Why Your Business Should Offer Perks Beyond Basic Benefits

‘Short-staffed’ appears to be a theme among the frontline workforce. For much of the last two years, applicants have been light while job openings remain unfilled. One CEO noted that amid a worker shortage, he’s had to step in himself to fulfill the role of a cook because hiring is difficult.

Why are employers having such a difficult time finding and keeping employees? One reason is competition. For every person looking for work, recently there have been as many as double the positions open and available. Hiring competition means that employees looking for work have room to be picky about opportunities. And that leaves employers with an opportunity to use perks–beyond basic benefits–to sweeten the pot. The only question is which ones will make the most difference?

More than the everyday benefits that virtually every employer offers these days, employees are looking for perks that accommodate their lifestyles and keep them motivated to show up. If you need top talent, you’ll have to create an appealing environment with workplace advantages and perks that attract the right people.

Attract Quality Employees

If you’re struggling to hire or retain employees, look at your workplace culture first. Most hiring platforms now have the option for employees to leave a review in which new employees will get an insider’s perspective. More attractive than standard benefits, employees want a workplace that cultivates engagement and conveys care. Communicate care and then follow through with perks that demonstrate it.

Offer perks that speak to the workers’ needs. Some employees might transition jobs if a new company has an on-site childcare option. If you offer tuition assistance, ensure that new hires are aware of that. Sign-on bonuses can be easily distributed from a modern digital payout platform.

Boost Retention Rates, Even During High Turnover

The turnover rate among workers is at the highest point in 20 years after the COVID-19 pandemic. Employees report that feeling disrespected was among the top three reasons they turned in their notice to an employer.

Employees who feel valued and appreciated are motivated employees who feel engaged in the company. Create an incentive program with a digital payout platform to reward:

  • Performance-Related Goals
  • Celebrate Project Achievements
  • Referral Programs
  • Sign-On Bonuses
  • Attendance or Retention Incentives

Support a Strong Company Culture of Caring

Recent research noted that in the wake of the pandemic, people are re-evaluating the role that work plays in their life. Having faced uncertainty, loss, and the experience of the new normal, employees want a more human-centered work culture.

With your frontline workforce in mind, think about how you can support the issues they face in their daily lives. Put into practice attractive incentives that help them in that need. You can also engage frontline staff by ensuring that the company’s mission statement accurately reflects how their role influences positive change.

If your workers need greater flexibility and the schedule allows, let your employees run an errand or pick up a child and then make up that time later. Flex shifts, such as 10 am-6 pm schedules, could be an option for commuters.

Reduce Worker Stress

Keeping those same personal issues in mind, apply them to how the workplace affects employee stress levels. Stressed-out employees tend to experience absenteeism, burnout, and high turnover, which all negatively impact productivity.

Staying ahead of work-related stress issues will not only reiterate that culture of care but will also save you money. Claims associated with workplace stress have cost as much as $133.9 million. Perks that promote self-care and help reduce stress can include:

  • Gym membership reimbursement
  • Gas cards
  • Chiropractic vouchers
  • Certificates for self-care like a massage or movie pass

Any of these identified can be easily implemented with a no-cost-to-you digital payout platform that will enable you to offer a range of unique perks while your competitors struggle to retain workers.

Help Employees Feel Connected to Your Company

Engaged employees are loyal employees who are poised for productivity. Creating a culture of engagement helps your frontline staff feel connected to the mission values and helps them achieve job satisfaction.

One widely noted source of burnout is a lack of growth potential. Your HR department should create and instill incentives that foster development. Employees feel valued and connection when:

  • Their voice is heard
  • They understand the mission statement
  • They’re offered professional development
  • You promote from within

Improve employee engagement and satisfaction by implementing these procedural changes. Reward milestone achievements with a virtual account to provide incentive bonuses.

Keep Morale Strong

All of the factors we’ve discussed so far directly affect morale. How your employees feel about the company directly reflects their motivation to be productive and actively engaged. Morale appears even to be contagious. If you’ve recently experienced high turnover, the chances are that one employee quit, and it had a trickle effect.

Companies with high morale among workers typically have developed a strong culture that fosters engagement to create a shared value in the workplace. They’ve done so by honoring incentives and encouraging communication.

If you’re unsure of employee morale, you can take a few steps to check-in. Knowing where your workforce stands can help you implement necessary changes to boost morale and help retention. Create an inventory of morale by:

  • Surveying your employees
  • Hearing the need
  • Observing their behaviors
  • Checking in with leadership
  • Rewarding staff

The Takeaway on Employee Perks

In today’s job market, the competition for new workers is fierce. Our increasingly connected world has allowed employees to see past pay to evaluate what’s really important in life. Frontline staff want to feel valued and connected. There are several ways to increase your employees’ morale and boost retention rates, and they don’t have to be significant financial investments.

The right perk incentives will save your company money and value employees.
Juice Financial offers feasible ways to keep your workforce satisfied. Our digital payout platform comes at no cost to you and offers you the flexibility to provide a range of perks and rewards that will keep your employees motivated, engaged, and retained.

Free eBook: 14 Unique Perks to Engage Employees During High Inflation