Unique Employee Benefits to Reduce Employee Turnover.
The happiness of the employees is a crucial factor in a successful business. They are the wheels of your business machine. When employees are unhappy, unengaged, and unmotivated, the business will truly suffer. Hence staff recruitment and retention should be your number one concern.
There are many ways to keep your employees happy. Offering benefits and interesting perks is one way to accomplish the purpose.
From the below discussion, I would like to clarify some interesting perks to keep the employee happy and productive.
Transportation.
When workers are privileged with transportation facilities, they would
be able to attend to their duties on time. It would allow the workers to work efficiently
and satisfaction from the facility will also boost their morale to work happily.
Transportation can be provided in many ways such as providing busses to
come to work, fuel allowances, and vehicle loans at concessionary rates. Even
providing free parking space is also an important factor.
In considering with modern fuel crisis, providing push bicycles to the
employees is a very good step. Also, physical health would boost by this kind
of facility. Physically health workers would be able to work efficiently and
productively.
According to Sidekicker’s Temp Workforce
Survey, 12% of ANZ temporary hourly workers said access to easier transport is
a top desired perk. (Sidekicker Australia,
n.d.)
Counseling on Financial Investments.
Providing financial literacy on how to invest the employee’s savings
would be a great privilege to them. According to the day-to-day news bulletins
in Sri Lanka, some people in our society, have fallen into unauthorized
pyramid businesses and lost their life savings. Hence, financial literacy
is a key thing to gain.
When the savings are invested properly, employees may not have to meet financial
pitfalls. Finally, employees’ happiness will boost, and work life will become joyful.
Here, without increasing wages employees’ income levels become better.
This kind of employee perk can be arranged in your workplace without much cost
and employees would not break the bank.
According to the financial literacy survey Sri Lanka in 2021, reveal that “57.9 percent of adults are financially literate in Sri
Lanka. Further, the findings imply that the level of financial literacy varies
across different segments of the population, suggesting the need for targeted
policy interventions. For instance, despite gender parity in education, the
survey notes gender disparity in financial literacy”. (www.cbsl.gov.lk, n.d.)
Support carrier progression
by providing educational aids.
Often, employees are bound with the organizations with their full working
time. Hence, to gain educational qualifications they may not have enough
time or money to fulfill them. In a situation like this, the employer can provide a
ladder to achieve the educational goals of the employee. Providing educational
loans at concessionary rates, including educational goals with employee KPIs,
by providing necessary leave arrangements and allocating time for education in other
ways employers can assist.
Being Family-friendly with the employees.
By providing aid with family matters in situations like childcare needs like daycare facilities in nearby locations, elder care needs, death donations, newborn baby allowances, and providing necessary paid leave for the above situations, employers can give their support. Those supportive activities will help to moralize the employee's minds and finally help to employees' positive feedback towards the organization. As a result, employee retention is assured.
Health incentives.
In the modern context, health benefits are come up with company regulations itself.
Regular
health checkups, insurance schemes for the employee and the family members,
come up with physical health programs such as gymnasiums and physical health
programs which can be used at home, Yoga instructions, meditation classes at the workplace, put on health and wellness competitions, and providing sponsorships
for sports leagues.
Supplying healthy food guidelines to prevent non-infective diseases like diabetes and high blood pressure is also a great benefit.
Free or discounted products or Services.
Under this, discount vouchers for dresses, annual gift vouchers,
discounted prices for gymnasiums, food items, and holiday allowances can be
considered.
Modern companies have MOUs with suppliers and service providers to fulfill this target.
Bonuses and Rewards.
Rewards for performances such as performance bonuses, customer care
awards, milestone celebrations, and lottery for overseas vacations can consider
under the subject.
Finally, these perks will help to achieve the personal, financial, and professional goals of your employee. The company officials have to associate closely with the workers to identify the expectations of the employees and to satisfy them have to develop a unique way to reward them with perks and benefits.
These perks would further assist in employee retention and loyalty toward the organizations. Creating a positive mindset toward the organization's employee retention.
Sheehan, A. (2018). 9 Unique Employee Benefits to Reduce Employee Turnover. [online] Apploi. Available at: https://medium.com/apploi/9-unique-employee-benefits-to-reduce-employee-turnover-20892e60182d#:~:text=9%20Unique%20Employee%20Benefits%20to%20Reduce%20Employee%20Turnover [Accessed 7 Apr. 2023].
Sidekicker Australia. (n.d.). Sidekicker - Reinventing casual and temporary staffing. [online] Available at: https://sidekicker.com/au/[Accessed 7 Apr. 2023].
www.cbsl.gov.lk. (n.d.). Release of ‘Financial Literacy Survey Sri Lanka – 2021’ Publication | Central Bank of Sri Lanka. [online] Available at: https://www.cbsl.gov.lk/en/news/release-of-financial-literacy-survey-sri-lanka-2021-publication[Accessed 7 Apr. 2023].
Half, R. (2018). 10 Top Perks and Benefits That Win Employees Over. [online] Roberthalf.com. Available at: https://www.roberthalf.com/blog/compensation-and-benefits/10-top-perks-and-benefits-that-win-employees-over[Accessed 7 Apr. 2023].
Autonomous (2018). Autonomous. [online] autonomous. Available at: https://www.autonomous.ai/ourblog/enjoy-employee-purchase-program [Accessed 8 Apr. 2023].
www.youtube.com. (n.d.). These Strategies will Reduce Employee Turnover. [online] Available at: https://youtu.be/0qGPc9p2QAM?t=114 [Accessed 8 Apr. 2023].
www.youtube.com. (n.d.). 10 Employee Retention Resolutions. [online] Available at: https://youtu.be/7nJC9vDMzzI?t=71 [Accessed 8 Apr. 2023].
What are the unique benefit s provided by your organization's ?
ReplyDeletetrue because if you take us we normally get cheapest air fair that's the one of our unique benefits we are getting but Some organization still follows the old style benefits in this modern days what you view on that?
ReplyDeleteI hope you can identify that unionism is shrinking, which means HR divisions are working toward employee welfare before demanding the same.
DeleteOther than a financial benefit, a simple note of appreciation will enhance employee engagement.
Thanks
ReplyDeletePerks will help to retain employees. Sometimes those benefits became a must when time passes. The best example is transport services in garment industry. Now it is no more a perk or benefit , but compulsory requirement. I believe with time change these perks has to be changed.
ReplyDeleteI the transportation is not included in the package of the employee, it should be an employee perk. Otherwise, it should be an employee benefit. However, in the Sri Lankan Garment industry, providing transportation has become an essential component. Agreed with Ms. Chamindi Wedanda.
DeleteAbsolutely! Employee motivation is essential to creating a positive work environment and fostering job satisfaction. In order to keep employees motivated, employers should focus on providing meaningful recognition, rewards, and incentives for performance, offering development opportunities, setting realistic goals, and communicating clearly with employees. Additionally, employers should create an environment where employees can feel supported and valued, and provide resources for mental health and emotional support.
ReplyDelete