Determining which benefits to offer is something that can cause major headaches for employers. The balancing act between offering attractive benefits while also attempting to keep costs down requires employers to research and strategize to determine the optimum benefits package for their employees. What employers sometimes tend to forget is that not all “benefits” have to be things that cost money. Instead of focusing on more tangible benefits such as medical insurance and paid time off, employers can focus on more intangible benefits that employees really want.
Intangible benefits can be very appealing to employees and any job seekers deciding between organizations. These benefits can enhance employee morale and can lead to greater job satisfaction among all workers. Which of these intangible benefits do employees want most?
Employees want to be empowered and responsible for their own work. Micromanaging is one of the biggest complaints workers have about their jobs, and it’s something that can be easily corrected. If an organization believes in an employee enough to hire them, they should have no problem with delegating responsibility to them and letting them handle tasks and projects on their own.
Workplace flexibility is becoming more and more prevalent across organizations. As more companies implement various initiatives to highlight their flexibility, it requires other organizations to follow suit or risk losing talented employees. According to a recent international survey of HR managers and professionals commissioned by SuccessFactors, non-financial benefits were the most granted request by organizations this year. Of these requests, 73% of employers surveyed cited flexible working hours as the most popular non-financial reward. In addition to flexible working hours, policies such as bring your own device (BYOD) and remote work are also some of the other non-financial benefits that are becoming more prevalent in the workplace.
Employee recognition programs are very important and easy for organizations to implement. How hard do you expect employees to work if no one notices any of the work they do? Employees that receive little or no recognition for their job are more likely to have lower morale levels and can become a detractor to the organizations growth and success. One employee may not be able to affect an entire organization, but more and more employees feeling disgruntled from a lack of support and recognition can lead to a major downturn for the organization. Something as simple as a pat on the back or e-mail commending a job well done can make a big difference in the way employees feel valued.
Offering non-financial benefits to employees is a great way for organizations to increase overall employee satisfaction while keeping cost down. Employers that aren’t willing to consider any types of intangible benefits may find it harder to attract top talent, and could end up being left behind.
Offering great tangible and intangible benefits are a great way to become a best place to work.