Every business is built on the strengths of its workers, from the decision-makers at the top to the entry-level staff holding essential processes together. Without an effective, engaged and motivated workforce, growth and long-term success are by no means guaranteed – and often impossible.
Nothing has thrown this truth into sharper relief than the actions of the working population over the past two years. The UK is experiencing the long-term impacts of the ‘Great Resignation’, an employment event that saw workers reckon more directly with their own expectations and value. Workers migrated en masse, leaving positions and even careers for better opportunities in other businesses or industries.
Naturally, one of the leading drivers behind the exodus of staff from certain businesses or industries relates to recompense – which is much more than the simple paying of an annual salary. What role do perks and benefits play in this relationship, and how might a business consider re-aligning to better manage growth?
The Purpose of Perks
Perks and benefits exist as ‘sweeteners’ to a given role, designed to attract high-calibre talent and subsidise salary arrangements in an affordable and equitable way. By providing your staff with perks that make their life easier and their role more comfortable, you directly impact employee satisfaction, and hence motivation.
According to the results of a 2019 Oxford University study, employee happiness is directly linked to an uptick in productivity. The study found that happy workers are around 13% more productive on average; perks are a useful long-term strategy for influencing this variable.
Re-Aligning Your Perk Package
If you have noticed an increase in staff turnover over the past year, this could be a sign that your perk packages are not working as designed. Many workers have begun to see through a common tactic used by businesses, wherein legal requirements are repackaged as role benefits; as such, better perks packages could be a necessary part of attracting shrewd employees.
One of the more basic examples of an impactful perk is providing a company car. Not only do they provide workers with more freedom in their commute and business travel, but can also be used beneficially by the business for tax purposes. The cost of a used Audi and insurance package is a trifle in comparison to the cost of onboarding new staff on a semi-regular basis.
Of course, a range of smaller and simpler perks can be just as effective. The provision of free meals on-premises via a professional catering service can be a powerful option, while rewards-based initiatives with an above-average baseline can encourage healthy competition.
You can also provide health benefits to your employees. A free gym membership or even partnering up with dental experts like the best dentist in Rockefeller Center to keep your employees’ dental health in check.
The Route Forward
As a final note, it is important that any business’ efforts to re-address perk packages are not done in a vacuum. The concerns of your staff may differ from your own ideas of what constitutes a competitive perk; asking staff for feedback and input can be extremely useful in forming attractive packages for new and existing staff.