If you have employees, than salaries, wages & benefits are a large part of your monthly expenses. You want to make sure you are getting the most productivity for your money.
When you have a problem with low employee motivation and/or productivity, it is important to search for the reason. Some may feel underpaid, another may want more recognition or interaction with other people. Simply raising your employee’s pay or giving them a promotion may not be the answer.
You can reduce unwanted employee turnover ; related recruiting, hiring ; training costs by shifting experienced employees. The key is to recognize the workers value ; aspirations.
Age, education, job experience, job fullfillment, marital status ; family size are all considerations that determine the attractiveness of a benefit. Its important to remember that everyones needs are different. An older person may want more status like a title or professional association membership.
There are some more common flexible benefits you may want to include as part of the program:
-pre-tax thrift-savings programs
-personal financial planning
-personal expense account
-professional or trade association membershops
Not only do the benefits satisfy the employee’s needs, but it also communicates your concerns to meet those needs, creating the kind of work environment that contributes to increased employee productivity. To create a win/win situation, offer benefits that will meet employee needs while still providing the most value to your business.