5 Company Perks & Benefits to Motivate Your Team
Ask business leaders what they think their employees need the most, and open of the foremost answers you’ll hear is a pay raise. While a salary increment is important, a recent study shows that about 48 percent of people reveal that they value company benefits and perks when making a recruitment decision.
According to the International Journal of Career Management, employee benefit programs have a greater impact on work- motivation. But there are endless company perks and benefit options. How do you determine the best fit for your company? Here are five company perks and benefits to motivate your team.
Medical expenses can be draining for your employees. Beyond that, not having enough coverage when accidents or Illnesses hit can be frustrating, usurping any form of invitation they might have to perform. Unsurprisingly, about 40 percent of employees surveyed by Glassdoor in 2015 say they value health insurance more than a pay raise.
Employer-sponsored health insurance can also reduce work delays and absenteeism due to ill health. Providing health care insurance can be less expensive than public or private health insurance. But you can invest in employee benefits software to help you make the right health insurance choices for your employees.
Paid Parental Leave
It’s a given that employees who want to be successful in their careers will have to make some tradeoffs and sacrifices, like enrolling their babies in nurseries, so they have enough time for work. The more parents are away from their children, the less likely they’re to offer adequate child-raising efforts and quality care.
A company that acknowledges the well-being of employees and, by extension, their dependents signifies the premium value it places on employees. Paid parental leave can be a great way for employees to coexist with their families, making up for sacrifices towards different work schedules.
Also, when team members are certain of how employers value their relationships and family well-being, they will be pushed to bring their best to the table. Companies like Microsoft have led the way in this regard, extending maternity and paternity leave beyond the traditional requirements. A happy family makes a happy employee motivated to contribute to business progress.
Performance bonuses tie employees’ emotions to assigned tasks and make them more involved in their work. The Incentive Research Foundation has established that team incentives in the form of money or tangible awards can increase performance by up to 44 percent.
How? Rewards beyond salaries influence employees to assume a much deeper connection to the work. They take tasks more personally, and they end up assuming shared ownership over their roles since they’ll receive a reward with every progress recorded.
The concept and future of work are fast evolving beyond the workspace due to the pandemic’s effect on mobility. Flexibility has become less of a business luxury. The modern employee is tech-savvy and capable of providing quality contributions to work outside the office, whether at home or in a coffee shop.
According to the Bureau of Labor Statistics, 60 percent of American households with children have both parents working. Flexible schedules can be a great perk for them to manage the workload and responsibilities at home, leading to a greater quality of life. This can translate into their professional worlds, motivating them to stay longer at the company, rise through ranks, and generally become active participants in business affairs.
The average employee spends about a third of their life working, locking eight to ten hours daily fielding diverse tasks. With the number of stress employees experience, they can barely add gym appointments to an already packed and draining day.
Having an internal employee membership scheme can be a great idea to explore. According to a career builder poll, 22 percent of modern employees reveal that work fitness centers are their most preferred office perk. Adding on-site fitness memberships to your list of official company perks can reduce health care costs and keep employees healthy and productive. Exercising has been proven to boost morale and motivate individuals to chase their goals without mental or physical restrictions.
All in all, perks and benefits result in employees’ proactiveness and willingness to lead, innovate and impact. Feel free to take any of these options for a test drive to be sure of how it fits your business goals.