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HomeEmployee benefits and what they can do for your business

Employee benefits and what they can do for your business

Business owners want to keep their employees happy. Whether your company has just a few staff or a team of hundreds, you want to make sure they’re satisfied with their work because they spend a lot of time in the workplace.

So what can you do? Will it affect your business, and how? Here are just some of the kinds of benefits you can offer your teams and what it can do for your organisation.

Option for flexible working

Working the regular 9am to 5pm day in an office can be the best option for many people, but not for everyone. Allowing your employees the opportunity to work outside of the usual environment – by telecommuting or working from home, for instance – shows you trust them, and gives them a feeling of responsibility and freedom. It can even boost their output: according to one 2015 survey, 77% of those who worked remotely just a few times a month reported greater productivity when working off-site.

If you can, offer flexible working hours as well. You can have core hours for them to work, but you can then allow them to create a schedule around those. You could even let employees leave the office an hour or two earlier than they would normally do, once a week during the summer.

Health and care choices

There are different options you could consider here. A ‘chill’ zone can boost employee socialisation but also help relieve employee stress – as can a nap area. Having in-office massages every so often can also reduce stress, and could even save you money as a cheap, stress-relieving perk.

Offering insurance could also be an option. This can be health, dental or life insurance, and may cover items such as the costs of prescription drugs, vision care and medical equipment (for health problems), plus preventative, diagnostic and corrective treatments (for dental).

Share schemes

Having a staff share scheme can be a great option for your employees. You can offer some or all of your staff shares in your business as a way of rewarding them using equity. Not only does it increase staff loyalty, but also their engagement with the company for whom they work. It may also be an option for some businesses to move towards employee ownership as part of your succession planning.

How can employee benefits boost your business?

There are plenty of reasons why having benefits for your employees is good for your business. You don’t have to use just the options listed here, because there are many others available to your organisation.

Having benefits may help with staff retention, for instance. They act as an incentive for people to work harder for better results – one survey found 66% of employees would stay with a business longer if it had great benefits. You can also save tax with a salary sacrifice scheme for non-cash items such as car schemes and travelcards. It can also make recruitment easier by attracting better quality candidates.

There are many different ways you can offer perks to your employees. Investing in them can benefit your business in the long-term, so have a look at what options could work for your company.

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