Money is a pretty good incentive for getting people out of bed in the morning. As obvious as this is, you may not be surprised to know in 2019 that there are better ways to empower and motivate employees once they are awake. Company benefits can help to make sure you have supercharged, productive employees.
Company perks offer an opportunity to showcase exactly what type of employer you are. Not only can company benefits empower existing staff, they can also attract new talent. Aligning the correct company benefits with your business can show people exactly what you stand for and what your true values are.
It is essential to make sure that the company benefits you offer to staff are right for you and fit in with the culture and brand of your business. An established company with values that haven't changed over time (which will be intentional for many businesses) may look at company benefits in a completely different light to a disruptive tech start-up company. Here are a few examples of how your company benefits could be aligned with you as a company.
Dropbox, a technology company, specialising in online file storage are famous for its 'Whiskey Friday' company benefit (to go with its games room and music studio). Although this should be considered more a perk than a benefit, it is very much a tactic to incentivise staff. At Dropbox this might work perfectly, but to an accountant it may not. Would you let your accountant wild on your end of year tax returns knowing they may have had a whiskey or two? Some professions such as accountancy, medical practice, health and safety (anything that requires complete focus and diligence; which is pretty much most businesses!) might not be best to offer a similar incentive.
Flexible Hours, or flexitime to some, can be a company benefit that works well for many, but again, not for all. Infusionsoft, a UK software company, offers unlimited flexitime, like many digital agencies in the UK. To some business owners, this might sound like a nightmare. Unless you had a way to track such a scheme it could be hard to harness flexitime effectively. Unfortunately, there may always be some staff members who see this as an opportunity to take advantage of your good nature. Again, as a company, does flexitime send the correct message to your staff? If it does, such autonomy may help to build 'intra-' within your business.
Huddle, another UK based software company, offers a breathtaking company benefit. Well, certainly for the employee. A £5000 'joining bonus'. We see how this could work incredibly well for a company who has to attract the best talent in the market. For technology companies or competitive industries, this is one of the best incentives you could wish to offer. For many companies this wouldn't work. For example, a sales company, who may experience higher than average staff turnover, this would provide all the wrong sort of incentives. It would certainly need to be caveated with a condition of how long you need to work in the business to receive such an offer. This financial motivation could become very costly quickly.
If you would like to talk to us about which company benefits would be right for your staff, or how to introduce a company benefits scheme, please give us a call on 01302 244 977.