Employee benefits technology has become commonplace in businesses today. There are so many different types of employee benefits technologies which can be implemented and used to drive better retention rates and show employees that they are indeed valued and looked after. This yields so many benefits including boosting employee morale, productivity levels and creating a culture where all employees feel a part of.
Two employee benefits technologies which are widely used amongst large corporations, SMEs and start-ups are 1) employee discount and voluntary benefits platforms and 2) reward and recognition platforms. These programmes should be tailored to each individual business and there is not a one-size-fits-all approach, as each organisation has its own set of values and core behaviours, especially when it comes to the notion of employee retention. These employee recognition and discounts technologies should be constantly evolving and adapting to the ever-changing corporate landscape, and in turn grow with the company and its employees. Arguably one of the most important, if not the most important, advantage of implementing these benefits technologies is that it drives employee retention.
It goes without saying, that when organisations look to implement new processes and schemes which are costly and require additional resources, the question about adding value to the bottom line is at the forefront of the decision-making process. It may be easy to quantify certain new programmes, for example, the output moves from X-Y. Yet, at other times, what is being measured may be somewhat intangible, making it difficult to fully evaluate its worth. Things such as feeling acknowledged and recognised, job satisfaction and motivation levels and thereafter, retention rates usually cannot get a definitive figure attributed to it, as it extends deeper than the surface level.
Below are 4 reasons how employee benefits technologies can drive better retention rates:
1. They enable the recruitment and retention of top talent
In today's saturated market, employees (both current and potential) have the ability to look around for the best possible benefits packages available. Employers need to offer something that will stand out from their competitors, be it a competitive salary, a top-class employee benefits and recognition package or (preferably) both. Employees want to feel looked after and that they are being offered something which matches what they'll be bringing to the team, which in turn will encourage them to stay put.
Recruitment is very costly: from interviewing, hiring, training and lost productivity. For example, for entry level employees, it costs 30%-50% of their annual salary to replace them, for mid-level employees, it can cost upwards of 150% and for high-level employees, it can be up to 400%. This is mind-blowing. However, it is becoming rarer for employees to stay in one role and receive their memento gold watch or company clock, so to speak. According to a survey on CareerBuilder, employees – especially Millennials and Generation Z – move jobs every +/-2 years. With this in mind, business leaders and managers are constantly innovating and adapting to ensure they are doing their utmost to retain their current talent.
A comprehensive employee benefits platform / technology has the potential to work as a powerful staff retention strategy, and catapult an organisation forward by offering everyday savings and perks as well as value-added benefits. If an employee can save money every time they do their grocery shop, go to the cinema or book an exclusive holiday package, they are sure to be more engaged and motivated in their role and the wider organisation as a whole!
Ensuring your teams are physically, emotionally and financially healthy can make your company stand out. Offering a wide variety of wellbeing discounts to your team shows that you care about them beyond just their day-to-day role. Once employees feel valued, they are more likely to remain loyal and retention rates will soar.
An employee benefits scheme can incorporate everything from voluntary benefits, such as salary sacrifice options like dental health, private medical, to an EAP that gives employees access to 1-1 confidential counselling. Employees will most certainly feel a sense of belonging knowing their employer wants them to be healthy, safe and happy. If an employee understands that they are needed for specific projects as well as a fundamental asset to the organisation and they truly feel it, this will raise morale and positivity all around.
A healthy employee will bring a healthy attitude to the workplace. This ties in with the whole concept of a work-life balance, showing the company cares further than just work, work, work! As this may be hard to find in many organisations, if done correctly, employers will be able to retain their staff.
3. They boost morale
There’s nothing more rewarding for organisational management and leadership teams to see happy, engaged and motivated teams of employees raring to go! Positivity and motivation in the workplace are contagious and can have a domino effect. However, the opposite is true too; when an employee feels engaged and looked after, they are more likely to go the extra mile.
Having an employee benefits technologies in place can be the catalyst for this. For example, offering lifestyle benefits such as discounted gym memberships, savings on meditation apps like HeadSpace and so on, will yield healthier employees who love their company. Helping employees make savings in areas they would typically spend money on can be a fantastic staff retention strategy, helping to boost engagement by showing you truly care about your employees’ holistic wellbeing. A prime example is up to 57% off cinema tickets, up to 10% off grocery e-vouchers and access to thousands of high street retailers and brands.
4. Feel recognised and acknowledged
A well designed and implemented reward and recognition technology scheme can help improve employee retention within an organisation. Roles with a higher retention rate often point to happier and more satisfied employees. Once the correct quality of candidate is hired, the key is to retain them. High retention is a solid testament to how good it is to be a part of the company, as well as rewards the company with a positive and attractive reputation.
All of us (employers and employees alike) need recognition, recognition that a job has been done well, or a simple thank you - this is a basic human need! When receiving a well done or public acknowledgment in front of the team, there is nothing better to boost morale and make one feel valued. The ramifications of this are huge, where commitment, motivation and retention can soar. Whether you decide to recognise and reward informally, or by implementing a full-scale reward and recognition programme, this is an area where time and efforts should be allocated.
These employee benefits technologies can help boost employee engagement, retention rates and business success. Download our free e-book to find out more.