How can employers motivate their workforce?
Most employers would agree that motivating employees is important; after all, having engaged employees is linked with greater productivity, decreased absenteeism, improved customer service levels and so on. How to inspire employees has shifted from simply focusing on compensation (salary) to viewing total reward. A big part of this total reward is of course benefits. Employers do realize that today’s employee is a complex entity – more mobile than ever, with increasing needs to achieve a work life balance and ever-growing expectations as to what they feel their employer should provide. What becomes difficult is how to design a benefits and rewards offering that resonates with employees as a whole and also with subsets based on gender, generation, family status, geographical differences, etc. Employers must evaluate their employee base as a whole but also segment it to determine what would be appealing (and to whom) in order to both attract and retain their talent. Many employers begin by examining what they currently offer and then surveying their talent pool to uncover satisfaction levels and wish lists.
The employee benefits “big picture”
Benify compiled a list and created a report called the Top 10 Employee Benefits to help employers understand what is popular and top of mind. The result shows that employers do recognize that each employee is unique – with different wants, needs and expectations – and that employers respond by adjusting their offerings to them. Survey respondents shared what their employees value, and answers ranged from flexible working hours to great colleagues. What we see is that above all else, today’s employees crave choice, flexibility and autonomy in managing their own decisions.
“Today’s employee seeks a work life balance and looks to their employer for help in achieving this. Employers understand this need, as well as the fact that their talent pool consists of unique individuals with different motivations and demands. This realization and sensitivity drives their strategies.” says Markus Kullendorff, CEO of Benify. “Since we are in the position of communicating and simplifying benefits management with our technology, we wanted to understand what employers prioritized based on their employees’ needs. This helps us keep in step with what our customers value so that we can meet and exceed their expectations each time we deliver our compensation and benefits portal.”