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We all want to feel valued; it’s human nature. It’s so important for businesses to recognise good work and to offer rewards and benefits to make their employees feel appreciated. But if you were to step this up a notch, and offer benefits suited to the individual, you’re on the right track for a happy and healthy workforce.
Previously, salaries were used to attract staff, benefits helped to retain the staff, and bonus and incentive schemes motivated them to do a great job. In today’s competitive workplace, this isn’t enough. Individuals are attracted, retained and motivated by a wide range of both financial and non-financial rewards.
The Decade Principle
This is the P3 People Management’s term for the demands made by employees depending on their age. What appeals to someone in the mid-20s may not appeal or be relevant to someone in their 50s.
We believe businesses need to reflect these options in their reward strategy.
Get to know your staff
How are you going to know what your staff want, if you don’t ask them? Employee engagement surveys and one-to-one reviews are great ways of finding out what your employees want. Using this information, explore how you can meet those needs to drive the right behaviours and performance standards.
Rewards and Benefits for the different generations
Offering a diverse range of flexible benefits for your workforce to choose from will put them in control of their own benefit packages.
This control is extremely attractive – remember the group of people in their 50s who we said were looking to extend their healthcare options? Well, they’re also planning to travel the world before it’s too late, so they also want to purchase extra days holiday and benefit from the interest free travel loan.
Let’s look at the range of benefits you can introduce to get them right for your diverse workforce.
Many of the benefits on the list above are subject to salary exchange. This in an agreement between the employee and the employer which results in both parties paying less National Insurance contributions. So, not only is your range of benefits attractive, it’s cost effective too.
Non-financial rewards to consider
These recognition rewards can be just as motivating for your workforce as the financial benefits – they make for a great work culture to boost your brand. Here are some ways you can celebrate success and say a great big thank you for their hard work:
Take a group of individuals or specific teams out for lunch
Above all, recognise that they are all unique and depending on their age they have different ideas of what they want to feel valued. Again, provide choice for the individuals.
Life doesn’t stand still, and neither should your reward and benefit packages. To keep your competitors from poaching your staff, ensure your flexible benefits support the changing lifestyles of your workforce.
Benefits to both the employee and the employer
It makes great business sense to offer flexible benefits to suit all ages.
If you would like advice on how to create a reward and benefit package, or plan to carry out an employee engagement survey to understand what makes your workforce tick, give our friendly team a call on 0161 941 2426.
“"We have worked with P3 for over 3 years and have found the service we have been given to be invaluable. As a growing organisation, the HR element was taking up more and more of the Board's time. HR are always present at our Board meetings and the time we have saved ourselves allowing this key business function to run smoothly, efficiently and as it should do has paid huge dividends for our growth and our staff retention. Our people and culture have not looked back since we made this decision. "”
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