Nowadays, it is difficult to keep employees happy only by paying their salary on time or praising them for their progress. You must show them that you care about them and motivate them as much as you can. Since motivated employees work harder and push your company towards greater success, you must look for other ways you can keep them satisfied.
While certain employee benefits, such as workers’ compensation and yearly bonuses, are mandatory to be implemented in a professional workplace, some benefits can be introduced to keep your employees motivated and productive. Consider these 6 benefits to motivate your employees and boost their loyalty and satisfaction.
- Commuter Benefits
In some metropolitan cities, travel costs are extremely high. Employees who struggle to make their ends meet often find it difficult to manage their travel costs. By providing commuter benefits, you can make it easier for your employees to commute and reach a central point. Also known as transit or transportation benefits, these perks are based on a pretax clause. This not only reduces payroll taxes for you and your employees but also reduces congestion on the road. Encourage the use of public transportation by providing commuter benefits to employees.
- Health and Disability Insurance
The best way to show that you care about your employees is by providing health and disability insurance. Since medical care is expensive in most countries, a health insurance policy can save freshers from spending their entire paycheck on medical bills. The organizations that arrange health and disability insurance for their employees often set a part of their budget aside to pay premium costs. The policy covers disability, sudden death, dismemberment, and injuries caused by accidents. In case an employee becomes disabled, their disability insurance will oblige their employer to pay their salary. Depending on your budget and the needs of your employee, you can choose between insurance policies that cover short-term and long-term disability.
- Health Savings Account
A Health Savings Account or HSA helps employees save extra money to cover their medical expenses and pay relevant emergency bills. These expenses include emergency doctor visits, prescriptions, and dental visits. Getting an HSA for your workers will help them reduce their tax bills and cover medical emergencies. If the payroll is charted on a pre-tax condition, every contributed dollar can be accessed by your employees. Furthermore, an HSA acts as a significant part of every long-term retirement plan due to its tax-free contributions. This also benefits every employer, as it helps them ensure employee satisfaction and save on payroll taxes.
- Extra Paid Leaves
The policies of paid leaves and the number of holidays granted to employees vary from company to company. Paid leaves are increasingly becoming a significant part of employee benefits and are significant to an applicant’s choice of company. Companies across the globe offer around 21 days of annual paid holidays on an average. Apart from holiday leaves, which fall on local festivals or national occasions, you can offer personal leaves, sick leaves, vacation days, and bereavement leave. Make sure that these paid leaves comply with your company’s goals and do not affect them in any way.
- Sponsored Retreats and Trips
If you have the luxury, organize occasional trips or fun events at your workplace. It not only gives your employees a much-needed break but also something to look forward to. An all-expense-paid trip to an exotic destination sounds intriguing and motivates your employees to work harder.
If you own a small business and do not have enough budget to organize trips or events, treat your employees with food on Fridays or take them on road trips and hikes. You can also hold contests in which the winner gets an all-expense paid trip once a year. Going on a trip will also act as a stress-buster and release their
- Corporate Offers and Discounts
By offering discounts on your brand’s services or products, your employees can avail them at half the original price. This will also give you a chance to test your products and make necessary changes before launching them. Some employers also offer corporate discounts for their employees’ family members, thereby keeping them motivated. You can design a corporate discount plan that offers handpicked deals for employees at an exclusive price. This trick is particularly useful when you need to recruit a new employee. When paired with other employee benefits, it often lures new candidates who can make a notable difference.
The next time you want to boost your employees’ confidence and motivate them to work harder, apply one or more of these tips. Your employees will express their gratitude by showing desired results and driving your business towards greater success. Since many of these perks are becoming increasingly popular, applicants often weigh their options based on the benefits offered.