6 Employee Benefits That Improve Productivity
When you are trying to motivate a team, offering good benefits is so important. If people feel that their salary and benefits do not reflect the work that they put in, they will not be very productive at all. Benefits also help you to attract the best talent when you are hiring and reduce employee turnover, which is very important. If you don’t offer any benefits at all, it’s likely that you will have problems with productivity and a lot of your employees will leave for companies that treat them better and give them the benefits that they need. If you do not have a good employee benefits package in place, these are some of the best benefits that you should consider giving people.
Flexible Hours
It’s important to recognize that your employees have a life outside of work and they have other responsibilities to attend to. That’s why flexible hours are a great benefit to offer. If you allow people to come in a bit later if they need to or take a day off from time to time to deal with family issues, they will be a lot happier. Studies show that flexible working hours are one of the best ways to reduce employee stress, which benefits them and the business as well. When people are overworked and stressed, they do not work productively, so anything that you can do to reduce their stress levels is a big bonus for you.
Time Off
As well as giving them flexible working hours, you should consider increasing the amount of time off that you give people. It’s a common misconception that people who take more time off don’t get as much work done. In fact, the opposite is usually true. When people are constantly working without taking a break, stress will get on top of them and their productivity will drop significantly. But if you are allowing people to take more time off to recharge their batteries, they will be a lot happier and their work will reflect that.
Employee Of The Month Awards
Employee of the month schemes are a great way to encourage people to work harder and reward them for their efforts. You can get some nice awards from companies like EDCO and hand them out to your most effective employees at the end of each month. People will work more productively because they want to win, and you show them that you are appreciative of their hard work. You just have to be careful about how you choose the winners and make sure that you are not awarding it to the same people every month. If you do that, you will create resentment amongst your employees and that’s never good for productivity.
Performance Bonuses
An employee of the month award is great, but most people would also like some kind of financial reward for their hard work. When people go above and beyond for the company, it’s important that you reward them properly, otherwise, they won’t bother again in the future. That’s why it’s a good idea to offer an annual bonus to all of your employees. This should be worked out based on how well they are performing and whether they are meeting their targets or not. That extra money can really help people out and if they know that there is a good chance of earning a big bonus, they will be inclined to work a lot harder throughout the year.
Retirement Plans
Saving for retirement is a big concern for all of us and a lot of people will look for a good retirement plan when they are searching for jobs. Contributing to a retirement plan for your employees makes it so much easier for them to save the money that they need. It also means that people are far less likely to leave because they don’t want to miss out on those contributions.
Health Insurance
Health insurance is the most important benefit and a lot of people say that they would prefer a better insurance package than a pay increase. Good health insurance takes the financial pressure off your employees and that will help to reduce their stress levels by a long way. Having good health insurance also means that your employees will be a lot healthier. If people are always taking days off work because they are sick, productivity will suffer a lot, but you can reduce that with good health coverage. If you cannot afford any other benefits, you need to put your money into health insurance.
If you offer these benefits to your employees, you will see a big increase in productivity throughout the business.
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