5 High-value Employee Benefits that are Cost Efficient for Your Business

In almost every business, human capital is one of the most critical cogs in the wheel. The team you build has a substantial influence on your customer experience, as well as your brand perception and value. Hiring the right people to work for you might be one of the most important decisions you have to make as a business owner! Employees that genuinely engage with their role are difficult to find, particularly in an environment where everyone has heightened worries and concerns about their job security and the future of the company they work for.

The recruitment market is changing to attract quality talent by promoting more comprehensive benefit packages. This approach acknowledges that money is not the only reason why someone will choose to spend their career contributing to your business’s success. Inclusive healthcare, remote working schedules, flexible spending accounts and other cool perks are increasingly common. However, if you’re in the service industry where hourly employees make up most of the workforce you’ll know that even these benefits are not always possible. That’s why the latest benefits offered by employers are starting to get increasingly creative.

Here are five valuable perks that will help keep your employees engaged while they are on the job, without the cost to match.

1. Work-life Balance, Get Flexible

Allowing your employees to take advantage of a flexible schedule empowers them to balance work with their other personal commitments. Many service industry staff (particularly millennials) will also be studying or attending other training, right? In fact, 70% of millennials have considered leaving a job for another boasting flexible work options.

Casual roles in the service industries will usually have a more flexible schedule than a full-time position. However, there is still a serious case for improvement! Employees should not have to tussle over shifts and be able to have some say in when they work. Let them pick their shifts every so often or use scheduling software to enable them to negotiate and allocate shifts amongst themselves efficiently.

2. Awards and Other Recognition

Everyone enjoys praise. Showing your staff that they are appreciated for the work they do can go a long way to raise morale. Best of all, it’s super simple to do! Buy them lunch, give them an early mark or present an award in front of their colleagues to give them the boost they need. A recent study showed that happy employees were up to 20% more productive than their frowning counterparts. What would that increase in productivity do for your business?

3. On-demand Access to Wages

The way employees access their wages can also be flexible. Most employees are paid either fortnightly or monthly. This leaves little room for unexpected costs or other short term emergencies. Offering on-demand access to wages, or a salary advance, through apps such as Paytime allows your staff to access their earned wages at the end of each workday, should they choose to do so. Flexible access to wages provides your employees with a healthy alternative to credit cards or potentially harmful payday loans that risk damaging their financial wellness.

4. Mentorship Programs

Service industry roles are generally stepping stones to other career goals. Mentoring your employees may increase the likelihood of them staying with your company – rising the internal ranks, instead of seeking an external move as they outgrow their current position. A 2017 study from Deloitte discovered the major role mentoring plays in millennial loyalty. More than two-thirds of millennials looking to remain with their current employer for at least five years had a mentor. Are you giving your employees the guidance and growth opportunities they need to stick around?

5. Health and Wellness

Healthy employees do better work. Workers that eat well and exercise a few days a week have reported significantly higher job performance, as well as taking less sick days. Gym memberships, health challenges and rewards for healthy habits are great ways to get your staff into beneficial routines. Mental and physical health are equally important and go hand in hand; so your perks should address both where possible.

The benefits achieved from implementing these strategies will be significant to your business’s wellbeing and bottom line. If your company wants to empower your employees and improve their financial wellbeing by enabling flexible on-demand access to their earned wages, contact Paytime today!