We all know that the secret to long-term business success rests with a company’s employees. How engaged they are with the brand and how happy they are with their jobs makes them more productive. And productivity is inexorably linked to profitability.
The challenge many companies face is actually keeping their employees engaged and happy. A promotion or raise is usually not enough to hang onto them. Those may help, but most workers are looking for employers who recognize their value in other ways.
Employees aren’t a monolith. What motivates them and makes them enjoy their jobs are as unique as they are. That means your approach to keeping them satisfied will have to be just as diverse.
Everyone likes to have choices. Having options in benefits allows employees to pick and choose what suits them in their careers and their lives. A little flexibility can elevate their satisfaction and keep them on your team. Here’s how you can make that happen.
Make Their Time Off Better
Companies often focus employee satisfaction efforts on what they can do while the employees are on the clock. Installing that fancy espresso and cappuccino maker in the breakroom can boost morale throughout the workday. But if you want to demonstrate how much you value them, do something for their time off the clock as well.
Handing out branded coffee mugs or a discount to the gym next door isn’t enough. The first is self-serving, and the second may only appeal to a few employees. You need to step up your game with options.
Offer your employees a corporate discount program where everyone will find something appealing. The more variety in the program’s products, services, and experiences, the better. And the greater the value of the program’s benefits, the more appreciated they will be.
If you wonder how you could ever manage a diverse corporate discount program, don’t worry. Just partner with a provider who makes it easy for you and your employees. Employees can search the options and find ones that make sense for their buying habits, entertainment preferences, and vacation getaway goals.
Corporate discount programs have done well offer a ton of flexibility. When employees take advantage of the discounts they want, they’ll think positively about their employer. You’ll be making their time out of the office better, which just might lead to better time in the office.
Tune Into Employee Health and Well-Being
It used to be that offering health insurance as a benefit of employment was common. Especially if employers provided it at no cost to their employees, it was enough. But now, employees are looking for more options to choose from.
Health insurance certainly hasn’t lost its ability to raise employee satisfaction. But some employees will opt out of your group plan for a variety of reasons. Those include coverage under a spouse’s plan or the ability to find one that’s less expensive or has better coverage elsewhere.
Offering a “cash in lieu of benefits” option is a smart move. So is financial assistance for covering deductibles and other out-of-pocket expenses. Life and disability insurance and dental and vision coverage should also be on the benefits buffet.
Don’t overlook mental health benefits, especially now. Many employees will appreciate counseling and therapy access and assistance. And employees will appreciate employers who create an environment that supports healthy choices and lifestyles through holistic wellness programs.
The one-size-fits-all group health plan may be all some employees are looking for. But odds are, most of them are looking for a range of health-related benefits that fit their unique needs. Plug in as many as you can and keep your talent healthy and happy.
Focus on Their Future
Few employees will stay with your company for their working lifetime. That fact can make it difficult for employers to want to truly invest in the future of those who work for them now. After all, it’s why pensions, for the most part, have been replaced by the portability of the 401k.
If you want to boost employee satisfaction, don’t just focus on the present. Give them options that will benefit them for the long haul. There are multiple ways you can do that. And because every employee is different, the more options, the merrier.
As Gen Z nears overtaking Baby Boomers in the workforce, they’re understandably future fearful. Most are making the least amount of money while facing inflation that leaves little left to sock away. A 2023 survey by Charles Schwab found that 99% of Gen Z workers claim they’re experiencing barriers to saving for retirement.
Employees of every generation can benefit from financial literacy courses and coaching, retirement planning, career development, and more. Consider offering incentives to employees who feed health savings plans, children’s education funds, and emergency savings accounts.
Something good happens when employers are willing to invest in the futures of their employees. But that means going beyond a 401k match. Make your employees feel valued in the here and now, even if they move on long before retirement.
Satisfaction on the Rise
You know that employees who feel satisfied with their jobs are more productive and stick around longer. Keeping happy employees on the clock is the name of the game these days. The challenge is how you can make that happen.
Flexible benefit options are important to workers of all ages. Give them too few, and they’ll find somewhere else to work. Give them choices, and they just might choose you.
