Giving Smart Perks Benefit Your Business May 23, 2017 – Tags: benefits, bonuses, business, Employees perks
Out of the blue, one of your employees resigns. Not only do you have to find a replacement, but you also need to consider the loss in time and productivity. On top of that, you have to consider the impact of this departure on the rest of the team, as well as expenses like recruitment and training costs for the new hire. Implementing an effective employee retention programme can help stem bleeding talent and bolster a company’s efforts in building a positive, talented and motivated workforce. Look to Google for an example of an organisation that can both attract prospective employees and keep existing ones motivated and engaged.
- Named the best place to work for six consecutive years by Fortune magazine
- Topped Business Insider’s 2016 list of the 50 best companies to work for in America, based on exclusive data from PayScale
How does Google pull it off?
- Develops a highly competitive benefits strategy that fits employees’ needs
- Offers smart perks like free meals, haircuts, on-site doctors, laundry services and parental-leave policies
Google’s success shows that employee benefits do matter when it comes to recruiting and retaining talent. In fact, benefits and perks play a substantial role in keeping employees engaged and happy. This point is further supported by the Glassdoor surveys. The surveys showed that most employees do value benefits and perks when making job decisions, with nearly 3 in 5 people reported benefits and perks being among their top considerations before accepting a job, while 4 in 5 employees stated that they would prefer new benefits over a pay increase.
A good employee benefits programme will create a positive work environment and solidify employees’ motivation and loyalty. It helps you to attract and retain the very best talent who will contribute to your company’s growth and profitability. At the same time, it can reduce turnover. Turnover can be costly in terms of replacement costs. In fact, the Society for Human Resources Management reported that “employee replacement costs can reach as high as 50 to 60 percent of an employee’s annual salary.” There are also soft costs such as lowered productivity, increased workload for existing staff and a decrease in employee morale. All these do impact your bottom line. To ensure that the benefits and perks bring immense value to your business and staff,
- they must fit your employees’ needs and wants
- they are closely aligned to your company’s mission and values
- they are well-designed and implemented
So, are you ready to take the next step toward retaining your best employees? At enable consulting, we can help you develop a comprehensive, cost-effective and engaging benefits programme aimed at improving employee recruitment and retention.