Employee benefits unlock a powerful EVP
In today’s highly temperamental environment, there is far greater pressure on organisations to deliver a powerful employee value proposition. Not only to attract and retain talent, but to establish a culture that can withstand the unpredictability of our current society. This is why every compelling employee value proposition, incorporates employee benefits.
That’s right, establishing an effective employee recognition strategy that helps stretch your employees disposable income, adding value to every aspect of their lives, is undoubtably the missing piece to the puzzle.
Employees are the lifeblood of any business. The failure to recognise their importance and going the extra mile to keep them engaged and satisfied, can spell disaster for a company. Dare we say it, but employees are more important than customers.
The thing is, so often organisations disregard how impactful an employee-centric approach is. They think they’re doing everything they can to create a comfortable and inspiring environment, but the reality is, that without employee benefits, it’s not enough.
Employees attitudes and beliefs about a company can determine its success. That’s why we’ve outlined a few important ways that employees will make or break your business, and how you can harness the power of employee benefits to build stronger mutually beneficial relationships with the people that matter most.
Employees hold the power
Every company starts with a spark for a great idea for a product or service that meets a need. If the market for the product or service is strong, it will not be long before the entrepreneur who launched it needs assistance to meet customer demand. So, they hire a few employees to help.
Sounds perfect, right? Not always. Say this new company hires employees but does not take the time to ensure they feel like valued members of the team. It will not be long before they become disgruntled and disinterested in their jobs, which can translate into poor sales for a business.
Here, we’ve outlined a few key checkpoints and how they each hold great importance for your organisation. This will assist you in identifying your organisations current climate, enabling you to unlock a better future.
1. Employees hold influence over customer relations
Every employee on your team – whether they are in sales, customer service, or pack products for shipping – can sway customer opinion of a company. When employees are content, they become cheerleaders. When they are unhappy, their displeasure can make it difficult to properly meet customer expectations. While it is important to keep customers happy, it is even more imperative to keep employees content. Be sure to place as much emphasis and time into employee satisfaction as customer service, sales, and marketing.
2. A toxic culture spreads quickly
Bad attitudes are like leaks. They may trickle slowly at the start, but they can quickly become a flood. Likewise, all it takes is one disgruntled employee to sow discord among an entire staff. The unhappiness can flow out into the community, reaching a company’s customer base with devastating results.
3. Employee commitment is key
The commitment and talent of employees are crucial to the success of any business. They are the proverbial energy source that either flows freely or dries up. Ensuring employees understand their value is critical. Establishing good communication among leadership and employees is one way to achieve this. Employees who feel understood by leadership are happier and more productive.
The role of employee benefits
Thriving businesses cannot operate as one-man shows in most instances, so they depend on employees who are invested in their jobs. Amongst the best ways to keep employees satisfied is with a benefits package indicative of their value.
Employee benefits are a driving factor for many talented professionals and provide added incentive for them to select one company over another. According to a 2019 Employee Benefit Trends Study from MetLife Australia, 27 per cent of employees said they desired better benefits. In the same report, 81 per cent of employers said benefits are a critical component when building and maintaining workplace culture and work-life balance.
Here are the benefits most coveted by employees in the report:
- Forty-seven per cent desire flexible work arrangements.
- Forty-one per cent expect training and continuing skills development opportunities.
- Thirty-two per cent want additional annual leave.
Research also indicates that a solid reward and recognition strategy is an effective way for companies to maintain employee satisfaction while reducing turnover rates.
Reward and recognition strategies are built from employee benefits
Employee benefits are an important component of any company’s Reward and recognition strategy. Providing employees with a competitive benefits package is a way companies can acknowledge the value employees bring to their organisation.
Companies must have a clear statement of intent concerning employee recognition of performance and accomplishments. This declaration should include how a company will Reward employees who reach performance expectations.
Rec Room is EonX’s all-in-one employee recognition and engagement platform that can be paired with Rewards Marketplace to deliver an outstanding employee benefits package. This allows for the establishment of workplace culture that sets the tone for organisational success. It offers employers the tools needed to foster employee engagement and satisfaction:
- Improved communication via the responsive and interactive News Feed feature.
- Peer-to-peer Nominations and Awards for celebrating the success of employees.
- Customisable Work Perks and Badges relevant to an organisation’s rewards strategy and team-building goals.
- ‘Always on’ benefits providing access to range of discounts on daily essentials from Australia’s leading brands.
There is a multitude of ways Rec Room can celebrate employees while adding value with purpose.
For example, a business could use the Points, Badges, and Tiering option in Rec Room to recognise employees for their hard work while fostering team building. By allowing employees to ‘Nominate’ one another for Rewards and recognition, it provides a sense of personal and team accomplishment.
Companies could also use the platform to Reward employees who meet or exceed workplace productivity goals with additional employee benefits.
Trust the rewards experts
EonX is revolutionising the way companies offer benefits to their employees, boosting engagement and satisfaction. Our team understands that when employees feel valued and appreciated, productivity soars and turnover rates are significantly decreased.
Interested in learning how your company can increase employee motivation through the power of employee benefits?
Our team can help explain the options available, plus innovative ways to use our Rec Room platform. Drop us a note and one of our specialists will be in touch.