First Midwest BankFirst Midwest Bank logoArrow DownIcon of an arrow pointing downwardsArrow LeftIcon of an arrow pointing to the leftArrow RightIcon of an arrow pointing to the rightArrow UpIcon of an arrow pointing upwardsBank IconIcon of a bank buildingCheck IconIcon of a bank checkCheckmark IconIcon of a checkmarkCredit-Card IconIcon of a credit-cardFunds IconIcon of hands holding a bag of moneyAlert IconIcon of an exclaimation markIdea IconIcon of a bright light bulbKey IconIcon of a keyLock IconIcon of a padlockMail IconIcon of an envelopeMobile Banking IconIcon of a mobile phone with a dollar sign in a speech bubbleMoney in Home IconIcon of a dollar sign inside of a housePhone IconIcon of a phone handsetPlanning IconIcon of a compassReload IconIcon of two arrows pointing head to tail in a circleSearch IconIcon of a magnifying glassFacebook IconIcon of the Facebook logoLinkedIn IconIcon of the LinkedIn LogoXX Symbol, typically used to close a menu
Woman addressing her team
GET INSIGHTS

Get monthly ideas delivered right to your inbox.

Subscribe for Insights

For Your Business November 18, 2019

5 perks to offer your employees to increase your staff retention rate

1. Flexible working hours

Offering flexible working hours to your staff can really help staff engagement and office morale without breaking the bank. Studies have shown that putting a flexible work scheme into your business enables your staff to feel more in control of their work-life balance and more trusted. This uplift in morale can result in workers becoming more motivated and often produces increased productivity around the office.  

The beauty of flexible working is that there's no cookie-cutter approach to getting it right, meaning it can work around your business. There's a variety of different working structures you can integrate into how you operate the business; two popular ones are flexi-time office hours and remote working. 

Flexi-time: Your team won't all work the same way, nor will their situations outside of work be the same. You may find that one employee is more productive in the morning and another in the afternoon. Either way, many companies have found their staff are more efficient when they can choose what time they start and finish their workday. Of course, there should still be some limits to ensure your business runs effectively: when implementing a flexi-time strategy, be sure to include guidelines, for example having all employees present in the office during certain core hours.  

Working remotely: In our recent marketing report, we found that working from home was in the top three desired benefits tech employees wanted in a perk scheme. 

Thanks to technology, it's now possible for the vast majority of industries to incorporate remote working into their business strategy. To keep your employees happy, why not offer your staff a four day office week, or allocate a percentage of days a month when they can opt to work from home?  

2. Insurance packages

You want your team to be not only happy but healthy, and an excellent way you can ensure this is by offering your employees a healthcare insurance package. Most businesses will supply a basic healthcare package, but to stand out from the competition and give your employees an incentive to stay, why not try adding other healthcare perks like medical or dental expenses?

For start-ups or smaller SMEs, offering a 'deluxe' healthcare package to all your employees may seem expensive. However, it's not impossible; it's all about being frugal with your budget when planning the packages. 

3. Company incentives  

Company incentives can be anything from performance-related bonuses or shares in the company, to or one-off gifts such as vouchers or trips away. 

Incentives like these shouldn't be relied on as a bribe for staff, or a way to buy their loyalty, but rather an extra perk to show your appreciation of their work and contribution.   

Your incentive prizes don't have to break the bank: even small allowances like dress down days, late starts, or extra vacation days can make a massive difference to employee morale. Your team won't really mind what the incentive is, just as long as you're acknowledging their hard work in some shape or form.   

4. Office perks  

The modern-day office has become more than a desk your employees work at eight hours a day. It's an environment where your employees can blossom, not just professionally, but socially and personally.  

Your employee spends two-thirds of their life at work—to ensure they stay with your company, try to make the office a happy, comfortable, and fun space to work in. 

Here are a few suggestions to start implementing around the office:  

  1. Provide free breakfast or lunch once a week 
  2. Sign up to a third-party discount or perk scheme 
  3. Offer a gym membership  
  4. Create a 'comfy' space for your staff to relax in at lunchtime or socialize in after work  
  5. Hold monthly competitions to bring the team together 
  6. Have social nights out with your team  

If you put effort into making the office a great place to work every day, then your staff will feel more positive and motivated to work with you and have less reason to look for a job at another company.   

5. Career vision plan 

If you want your company to grow, then you need to take care of the people helping you build it. No matter the size of the company, every business can afford to offer their employee a career vision plan; it shouldn't cost you anything and could be the difference in an employee viewing their position with you like a long-term career and not just a job.  

You can develop a career vision plan with your employees simply by holding one-to-one meetings to talk about their career objectives, how the business can help them reach their goals, and how you can create a mutually beneficial situation by supporting them in improving their skillset. 

The error that most companies make with this scheme is consistency. For a career vision plan to work, you need to meet up with each employee regularly, perhaps once a month or quarter.   

Employees will be more loyal to your company if you can demonstrate an interest in their career development and the progress they're making within the business. Being coherent and predictable with your one-to-ones gives your employees, your team, and, ultimately, your entire business structure. 

No matter the size of your business, if you can provide regular feedback, a clear progression path, and a positive work environment, your staff will enjoy coming to work knowing that they have a valuable part to play in your company's future. 

 

This article was written by Zoe Morris from e27 and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Subscribe for Insights

Subscribe