It's not enough for businesses nowadays to have just any employee benefits - those that want to compete for the best talent need to think outside the box with their program. See why it pays to partner with an industry-leading incentive provider and become more creative with your employee benefits.
The best businesses can't only rely on the usual employee benefits when designing an incentive program for their employees. Harvard Business Review statistics indicate that while traditional benefits like health insurance are still highly sought-after, others like company retreats have slipped (now interesting only 26 per cent of surveyed workers).
Organisations with creative employee benefits have 3 per cent lower staff turnover than the market average.
You need to think outside the box when it comes to offering benefits that'll incentivise your employees and reward them adequately. Unlimited vacation and travel incentives were highly sought after according to the Business Review, polling at 68 per cent, while businesses like Google and Twitter have gone the extra mile in discovering the incentives that will drive the best performance from their employees.
Let's take a look at the positives of delivering more creative employee benefits and why you should partner with a leading benefits program provider.
Getting creative with your employee benefits
The battle to attract top talent in certain industries is intense - losing a quality candidate to a rival business not only deprives you of their skills, but also gives competitors an advantage. Attracting and keeping the right people with your business isn't necessarily about offering more than your competition - it's about recognising the value in personalised benefits.
Travel packages and unlimited vacation are two highly sought-after employee benefits.
Zrinka Lovrencic, managing director of Great Place to Work Australia, says ''one of the reasons companies go wrong with perks is because there's no solution that fits everyone. Every worker has individual needs and it's hard to find things that will suit everyone.''
Working out what employee benefits to offer requires a little bit of creative thinking and getting to know individuals personally. Power2Motivate Australia has a huge range of incentives available in our Rewards Gallery, including:
Travel packages, including accommodation and flights.
Vouchers for retail and hospitality brands.
Books, video games and DVDs.
Electronics and white goods.
Giving your employees the chance to choose their benefits contributes to a more effective program that suits their desires. Indeed, Mercer's Australian Benefits Review found organisations with creative employee benefits have 3 per cent lower staff turnover than the market average. Businesses that use benefits more strategically also found their senior employees worked longer hours willingly, with 43 per cent typically working 50+ hours a week, compared to only 25 per cent across the rest of the market.
Creative benefits often means your employees are more motivated to work longer hours if need be.
Partnering with Power2Motivate Australia
Power2Motivate Australia offer an easy-to-use online platform that empowers your employees with discounts and rewards that mean something to them. Garry Adams, partner and market business leader at Mercer, attests to the power of choice ''Selection is an absolutely positive approach. People value the opportunity to choose and customise their benefits.''
Our Rewards Gallery offer benefits that are not time-constricted and guarantee product and voucher rates far below market value, giving your employee the chance to enjoy incentives that may otherwise be outside their budget. The program is set up using an online platform that is easy to integrate and use, for both your employees and your management team.
Our Employee Benefits Program also has the added incentive for your business of:
Demonstrating your business' ability to use an effective and competitive benefits program that can help you compete for the best candidates.
Increasing loyalty and satisfaction with your workplace culture in your current employees.
Being easy to manage and draw tangible data from what employees want to constantly improve your program offering.
For more information on getting creative in designing an employee benefits program that will get the best from your staff, contact the experts at Power2Motivate Australia today.