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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.
For those with young children, say in their 20s and 30s, they are likely to opt to buy extra days holidays or take up benefits to help with the cost of child care.
Those in their 40s are most likely to be concerned with their pension contributions.
Employees in their 50s may start to look to extend their healthcare options.
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.
Flexible working
Bonuses or cash incentives
Pension
Share schemes
Workplace ISAs
Childcare vouchers
Car allowance
Interest free travel loan
Gym membership
Option to buy more holidays
Travel insurance
Dental and optical insurance
Private medical insurance
Critical illness insurance
Health screening
Life insurance
Sick pay
Income protection
Salary exchange
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
Throw a party or a vintage afternoon tea
Provide leadership opportunities
Hand out thank-you letters
Leave ‘desk-drop’ treats for them before they come to work
Order pizzas for lunch
Hire an ice-cream van for a hot Friday afternoon
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.
Keep evolving
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.
Retention increases
Employees respond well to staying in control
Employees get the benefits that they want
Employees can achieve the lifestyles they want, making for a happy, healthy and loyal workforce
How we can help you
If you’d like to discuss any of the issues detailed in this blog, get in touch with us today. We’re here to help.
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