Small businesses struggle to compete for staff and business with larger rivals. But using three key methods, staff benefit programmes can give you an edge.
Smaller businesses think staff benefits are only achievable for bigger enterprises with huge budgets - but smart and flexible staff benefits don't have to break the bank. In a recent MetLife U.K. survey, 83 per cent of small business employees claimed they appreciated financial benefits - but only 54 per cent relied on them as part of earnings.
While many small businesses in the U.K. remain uncertain about whether or not these programmes are worth the investment, a smart and flexible staff benefit programme is a great way to help you stand out from the competition and empower your employees to achieve more for your business. Power2Motivate U.K. has compiled our years of industry experience to present the 3 ways staff benefit programmes work for small businesses.
"Businesses that use at least one employee benefit programme have far lower turnover rates than businesses with no equivalent."
1. Flexibility means more employee engagement
Power2Motivate U.K. prides itself on developing staff benefit programmes that work for your employees first. Offering staff the ability to customise their own benefits with a point-based system they can interact with online not only invests them in their own development in your business; it also means they can choose benefits that suit their lifestyle. Our huge Rewards Gallery offers your staff access to a range of benefits and rewards, including gift vouchers, luxury goods and electronics. Putting your staff in charge of their benefits is key to boosting business engagement, no matter your size.
"Meeting with employees and discussing what benefits they want is an excellent way of achieving staff satisfaction."
2. Staff satisfaction means less turnover
Keeping your staff happy means preventing costly turnover. Replacing dissatisfied employees means time and money wasted on interviewing, hiring and retraining new staff, which can be crippling to small business. DCR Strategies reports that businesses that make use of at least one employee benefit or recognition programme have far lower turnover rates than businesses with no staff benefit programme in place.
Recognising outstanding effort means harder workers
Seventy seven per cent of employees reported they would work harder if they were better recognised (DCR Strategies). This statistic shows the ease through which you can better your business. By recognising employee achievements with flexible benefits that can be changed over time to reflect personal and professional circumstances, your staff can work harder for your business and boost your sales. It will also make you stand out as an attractive hire in the competitive U.K. market, no matter the size of your competition.
Power2Motivate U.K. has a host of exciting staff member benefits programmes to suit all small businesses, no matter their industry. Contact our customer service team today for more information.