If your budget projections allow it, there’s no doubt that salary increases, performance bonuses or long service payments will boost employee satisfaction in the current environment. Just make sure you can deliver and continue to support anything you promise.
If you can’t afford these financial benefits, it’s still important to acknowledge their current desirability. You should also explain why the organisation can’t responsibly afford them right now. Most employees will understand, provided you’ve been open and honest, and agree to revisit the topic in the future.
In the meantime, here are the non-financial perks that employees currently value the most. In better economic times, these are often more highly valued than financial rewards.
Flexible working options
Everyone has different responsibilities and time pressures in their life. Some are ongoing, like the demands of childcare or looking after elderly parents. Others can be short-term, like having to meet a tradesperson at home for an urgent repair. There are also discretionary things that people might value highly, such as being able to volunteer one morning a week at a local charity or coach an after-school team.
Managing output rather than attendance, and allowing employees to work when and where they choose, can significantly boost satisfaction, productivity and retention.
Health and wellbeing
Recognising each employee as a whole person helps to build engagement and productivity. Support for health and wellbeing is not only valued by employees, it can also increase work focus and reduce absenteeism.
Group memberships to health insurance schemes, gyms and fitness classes usually come with a discount that can be passed on to employees, with or without an additional subsidy from you. Setting up walking groups, and providing free nutrition and cooking classes are other affordable options.
Financial wellbeing is another important area. Your financial service suppliers may be prepared to offer workshops on things like budgeting, financial planning, mortgage options, insurances, retirement saving and more.
Mental health support is another increasingly valued perk. Encouraging awareness and one-on-one discussion in the workplace is a great start. Promoting reliable information sources and public counselling services is another affordable option. You can also make it easier for people to take extra leave when under stress.
Learning and development
Opportunities to learn new skills and grow career options are highly valued these days. They can often be provided at no cost through in-house coaching, mentoring, temporary job-swaps or inclusion in a cross-functional project team.
Extra leave
When you do more than the required minimum to support employees, you can expect them to do more than the minimum at work. This definitely applies to providing additional leave. Here are some examples of how to use extra leave as a benefit.
- Giving people an extra day off for their birthday is an easy and inclusive way to start.
- Long service leave certainly boosts employee retention, and so does extra paid or unpaid parental leave.
- Being open to employee requests for things like time off for career-related study or to volunteer for a charity will also boost employee satisfaction.
Discounts on products and services
There are various ways to make your employees’ money go further. It often starts with providing your own products or services at cost. Another approach is to negotiate special employee rates with your organisation’s utility providers. You may also be able to arrange employee discounts with your other suppliers.
If you want a shortcut to providing employee discounts on products and services, check out the Boost employee benefits platform. It’s a quick, easy and surprisingly affordable way to give your employees access to discounts and special offers on a wide range of products and services. You can even add your own benefits and customise the app with your logo. Learn more about the Boost benefits platform today.