies experiment in the benefits space. Rewards also drive the performance of an employee and improve retention.”
She explains that benefits most likely to make employees want to stay with their employer are those based on finance, career and a work/life balance whereas benefits used to boost performance focus more in improving the employees’ physical and emotional health as well as their family needs.
“Businesses try to achieve a balance between the two and from our studies we see across industry that by introducing these benefits employers can boost employee performance by 15 per cent and retention rates by 15 per cent,” she explains. “You must meet the personal, financial and emotional needs of your employees. The wrong strategy is just to copy what your competitor is doing. Talk to your employees to find out what they want and study the demographics of your workforce. A more elderly workforce will want different benefits from one which is three-quarters millennials.”
In our fourth snippet from our benefits and rewards article we find that consultancy TBR says giving greater focus to this area of your business can save billions...