C L ICK H ER E T O RE GI S T ER !
Benefits Corner Employee Benefits: The Only Guide You Need - Part Two Submitted by Kylie Freyaldenhoven, Sales Operations Analyst, Educational Benefits, Inc. Written by Kellie Wong Employee benefits every company should offer There are over 300 types of benefits that employers are offering their talent. Below are some of the benefits considered most important to engaging employees. Employee recognition Having a culture of recognition is crucial to developing an engaged workforce. This benefit tops the list because of the high value that employee recognition brings to any organization. Employees who are regularly recognized feel more connected to the organization, reducing turnover rates and increasing productivity. The ideal way to experience the maximum benefits of employee recognition is based on two principles. One is that recognition should be an everyday event and not an occasional award. The second is that recognition should be given in real-time and in a variety of forms. Recognition can include manager-to-employee, peer-to-peer, social, monetary, and any other form that has meaning to employees and the organization. A survey conducted by Clutch, a B2B research company, found that 47 percent of all employees value a community atmosphere in the workplace, with 55 percent of millennials feeling that way. Creating a culture of recognition is an ideal strategy for establishing and supporting your organization’s community atmosphere, even on a global scale. Recognition sends an organization-wide message that employees are not nameless, faceless people who are cogs in a revenue-producing machine. According to an Achievers report, 91 percent of employees “strongly” or “somewhat” agreed a strong recognition culture makes a company attractive to work for. With the right employee recognition platform, organizations can easily recognize an employee’s individual accomplishments, team performance, innovative ideas, collaborative skills, birthdays, anniversaries, and any other event deserving of a celebration. You may develop awards for 11
safety, performance, wellness, and departmental success, or perhaps you have an “Employee of the Month” or “President’s Club” award. That’s what recognition really is all about: Celebrating personal and work achievements and success. Employee rewards The days of giving employees an annual ham and a handshake are long gone. Just like recognition has meaning, so should rewards. Benefits management company Alight’s survey found that employees who believe the rewards meet their needs are seven times more likely to be engaged at work compared to employees who don’t feel that way about their rewards. The most effective reward system lets employees choose their reward. For example, employees can earn points for great work and then redeem those points for a reward of their choosing. The rewards offered can include anything from gift cards, travel savings, charitable contributions, the latest tech item, and trendy fashion apparel. Some organizations develop a unique reward system to include rewards like a day off to perform charity work or to attend a child’s out-of-town athletic event. Wellness programs More organizations are offering wellness programs according to the annual SHRM survey. From 2017 to 2018, 44 percent of organizations increased their wellness benefits and 75 percent of employers offered a general wellness program, wellness resources and/or wellness information. Wellness program features include things like management of chronic health conditions, fitness challenges, health monitoring programs, yoga classes for stress reduction, and nutrition workshops or healthy food choices in workplace cafeterias and vending machines. When you see small groups of people walking every day during lunch hour, they are likely participating in a wellness program.
