The work benefits that just aren't beneficial.
Companies around the world are spending more than £36 billion on employee reward and recognition programmes. With 1 in 4 workers not using their work benefits, how can companies ensure their benefits are beneficial and effective for retaining staff?
KNOWLEDGE
In a fast-paced society, work benefits are continuously evolving to keep up with employees' changing needs. In recent years, we have seen the likes of electronic company cars and unlimited vacation introduced. But despite changes being made to keep up with modern technologies and lifestyle needs, research shows that these benefits are in fact perceived as far from beneficial. For example:
- Unlimited Paid Time Off: 40% of employees instead use less paid leave than they are usually entitled to, refraining from taking leave due to being perceived as lazy. This has instead lead to increased levels of work related stress.
- Company Car Benefits: Only 10% of employees consider company cars to be a valuable benefit
- Employee Discount Programme: Organisations spend as much as £10 per employee per month with only 20% of employees actually using the programme.
One company that has demonstrated success when it comes to staff wellbeing is Alcon Laboratories, a Swiss-American pharmaceutical company. Their innovative benefit scheme has resulted in low staff turn-over rates, with only 2% of their employees leaving voluntarily. Benefits include:
- 100% tuition reimbursement
- Low Cost Fitness Center operating 24 hours
- Annual excellence recognition awards amounting ($8000) £6300 each.
IMPACT
With work benefits evidently playing a role in improving retention rates, it is important to consider those that are most effective whilst providing value for money.
-
Personal days opposed to unlimited leave, including wellbeing and mental health days. Encouraging employees to use extra days of leave without feeling guilt.
-
Extended maternity/paternity leave
-
Flexible Working Arrangements allowing employees the opportunity to work from home, improving work life balance. In addition to hybrid set-up, other options could include flexible hours, allowing employees to work longer hours on certain days in exchange for shorter hours on alternative days across the week.
-
A structured mental health programme, that employees are encouraged to participate in. With a visible programme and mental health champions, employees will be encouraged to tackle stress and anxiety with free support delivered through the workplace.
-
Professional and personal development opportunities for career growth and skill development e.g., training funds and resources, invitations to conferences/sessions/meetings, team days and certifications etc.
TACTIC
Social Value Model Example
As part of our retention and recruitment programme, BeyondNow havel designed an effective work benefits programme, prioritising employee well-being, work-life balance and professional development.
All employees have access to our benefits programme, including:
- Flexible Working Arrangements: allowing employees to work from home where the role allows. This includes flexible working hours where staff are able to complete their 7.5 hour working day during the hours of 8am-7pm.
- Visible mental health programme: all employees have access to our mental health programme, with support delivered through our local mental health provider xx. Support includes access to monthly counselling sessions and drop in support. Mental Health champions are visible to all employees encouraging uptake of the service.
- Bi-Weekly, 4-Day-Working Week. We are also in the process of trialling the 4-day-working week, providing our employees with the opportunity for personal and professional development. On the '5th day' employees are invited into the office to work on a personal project/develop skills supported by our senior team.
XX will monitor the uptake and success of these offered benefits monthly where they will be amended accordingly to best suit staffs needs.
Published by
Emma Smith | Co-Founder
BeyondNow