In times of austerity and recession, companies can face a challenging decision. How do we provide company benefits and rewards to our employees when our pay budget is already under pressure? The answer may lie in thinking about benefits as more than monetary value to an employee.
We’re talking about improving company culture.
When employees feel valued and safe, they are more likely to want to stay within a company. They are also more forgiving when large monetary benefits and rewards are hard for a company to provide.
We live in an age where mental and physical health is a top priority for all levels of workers, particularly the younger generation just entering the workforce. Companies and businesses that show a dedication to looking after their employees both financially and socially can reap the benefits down the line. Employees have longer, happier, and more
productive working lives within their companies.
Company benefits or culture benefits?
So what are company culture benefits? Thinking about your employees as people first and workers second could help in deciding how to approach this tough topic. It’s not all “free food and beanbags” as the inspirational speaker, Simon Sinek, puts it.
Considerations such as:
- Homeless charity Shelter’s deposit loan scheme for employees needing help with a rental deposit.
- A cycle to work scheme to encourage employees to get fit and help the environment (don’t forget somewhere safe to store those bicycles while they’re at work).
- Subsidies for using green transport options
- Flexible working for all.
- Childcare vouchers.
- Season ticket loans.
- Dog-friendly offices.
- Special leave such as “pup-ternity” leave and mental-health days.
There are many other lifestyles enhancing benefits across the board can make a difference to an employee’s desire to stay with your company or even to join your company, and these benefits are easy to implement and make employees feel valued and safe at work.
Being open and transparent about the impact that culture-driven lifestyle benefits have on your people can make a huge difference. Changing perceptions as well as raising employee loyalty without massively impacting an already tight budget.
** This blog was written (but not used) for a prospective client **