Ever wondered why the tech giants in Silicon Valley and other well-loved brands in the world are where they are and will remain where they are? Google, Facebook, Microsoft, and Apple are on top of everybody else, with only themselves and a few others within their elite circle of being on almost every “best company” list released every year in almost every category. What on earth do other companies, especially those who are just starting out, have to do to get close or get even just a parcel of the recognition these companies always get, globally? Well, if you want to compete, just like everybody else, you do need to do more. You may also see HR Forms.
Newsflash. You may not catch up to the likes of Google or Facebook anytime soon, and you’re not alone in that area. But that doesn’t mean you can’t keep a certain line of consumers happy. Every business, big or small, has a place in an industry, even if you have to fight for it, just like everybody else. And fighting for your place in your chosen industry also means keeping your employees satisfied. Because if you look at what’s making up a big part of any company’s success, you’ll see that it all boils down to employee satisfaction.
Happy frontliners mean more productivity—and more productivity is what a business banks on to keep the profits coming in. Ensuring employee satisfaction isn’t really rocket science. First, you have to attract people to work for you. It doesn’t stop there. You have to keep them satisfied to keep them working for you and not head out the door. In a survey report Glassdoor released for 2017, 84% of employees with great benefits report a high level of job satisfaction, and with good reason. It’s not difficult to figure out that employees stay with the same organization if they get a paycheck they think is good enough for the kind of job they are asked to do every working day.
According to the same report, 57% of U.S. job candidates say benefits and perks are among their top considerations before accepting a job. The truth is, attracting the right people to work for you, in the hopes of making your business grow or keeping your customers happy enough to always buy your products or services, involves offering an amazing benefits and compensation package that would also make them consider staying longer. Company culture, brand, and growth look great, but they can only take you so far, especially for millennial job seekers who are either looking at having a family soon or investing in a financially stable future.
People are no longer just jazzed about landing their dream jobs and working with the people they want to identify with, career-wise. Sure, at first, it seems such a wonderful sense of fulfillment when you are finally able to work in your chosen field, but times are changing. The kind of employee benefits and compensation a company can offer, or lack thereof, can affect an employee’s sense of security, from the moment they come in for a job interview until the time they sit down and do their work. And even when they are already in the company, there are times they expect to get more, for longevity and for every task added to their workload. Glassdoor also reported 49% of employed adults in the U.S. feel they must switch companies in order to obtain any meaningful change in compensation.
In the current hiring market, a good benefits package is important if you want to compete with other companies who also want to attract and retain top talent. The same general survey also found that 80% of employees prefer getting additional benefits over a raise in salary. Benefits mean so much so that companies offering paid parental leave, with new parents having extended time off from work, always make the evening news. With millennials constantly on the rise in the workforce, trying to earn their way to pay off their hefty college debts, even options for savings have evolved and an estimated 3% of businesses in the private sector are redesigning benefits package to make room for student loan repayment assistance.
Today’s trends in hiring and recruitment strategy has every top company wanting to compete and make their workers stay by offering more than just benefits. The biggest brands offer different perks cooler than the next. Google has perks the envy of even the most cared for employees of other global brands. They have gourmet lunches prepared by a professional chef, free haircuts, and free rides and buses with WiFi access to take San Francisco “Googlers” to and from their general workplace. Reebok, meanwhile, prides itself on its free fitness program for employees with crossfit classes that make them feel more involved with the company and its culture. Finally, Twitter boasts of three catered meals a day and on-site acupuncture, among other perks, for their employees.
Even if you feel your company cannot splurge on over-the-top perks like the tech giants, it may help to know that there are plenty of smaller companies that have come up with the quirkiest, most interesting benefits such as free books, reimbursement for holiday expenses, as well as health and wellness programs and simple reimbursements for healthcare received. It doesn’t take a larger than life, state-of-the-art office, equipment, and site for a company to be able to offer employees generous benefits. It takes planning and a package suitable for the kind of employees you want to attract and retain. You may also like new hire processing forms.
Perks matter, more so today than in recent years, as companies in today’s work culture are in tight competition with every intention to get and hire the best talent in the world by trying to outdo each other with the most tempting compensation, benefits and a not-so-little-something on the side for their workforce. If the offer and the whole package looks far more attractive next door, a job-seeker, especially one who knows how just how much his services are worth, will be heading there, especially since so many things have become more costly and demanding like healthcare. You may also see HR evaluation forms.
Costs of healthcare have been on the rise and people cannot wait for the government to do something, so companies also reevaluate their health insurance programs time and again. Young adults make up a majority of the workforce, with many of them planning to have a family sooner than later. This has caused people to pay more attention to maternity and paternity benefits, making them quick to say no when it doesn’t meet their needs as future parents. General research shows that the primary benefits of health insurance, retirement plan, and vacation leave still hold great importance in keeping employees happy, with Glassdoor revealing that those same three basic benefits show the highest correlation with employee satisfaction. You may also see HR payroll forms.
There are certain benefits that the law requires such as paid time off for jury and military duty, maternity leave, and compliance with the compensation requirements. Then, there are those such as healthcare and retirement packages that are not mandatory but important, if you want to have people working for you. To stay competitive and not be left behind, the latter are deemed necessary for most companies. To manage these benefits, a company must be careful not to offer more than they can afford. Providing the type of benefits that can compete with others is expensive. However, it’s a win-win situation for companies that design a package properly and have a realistic approach that all parties can benefit from. You may also like HR appraisal forms.
When covering costs for medical attention or healthcare, for example, most companies don’t really offer to pay the whole amount but just a certain percentage, and the employee has to pay the rest. Another thing that some companies underestimate is the communication of these benefits to their employees. Often, an employee doesn’t feel satisfied about a certain benefit they are entitled to because nobody tells them, or nobody makes them understand, so that they don’t really appreciate it being part of the package. Upon recruitment, a simple rundown of the compensation and benefits form, with the breakdown if possible, and how it would help them, would make the employee feel taken care of, and more secure. You may also see HR survey forms.
Gone are the days when an all general expenses paid trip for two would make the best talent in the workforce come knocking and begging to be part of your team. This is the time of recreation centers in the office, restaurant packages, and spa treatments where indulgent offers, the likes of which you never even heard of ten odd years ago, are getting employees excited to work and keeping them motivated. Even when your company cannot possibly compete with the benefits worthy of Silicon Valley heaven, a package designed to meet even just half of what a millennial needs and expects could do wonders for their productivity and overall satisfaction. You may also see HR strategy templates.
People need motivation to stay in the same organization. Almost always, compensation and benefits top the list of things that keep them motivated in the workplace. Behind every successful company, irrespective of size and popularity, is a workforce dedicated to meet customer satisfaction. It is only right that they should be rewarded for it, too. Something’s got to give, and you don’t really need an open cheque book to keep your workforce happy. You just need to keep up with the trends in your industry.