You’ve probably seen the headlines about big businesses with unusual offerings – from free housing, to student loan reimbursement and even egg freezing – but don’t worry if these kinds of sweeteners are beyond your reach. The good news is that it’s possible to create an enticing rewards system at a relatively low cost. Here are just a few suggestions for you.
Providing a good work-life balance
It seems simple, but in fact flexible hours, the chance to work from home and increased holiday time can be some of the most popular options for staff. A survey of 2,300 UK Employees found that a quarter of these had turned down a job that didn’t offer the option to pick your hours. The great thing about perks like this is that they can be easy to implement. It’s also good for Employee loyalty – if you’re making it easier for a member of staff to fit work around their home life when they’re going through a busy period, they’re likely to remember this in the future.
Boosting mental and physical wellbeing
Health is high on the list when it comes to work perks. This applies for all members of staff – whether you’re taking on someone who’s just starting their career or a professional with years of experience. A study from London property management company Getliving found that people’s preferences for business benefits changes with age, but, interestingly, wellbeing remains important throughout. Both groups of interviewees – 18 to 24-year-olds and 35 to 44-year-olds – listed private health care as being in their top ten perks. If this seems beyond your budget, why not try something smaller like fruit at work or coffee mornings allowing time to de-stress and socialise.
Rewarding good performance
When you run a business, you’ll know how important it is to recognise those who go above and beyond. This is good for Employee motivation – it shows that you’ve noticed their efforts and it helps to create an atmosphere where everyone is keen to perform well. Many companies choose to give cash benefits, for example to recognise those who have hit their targets with a bonus at the end of the year. This can be effective, but it’s also just as important to offer other incentives, such as vouchers, perk boxes or an invite to lunch with the senior management team. If you do choose to give cash, experts advise against adding this to peoples’ pay as a matter of course – a separate cheque with a thank you note will make sure that your reward is noticed and will feel more personal.
Opportunities to grow
If you nurture your team, this will benefit them, and it’ll help you to develop a successful business. Ambitious Candidates are attracted to workplaces which will help them progress as an individual, so consider offering mentoring schemes, help with qualifications and team building days. Or how about giving your Employees the chance for personal development? At Google, Employees are able to take paid-for sabbaticals to work for not-for-profit organisations. This may be a step too difficult, but the concept of lending your expertise to others is a good one. Another idea is volunteering – for example Auto Trader gives staff two days off to volunteer which has proved popular.
Creating a talking point
It might be that, having seen the headlines about the latest work perk craze, you fancy offering something creative yourself. To do this, think about the type of Candidate you’d like to attract. What would it take to get them talking about you as an Employer? Make sure your choice fits with your business. For example, at Penguin Random House, you can order a certain number of books and e-books free of charge. Another example is the American pet insurance company Trupanion, they have two pet playrooms! If you’re an animal-lover, why not try a ‘bring your dog to work day?’ Or perhaps an office pet?
Over the last 20 years, we have grown as a business to become one of the leading independent Recruitment agencies in Oxfordshire, and in 2018 have opened our first London office, to service Clients in the capital.
Can we help you? Click here for more information.