“A company’s people are its most valuable asset.” It’s a phrase we hear time and time again for a good reason; your employees are crucial to your organization’s survival. So it naturally follows that your employee benefits—the various perks you offer your team and their salaries—are equally important.
But why? Outside of the recruitment process, where candidates may select one employer over another based on their employee benefits scheme, do these perks actually make a significant difference?
The Relationship Between Employee Benefits and Culture
Here’s a hint: The answer is a resounding “Yes!” Your employee benefits and your culture go hand in hand.
When implemented correctly, employee benefits serve as one of the most effective tools in not only creating but maintaining the desired company culture. They are a great way to attract staff—free parking, gym memberships, flexible working hours and annual leave, life insurance, discounts, and rewards and wellness programs are all appealing. However, it’s using these benefits to engage and retain staff that really counts.
The most effective employee benefits are tailored to the wants and needs of your workforce; there is no “one-size-fits-all” approach.
What to Consider in a Benefits Package
Your benefits package should be meaningful to your employees and positively impact their lives. If half of your workforce is remote, free parking and catered lunches aren’t going to have the desired effect. Or if you offer flexible working hours and fun breakout areas, but your company culture leaves no room for staff to enjoy these benefits, then you’re not on the right track.
Employee benefits reflect what you care about, your mission, and your values. For example, if sustainability is one of your organization’s core values, and if it is an essential aspect of your company culture, you should consider a range of benefits to reflect and reinforce this, such as a cycle-to-work scheme or green energy tariffs at a discounted rate. To create a fun working environment, you should organize regular team outings and events. And so on.
They also demonstrate your commitment to your employees. Benefits do not need to cost the Earth; they can range from savings and perks on everyday spending to travel packages, life insurance, and car leasing. But whether they are aimed at helping employees look after their physical and mental health, their financial well-being, their professional future, or a combination of all of these things, benefits show staff you value their hard work and want them to be fulfilled—both inside and outside of the office.
Add Value
These days, people expect more from their employers, so organizations need to go beyond the standard competitive pay to hire the talent they need. Business leaders should aim to create and maintain a company culture that supports their employees. A benefits package that adds value to employees’ lives is a large part of creating that culture. The result is a happier, more engaged, and more focused workforce that feels connected to their employer and believes in the work they are doing.
