Changing Up Your Employee Perks and Benefits Program
By Jamie Laprise, Associate, Montridge Advisory Group Ltd.
People drive the success of your organization. As an employer of choice, you see the connection between your success and the need to support your employees’ physical, emotional, and financial health.
So what’s the secret to attracting and keeping the best talent.? Studies show over and over again it’s all of the things you offer over and above the paycheque.
The talent market is more competitive than ever before. Along with this, employers are beginning to realise just how costly employee retention is on their budget. Today’s employees want their employer to really care about them. It is safe to say that personalised perks are more relevant and important than ever before. The way to figure out what makes your employees tick is to simply ask them. Below are some suggestions you may wish to incorporate into your strategy.
Blueboard is a rewards and incentives program that allows you to provide meaningful experiences to your employees. The days of cash rewards are dwindling away because the new wave of workers value memorable, shareable moments. With Blueboard your people can go through a catalogue of different experiences, organised by topic – travel, food and drink, exhilaration, entertainment, outdoors and more.
Did you know that only 12% of people leave a job for more money? Today employers require a greater understanding of an individual’s circumstances, and a willingness to cater to them. If people are leaving you, it might be because you didn’t provide them with the value they’re looking for. Here are some benefits you can look at offering to make a difference and stand out for competitors:
- Housing Down Payment
- Retirement & Savings Plans
- Financial Education Support – Credit Counselling, Financial Literacy, Investing
- Health & Lifestyle Spending Accounts
- Employee Vacation / Travel Benefits
- Pet Insurance
- Fertility Treatment Coverage
- Child Care
- Extending Prescription Coverage to include Obesity Medication & Sexual Dysfunction Medication
- Flexible Hours / Working From Home, If Possible
- Fitness Reimbursement Plan
- Stock Options
- Paid Bereavement Leave
- Employee and Family Assistance Programs
- Support Programs for Substance Abuse, Addiction
- Gender-Reassignment Assistance
- Paid Industry Certifications/Training
- Summer Half Day Fridays
- Catered Lunches / Snacks
Showing Appreciation to Workers
No one has ever complained when they have received a compliment for their work. A simple “great job!” or “kudos!” when an employee is doing well can have a hugely positive impact on performance. This is extremely important to do amongst virtual and hybrid teams to stimulate productivity.
Slack is a messaging platform where you can create chat rooms with all of your employees to give recognition, when they hit milestones, complete projects, etc. These can be organised by team, department, topic or by project.
It is no secret that people love discounts and feeling like they got great value for their money. Discount perks enable employees to live the kind of lifestyle that they want (especially in today’s economy!).
WorkPerks gives companies a competitive edge when it comes to attracting potential candidates and keeping current employees happy. This discount program allows employees to have access to thousands of exclusive discounts from big and local brands across Canada, both in -store and online. As a bonus, Workperks manages the whole program for you. Whether it is clothing retailers, dining out, travel, or recreational activities this program caters to every worker.
It allows you to search a specific area you are in and show you what discounts are close by and where (see image below). They also allow each employee signed up on the platform to add 4 people to their account for no added cost so they too have access to these discounts. See a demo here.
The perks and benefits program offered to employees is the key to what brings in and keeps employees in your company. Not adapting to today’s new work environment will leave employers behind. Combining employee feedback with a thorough data analysis from your benefits advisor is the best way to determine which changes may be most beneficial to create a comprehensive, modern benefits plan that will go a long way to enhance both your company’s culture and productivity.