Employers believe in their company and are naturally inspired to see it succeed. Unfortunately, not all employees have this drive. According to a study conducted by Globoforce Motivation Worldwide, 39 percent of employees polled wanted to quit their job because they did not feel appreciated at work. Data from Socialcast shows that 69 percent of workers would work harder if they felt appropriately recognized. Compensation and benefits are related to employee motivation and have been found to boost employee contribution to other key benefits for businesses.
The Relation Of Employee Benefits And Compensation To Motivation
Great employers understand that keeping quality employees requires the right level of compensation and an attractive benefits plan. Compensation refers to wages, bonuses, salaries and commission structures. Most quality employees know what they are worth and are not willing to settle for less, especially when competitors are willing to leverage their potential.
Providing fair compensation and a comprehensive benefits package can show employees that they are appreciated, and in turn, boost employee morale and productivity.
Building Employee Motivation Through Benefits
Every company strives to achieve important goals and a business’s employees are critical for reaching these objectives. Benefits are an effective incentive that encourages employees to work hard and do their best. There are many different types of employee benefits that modern businesses should be offering their employees, such as health insurance, life insurance, family and medical leave (FMLA), retirement savings, disability insurance, paid time off (PTO) and even stock options. These benefits mean a lot to many employees and can contribute to a happier and healthy life.
Unique Benefits Create Positive Actions
While most businesses strive to reward their employees for a job well done, the benefits offered are not always satisfactory. Receiving a monetary reward once a year can be enticing but this excitement soon wears off weeks and months down the line.
Ideally, employers should offer a benefits program that provides employees with consistent and tangible benefits. Ask for feedback from employees to determine what type of benefits they are looking for and create a unique program that meets their needs.
Great Benefits Will Create Company Advocates
Employees want to feel like they are an important asset within a business. When workers receive this validation, they are more likely to become company advocates and use their voice to further the company’s objectives. Engaged employees show a vested interest in a company’s growth which can be an excellent opportunity for employers to train and nurture their brand advocates.
Motivated Employees Lead To High Value Of A Position
Fair compensation and benefits can lead to greater job satisfaction, meaning employees are happy in their job position and are less likely to want to move jobs. Not only does this result in a lower employee turnover rate but it can also make certain positions in the workplace appear more favorable among employees. When employees value their position, they are more likely to feel motivated.
A Healthier Workforce Strengthens Productivity
Health and productivity go hand-in-hand. That is why many modern businesses now offer a wide range of health-related programs and benefits to help employees reach increased wellness. In addition to offering comprehensive health insurance, employers should consider other incentives for better health, such as gym memberships, chiropractic sessions and psychological support.
What Types Of Employee Benefits Motivate The Best?
The types of employee benefits offered by employers make a significant difference in their influence over employee motivation and productivity. According to a Glassdoor survey, approximately 60 percent of respondents stated that they would strongly consider benefits and perks being offered before accepting a job offer. In addition to offering legally-required benefits, employers should consider voluntary options and additional perks.
Voluntary benefits are those that are used to supplement traditional benefit coverage. Most voluntary benefits fall under the “life needs” category, which includes health, security, personal and wealth accumulation. For example, voluntary benefits may include extra healthcare support to assist an employee during a health crisis. Other plans may offer cash assistance to help pay for bills during challenging times.
Employers should also consider the influence of additional perks. While it may not always be obvious, employee perks can greatly impact an employee’s happiness and wellbeing. Some of the most common additional perks offered by modern businesses include flexible work hours, wellness programs and bonuses in the form of gift cards, lottery tickets, hotel stays or traditional paid bonuses.
Talk With New City Insurance For More Info On Compensation And Benefits
The effects of great compensation and an attractive benefits package should never be overlooked. Compensation and benefits have been proven to motivate employees and boost productivity, leading to greater job satisfaction. To learn more about how compensation and benefits are related to employee motivation, or to speak with an insurance professional, contact New City Insurance.