The world of employee benefits is constantly evolving. More and more companies, mainly in the UK but also in US and rest of the world are offering employee benefits packages to their employees in order to increase morale and productivity. Employers are trying to retain their talented staff, and having benefits package that increase engagement in the workplace is crucial. Otherwise, the competition, which is hanging on the door will do everything to attract the best workers and most talented “players” in the field and stay out of the crown.
Most of the big corporations offer benefits packages to their employees. Companies like Google, Apple, IBM etc. are well known as the best places to work on this planet thanks to the treatment they give to their employees, and most of all, the kind of employee benefits packages. A few companies can match the big ones in this regards. However, there are plenty of ways SMEs can boost employee engagement with much smaller budgets, just need to be more creative and innovative with the benefits they provide, and of course the benefits provider they choose. Let’s see these five creative employee benefits that SMEs can offer their employees.
1. Flexible Working Time
Flexible working is recent and growing direction in many sectors of the economy. Big and successful companies often try to create climate in which staff are empowered to take ownership of their work, and trusting them to direct their own time management is part of that.
2. Rewards and Recognition
Creative Recognition and Rewards gives the employers the ability to say thank you hard work or long service. Employee recognition doesn’t have to be expensive (in fact it sometimes doesn’t cost a thing!) and can be a powerful motivational force. For example, employers can give 3 days off for the worker of the month do some creative recognition where the employee will fill proud and motivated to be even more productive.
3. Offer Employees Travel Opportunities
People like traveling. In fact, there are no people on this planet who don’t want to see new places and cultures. So offering employees travel opportunities, especially if the company is spread across multiple countries or continents is a great way to tell employees you care about them and want to thank for the work done. Even for many, this will be hugely more valuable than an increase in wage. In my current company, many people are granted to move overseas and join the team there. They fell great and happy so far, which confirms the motivational background of this kind of employee benefit.
4. Monthly Staff Lottery
This kind of benefit requires some budget in order to be implemented. But trust me, it will be of a great importance as soon as you realise that your staff like the lottery and they enjoy it. Even a recent study claims 21% of employees see winning the lottery as an important part of their wealth-building strategy.
Companies can organise monthly lottery, give cash prices to winners, and the pleasure will be huge.
5. Duvet Days
With Duvet days, each employee is given license to take a day or a morning off at last minute notice. It’s one of the most innovative benefits for employees, and each company trying to boost engagement should have it in its benefits plan. With millions of bogus “sick days” taken each year, duvet days can help prevent burnout with flexible working and save businesses money.
What is your opinion on these creative and innovative employee benefits targeted for small and medium enterprises? Do you think they can boost employee morale and engagement? Or you have some better ideas? Don’t miss to comment and share this article.