Staff retention is getting more difficult with every passing year.
While career progression and pay are two of the biggest factors for many employees, introducing a quality benefits package is also essential to improving staff retention rates at your business.
From free sweet treats to more annual leave, a few little extras can go a long way to show your employees you truly value their contribution.
This revelation is even more surprising when you consider the fact that more than a third of employees categorise company benefits as one of the biggest factors they consider before accepting a new job.
So, if you want to spur your employees on, attract new ones and increase retention rates, it might be worth investing in some bigger and better perks.
Here are 6 different ideas to implement, courtesy of some of the biggest brands in the world:
1. Increase Your Annual Leave
Adding more annual leave perks to your employee benefits package can work wonders in improving staff retention and productivity.
Plus, well-rested and healthy employees are bound to be more productive and ready to tackle the day ahead.
And it doesn’t even have to be a drastic increase. Introducing the odd extra day could suffice.
For example, some companies offer an extra day off for employees’ birthdays.
These extra miscellaneous days are an affordable and realistic way to put a smile on the faces of your employees.
2. Food For Thought
Fuelling your employees with free food is another top way to keep them happier and healthier for longer.
It also helps to improve levels of procrastination by removing the temptation or need to make sporadic trips to the vending machine/ kitchen!
The global tech giant, Google, offer an array of culinary delights from around the world to keep their team motivated and working hard.
However, to offer such a culinary banquet may chew into those annual turnover figures, so you may want to reduce the options.
For a slightly more cost-effective solution, simply offering fruits on Monday, desserts on Wednesday and an array of limitless snacks and drinks should work just as well.
Fuel your employees to keep them productive!
3. Company Shares And Bonuses
If applicable, handing your employees the opportunity to buy or acquire company shares is a bold statement of intent.
This indicates that your business is on the up and that you want your employees to join you in their venture. It shows trust and respect.
On the other hand, if you have a team full of adventurers, you could give them a generous personal bonus to go and travel every year like Airbnb do.
4. Healthy Benefits
Keeping your employees fit and active can increase their mental and physical wellbeing, plus help them to feel more content in their current role.
And providing nice health-related bonuses doesn’t always have to break the bank.
For example, the British video game developer, Jagex, offers their employees free bicycle repairs at the office.
In turn, this helps their team of developers and publishers to cycle to work and stay fit.
Onsite fitness classes and getting a dentist to come in like the international law firm, Allen & Overy, is also a fantastic way to keep your staff in prime condition if you can afford to do so.
5. Team Bonding Perks
Organise some fun activities that your employees will enjoy doing together – allowing them to bond and build great friendships.
Keeping your staff happy could be as simple as hiring out a cinema every year for your employees and their families to enjoy.
This inexpensive option is an ingenious way of creating a family ethos at the company.
The final option is to offer discounts to your employees.
Whether you’re a retailer or not, you can include discounts to include some of the biggest high-street names in your benefits package via a specialist online provider.
However, if you’re on the hunt for a unique way of offering a discount, you could do something cool like form a wine club like AutoTrader.
The automotive classified advertising business gives their employees the chance to receive discounted wine directly to their door every month.
Whether you have already invested in an employee benefits plan or not, there’s always room for improvement.
Implementing a few of these ideas used by some of the biggest brands can help your business stand out to new employees and enhance your odds of keeping the great ones you already have.
Get creative and think big, your team will appreciate it.
Reference: Coburg Banks