Your Business With James Caan 2017 - 270
Staff benefits can help you recruit and keep the best
people - and they don't have to cost the earth
hatever your business or the
size of your company, the key
to success is having a team of talented,
hard-working employees. Attracting
the right staff is vital, but you also
need to retain your best workers and
keep your personnel motivated. If
your staff lose enthusiasm, not only
will productivity drop but you could
lose members of your team to a rival
company. But it takes more than a
decent salary to keep staff morale high
and team members loyal.
One of the most effective ways to
boost allegiance and drive is to provide
company benefits - and we don't
just mean the legal requirements,
such as pensions, holiday pay and
parental leave. In an increasingly
competitive recruitment market,
companies have to offer employees
more than a decent pay cheque and
their legal entitlements every month.
According to a survey by jobs
website Glassdoor, 57% of people say
benefits and perks such as health
insurance are one of their top
considerations when accepting a job,
and four out of five say they would
choose more benefits over a pay rise.
As well as helping your company
attract new talent, studies have shown
that staff perks can boost employee
wellbeing and productivity too.
While the benefits for your company
can be huge, you don't need a massive
budget to implement effective perks.
Simple, innovative ideas can be just
as good for making staff feel valued
as costlier choices and some benefits
are completely free to your business.
However, any money you do decide
to invest in staff benefits will pay
dividends in retaining good employees
and keeping them enthused. According
to research, 36% of businesses say
they actually save money by having a
benefits scheme, and 46% say there's
no additional cost to their business.
Little wonder, then, that benefits
have burgeoned in popularity over the
past few years. Below are some staff
perks you may want to consider to
keep you competitive when it comes
to recruiting staff - and keeping them.
MONEY UP FRONT
If you expect a new employee to have a
smart, professional look, a 0%-interest
clothing advance, recouped from their
salary throughout the year, can get
them off to a good start. It can be
especially helpful for graduates and
other first-jobbers who may not have
much cash for upfront costs.
KEEP IT LOCAL
Company discounts in local shops
and businesses can often be arranged
at no cost to you. Contact businesses in
the area to find out what they're willing
to offer. Depending on the nature of
your own business, you may be able to
set up a reciprocal scheme with other
Dropping off, picking up and
paying for dry cleaning can be time
consuming, costly and inconvenient.
Minimise the expense and hassle for
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