Employee perks are a critical component of the employee experience and can help attract and retain top personnel. Still, the impact of a successful reward and benefits program on employee motivation and overall performance is often neglected.
Employee benefits are non-cash compensation given to employees. These benefits go beyond salary and pay. These are perks offered to recruit and retain employees.
If you need a helping hand finding the best programs, organizations like Power2Motivate can assist you. With their help, you can develop an emotional connection with your staff and raise engagement levels.
Why Do You Need to Encourage Your Employees?
Ignoring employees can reduce commitment, efficiency, and, ultimately, productivity. Since your employees are your organisation’s biggest asset, keeping them motivated is the key to efficient workflow.
The following are some of the employee benefit programs that you can provide:
Stock options Insurance plans A refund of income tax Corporate discount Paid vacation Office perks Sick leave pay PPV bonus Paid parental leaves Childcare facilities Employee training Profit-sharing
Service providers like Power2Motivate, can help you come up with the benefits programs suitable for your workforce.
Lack of Motivation Leads to a Poor Performance
Employees that lack motivation may not like their jobs or believe in the company’s objective. Above all, they may feel you do not care about them or their work.
A survey reported that 76% of employees were dissatisfied with their workplace rewards and recognition, while another study found that 80% of employees were unmotivated to work well.
Lack of motivation leads to slacked productivity and sub-par results. Disengaged employees cost up to billions of dollars annually, but motivated and engaged staff generate up to 2.5 times the revenue.
Employee Benefit Programs To Increase Workplace Motivation
A rewards and recognition program can enhance employee performance by up to 44%. A well-rounded benefits program shows employees more than a yearly monetary reward or a 10-year service award. A comprehensive package reminds employees that their employer values them and cares about their well-being.
More Rewards Drive More Efforts
Your employees can be more driven and can perform better if they feel valued at work. A study found that organisations with effective benefits and incentive programs had 14% higher productivity, with the potential for a 43% increase.
An innovative benefits package makes employees feel motivated to give back to their organization.
Motivated Workers Value a Job More
People who are happier at work are less inclined to change employment. Benefits can be employed as a strategic feature of your recruitment package since 57 percent of the job-hunters report that benefits are among their top concerns when selecting a new job.
According to research, perks are essential to millennial workers when it comes to employer loyalty, with 23% indicating it is extremely significant. And employee perks are the most important feature of an organisation for 63% of millennials and 51% of Gen Z.
Rewards and benefits are an important part of the employee journey, from recruiting and retention to productivity. It doesn’t need a major revamp to enhance motivation.
Most organizations have existing programs that can be simply expanded to boost productivity, employee loyalty, and talent attraction. If your employees are unmotivated, consider adjusting your benefits rather than your personnel.