It’s no secret that employee benefits are a critical component of the employee experience. When done properly, it may provide a significant advantage in acquiring and retaining top talent. However, what we frequently forget is the excellent impact that a superb employee benefits plan can have on employee engagement. As a result, you can improve the overall productivity of your team.
Low Employee Motivation Levels = Poor Work Quality
Employees’ lack of motivation can stem from a variety of factors, such as dissatisfaction with their job or a lack of belief in the broader company’s objective. Beyond everything, employees constantly state that they believe their employer does not understand them or value their efforts.
According to a Market Tools survey, 76 percent of employees were dissatisfied with the degree of benefits and recognition they got at work. While a Bersin Group study revealed that 8 out of 10 employees felt they were not driven to work properly.
Employers must address this if they want to ensure their organization’s long-term success and continue to attract quality candidates.
According to Gallup, 71% of American workers are either unengaged or actively disengaged at work. This lack of drive leads to delay in tasks, and what they do, is poor quality work.
Employee disengagement can cost businesses up to $550 billion every year. However, organisations with actively engaged and motivated staff can earn up to 2.5 times their average yearly income. With such large monetary sums at stake, why aren’t we working harder to boost workplace motivation?
How Are Employee Benefits Related To Employee Motivation?
Employers have faith in their business and are naturally motivated to see it thrive. However, not all employees are the same.
- According to a Globoforce Motivation Worldwide survey, 39 percent of employees wanted to quit their job since they did not feel valued at work.
- According to Socialcast data, 69 percent of employees would perform better if they felt suitably appreciated.
Good benefits are linked to employee motivation and help them to dedicate themselves to their organization’s growth.
Great employers understand that retaining quality employees necessitates an appropriate salary and an appealing employee benefits plan. Most quality employees know their worth and will not settle for less, particularly when competitors are offering them what they want.
Fair salary and a complete employee benefits package can demonstrate to employees that you value them. This can enhance employee morale and productivity.
Why Benefits May Be More Important Than Salary To Your People?
Simply said, a good employee benefits package can be more beneficial in various ways than simply offering a lucrative salary. These are some examples:
- Benefits offer different avenues of coverage to employees that serve to minimize overall expenditures for them and their families.
- They come in a variety of shapes and sizes, providing employees with the flexibility they require.
- A good employee benefits package communicates to employees that their employer values them and their families.
A good illustration of this is the current situation of the healthcare system in the United States. In 2019, the average cost of care per employee will be close to $15,000. As healthcare prices continue to rise, and with companies often bearing 70% of the bill, both employers and employees require assistance to help offset these expenditures.
This is where benefit options come into play. In this instance, certain excellent supplemental health care solutions, including group health insurance, term life insurance, and medical emergency loans, can be quite beneficial to the employees because they provide additional coverage in the event of an emergency.
How Can Employee Benefits Help You Keep Your Workforce Motivated?
Let’s take a look at the few ways how employee benefits can keep your workforce motivated and engaged.
Building Employee Motivation Through Benefits
Every business aims to achieve vital goals, and the employees of a company are critical to achieving these targets.
Employee benefits are a powerful motivator that motivates people to work hard and perform their best. Modern organisations should provide their employees with a variety of employee benefit plans, including health insurance, life insurance, family and medical leave, paid time off (PTO), and even flexible work. Many employees value these employee benefits packages, which can contribute to a better and healthier life.
Better Employee Benefits Create Positive Actions
While the majority of firms seek to thank their employees for the work well done, the employee benefits that they provide are not always adequate. Earning a monetary reward annually can be exciting, but the thrill wears off after a few weeks or months.
According to Idea Connect research, employee benefit plans can enhance performance by up to 44%.
Companies should ideally provide an employee benefits package that provides constant and concrete benefits to employees. To identify what type of benefits employees want, ask for feedback, and design a one-of-a-kind plan that satisfies their requirements.
Great Employee Benefits Will Create Brand Advocates
Employees want to feel that they are a valuable asset to their company. When employees feel appreciated, they are more inclined to become brand advocates and use their talents to support the firm’s goals.
Employees that are engaged have a genuine interest in the future of the firm, which can be a wonderful chance for companies to train and nurture their brand advocates.
More Employee Motivation Means More Work
Employees will be more driven and do more quality work if they feel valued at work through good employee benefits.
According to a Bersin Group study, productivity at companies with good employee benefit plans is 14 percent greater than at others without, with the possibility for a 43 percent increase in productivity.
The bottom line is that an engaging and unique employee benefits package makes employees feel appreciated and motivated to give back their best to their organisation.
Motivated Employees Value Their Jobs More
People who are more satisfied at their jobs respect and value the organization more, which means they are significantly less likely to change occupations.
Employee benefits act as a strategic component of your hiring package. 57 percent of the job-hunters report that employee benefits are among their top priorities when selecting a new job role. In fact, employee turnover is 31% lower in organisations that implement a good employee benefits plan.
According to the Aflac Workforces 2015 Report, benefits are ‘very important to 64 percent of millennials when it comes to their loyalty to a company, with 23 percent stating it is ‘absolutely crucial.’ According to the Deloitte 2018 Millennial Survey, employee benefits are the most significant feature of an organisation for 63 percent of millennials and 51 percent of Gen Z’s.
Employee benefit plans play such an important part in every area of the employee journey – from recruiting and retention to job performance and satisfaction. This is not an aspect that you should overlook. Changing your employee benefits package to enhance motivation does not have to be a major undertaking (potentially expensive and time-consuming). All you have to do is figure out what they need!
The overwhelming evidence indicates that effective employee benefits packages serve to encourage your employees. If your workforce is demotivated, consider that it may not be the employees who you need to change, but rather your benefits.
The question is, do you want to switch to better employee benefits plan to provide an amazing employee experience?