Putting a value on fringe benefits

Benefits

If you’d asked people 5 years ago what the most important benefit to them was, they would most likely of said ‘pay rise’. But today, there are so many other benefits creeping in and taking over the top spot. Pay is still a big factor for Employee’s but there are other benefits that rank highly and for good reason:

Flexibility

This benefit has featured in several of our blogs this year, it’s all over the news pages I read, and it is something millennials no longer want but need.  Work/life balance is becoming increasingly important and flexibility is something that all employers should be considering.  People no longer want to work 9-5, because life gets in the way! Parents want to be able to pick their children up from school, gym enthusiasts want to attend that spin class at 4pm and some people would just rather start earlier and finish earlier! If a business can facilitate it, it should consider it.

Extra Holiday Days

The more holiday days offered, the better! This can only ever be a good thing for employees. Having days off from work are important and not having to worry about which event to attend because you only have 1-day holiday left is what we all want! Businesses are giving extra days off which is a nice touch, they are giving birthday days off, reward days and days off for no sickness. Other businesses offer a holiday buying scheme where you can buy up to a certain amount of extra holiday days.

Recognition Scheme

By putting in place a recognition scheme the employee feels valued. Even if it’s a companywide email for every piece of good feedback received. An even better way to celebrate the success of employee’s is to take part in a reward scheme. By acknowledging the good work an employee has done it’ll make them feel good about themselves, whether it’s a voucher, a day’s holiday, or a card, the simple fact they feel valued is enough.

Discount Membership

Apps such as perk box are becoming more popular in businesses and are a great way to reward your employee’s. Who doesn’t love a discount?

Health Insurance

Offering things like private healthcare and dental care are good perks to a job, not necessarily the top choice of benefit but a great added extra.

Pension Contribution

Offering above the minimum pension contribution really can sway someone into accepting a job with the company offering the better contribution – especially now the employee’s contribution has increased.

There are more and more fringe benefits being added to a company’s package these days; gym passes, break out rooms, extended lunches, early finishes on a Friday, pool tables, beer fridges etc…

Fringe benefits are valuable, they can have as much of an impact on an employee as a pay-rise can. Recognising and rewarding staff is imperative to a successful workforce. If you don’t show appreciation to your employees, they won’t stick around for long. So many businesses offer generous benefit packages, it’s time for all businesses to get involved, as we’ve demonstrated above this can cost as much or as little as you wish.