As Australians struggle with the high cost of living and workplace burnout and disconnection rises, employees need support more than ever. For business leaders, keeping up with the evolving needs of employees – and redefining benefits to align with today’s realities – is essential to stay competitive in attracting, retaining, and engaging talent.
While the cost to implement new benefits can be a barrier for small businesses, there are low-cost solutions that can help.
Prioritise recognition and appreciation
87 per cent of business and HR decision-makers agree that poor employee engagement impacts employee performance, and therefore business performance. A very simple and cost-effective way to help combat this is by tapping into recognition and appreciation.
It’s human nature for employees to crave recognition for their hard work and accomplishments so introducing an “Employee of the Month” program to publicly acknowledge outstanding performance can be a really meaningful way to boost engagement. Alternatively, you could use company newsletters, meetings or social media to give team shoutouts and share the praise more widely. The best way to get started is through peer-to-peer eCards because they’re fast and easy to send. and emphasise the impact of the action being celebrated. It’s always nice to hear “thank you,” and employer-branded eCards are a fun, easy way to create cultures rich in recognition and appreciation.
Help to make employees’ income go further
Most organisations are operating with a sharp focus on cost control. Often, meeting the expectations around pay rise isn’t feasible. The next best thing may be to help employees make their money go further. One way to do this is to introduce an employee discounts program providing vouchers, cashback and instant discounts.
Embrace wellbeing
As hybrid working blurs the line between work and life, there’s been an increasing focus on employee wellbeing and mental health within the workplace. Wellbeing is no longer just an employee benefit, but an opportunity to support your team in all aspects of their personal and work lives and our recent Workplace Engagement Index revealed that 40 per cent of employees would leave a job that didn’t offer them financial, physical and mental wellbeing support.
Providing low-cost benefits such as morning yoga, step challenges, lunchtime massage treatments or healthy and nutritious snacks (free of charge) can be cost-effective ways to help support your team. You could also offer digital resources to support wellness and wellbeing. Providing links to free exercise videos, yoga classes, healthy recipes and mental health services are just a few of the resources you can provide employees.
Extra time off
Offering employees a surprise day off gives them time to recharge, spend time with loved ones, enjoy a hobby or simply relax and rejuvenate. Making this extra day flexible allows them to time it to important events like a child’s birthday or their anniversary and makes the reward even more meaningful to them. Not only does giving additional holiday days reward going the extra mile, it also promotes commitment to better work-life balance and personal wellbeing..
Whether you’re thinking about new benefits to implement or ways to expand your current offering, there are options out there to suit everyone. The most important thing is to understand what your employees need and what will help you enhance your employee value proposition to ensure they’re delivering the most impact.
This article was first published on sibling website Inside Small Business.
