What Every Employee Engagement Package Should Have
We spend roughly half a century of our lives at work, so now more than ever it is imperative organisations get employee engagement right. Employee engagement strategies have been proven to reduce staff turnover, improve productivity and efficiency, retain customers at a higher rate, and increase business profits. Most importantly, engaged employees are happier, both at work and in their personal lives.

What is Employee Engagement?
HR Zone defines employee engagement as the emotional attachment employees feel towards their place of work, job role, colleagues and workplace culture, as well as the effect of this attachment on well-being and productivity. From an employer’s point-of-view, employee engagement is concerned with using new measures and initiatives to increase the positive emotional attachment felt, and in turn increase productivity and overall business success.

Employee Engagement is a workplace approach that when successfully implemented throughout a business will result in happy, committed and motivated employees. Understanding employee engagement is crucial for building an effective employee engagement strategy, ultimately transforming an organisation with lasting results.

As an employer, it is important to think about what benefits your organisation has to offer and how you can offer your employees more. Providing a comprehensive and wide-reaching benefits package not only enhances your employee engagement strategy but also gives you a competitive edge.

Do Employees Expect Benefits?
Company benefits packages are incredibly important to employees and employers. According to Glassdoor, four in five people prefer new benefits over a pay raise. A generous benefits package is more important than ever and essential for attracting and retaining top talent. Google is famous for its over-the-top perks, which include lunches made by professional chefs, bi-weekly chair massages, yoga classes, and haircuts. Tech titan Cisco is another example, providing employees with on-site healthcare, an equity incentive plan, fertility assistance, adoption assistance, childcare, on-site gyms and more. Given all of this, it’s no wonder Cisco was named one of the Best Places to Work in 2018.

But What Should You Do if You Cannot Afford Google or Cisco-sized Benefits?
Well, it turns out, you don’t need to break the bank to offer attractive extras. According to Harvard Business Review, employees place the highest value on benefits that are relatively low-cost to employers, such as flexible hours, lifestyle and healthcare extras. Furthermore, certain benefits can win over some job seekers faced with higher-paying offers that come with fewer additional advantages. Become an employer of choice by offering existing and potential employees a benefits package that adds value to their relationship with you.

Getting the Basics Right
Before deciding what additional benefits, you would like to offer, it is important to ensure you’re getting the basics right. The physical environment of a workplace greatly affects the positivity and productivity within your organisation. A great working atmosphere can be created by an attractive, comfortable physical environment. This energy ultimately enhances productivity and success. A good team atmosphere is also critical to the success of a business, co-workers are a very important factor for an employee’s perception of their job. If the team doesn’t function it can cause larger problems over the long term, leading to unhappy employees and ultimately high turnover. It may seem obvious, but employers must also ensure they have the correct tools and training to allow employees to not just do their job, but to do it well. Not having the right tools and skills to perform your job is the biggest employee challenge businesses face this year. Getting all this right is key to driving engagement and productivity.

Whilst not always an option in every business, flexible working is an important aspect to consider offering your employees. In today’s labour market flexible working is incredibly desirable. Research by Alder shows that it is the most desirable workplace benefit (48%) among UK workers, preferable to both pension schemes (44%) and performance bonuses (34%). Having a good work-life balance is always a plus for workers, so they tend to value the chance to have flexible hours. Employees tend to favour jobs where they can have earlier or later start times, or the ability to work from home. A flexible schedule can be particularly valuable for those with children, pets, or other family commitments. Offering flexible working hours can greatly improve employee morale among existing staff and can be a key pull in attracting desirable new talent.

Additional Employee Benefits
With a vast number of employees preferring additional benefits to a pay rise, your organisation must have a benefits package in place. Benefits that employees find desirable include health insurance, dental insurance, paid vacation, sick leave, maternity leave, tuition reimbursement, housing allowances, travel compensation, training courses, and the opportunity to gain industry certifications.

Additional lifestyle and well-being benefits employers should encourage is for employees to adopt a work-life balance, and equally inspire them to stay fit and healthy, showing you care about their health and well-being. Giving your employees the ability to treat themselves, their families, and to spend quality time outside of work increases their engagement in the workplace. When your business offers additional benefits, acquiring and keeping talent is easy.

What You Should Have in Your Benefits Package?
Very few benefits packages are truly flexible, where every benefit is optional. The majority are built on the foundation of ‘company-paid’ benefits, where employers provide a set of core benefits with either little or no variety. Having choice and variety can greatly improve employee usage and engagement with such services. Ultimately, it is a question of how much choice you want to offer your employees around the types and levels of benefits they can access.

Financial Wellness
Data shows employees have experienced significant decreases in the purchasing power of their paycheck over the past decade, meaning wages aren’t keeping up with inflation. As a result, many workers find themselves in distressingly tight financial circumstances and even families with two incomes often struggle to make ends meet. So, employees look to their employers more than ever for financial security.

Offer a range of lifestyle benefits to suit and cater to your employee wants and needs, such as retail, travel and leisure discounts. By offering employee discounts to reduce monthly outgoings, you ultimately get happier employees, and employees that live well, work better and work harder. Save your employees money and in turn boost morale and employee loyalty.

Consideration of Health
Your business gains a competitive advantage with affordable and flexible health benefits, such as immediate access to doctors, fitness discounts, and well-being resources. Such benefits are not only great for enhancing the employee experience for existing staff but also help in attracting new talent. 96% of Millennials state that healthcare benefits are important in choosing a job.

One of the largest causes of sick days within the UK is stress and mental health problems, so investing in your employee’s mental health with services such as counselling or a dedicated helpline will not only make your employees feel more supported but also help to limit the number of working days lost throughout the year.

When your employees realise that you truly care about their well-being, you will inspire an ideal working environment and a dedicated, motivated and engaged workforce. Productivity soars and absenteeism rates reduce drastically with added healthcare benefits.

Become an employer of choice with MIT by offering the best breed of benefits to your employees.  Attract top talent, retain a happy workforce, reduce turnover, enhance your business’ profile and increase your profits by enhancing employee engagement.

Employees are at the heart of every business and retaining good employees is key to success. Your business growth depends on your talented employees and keeping them engaged, motivated and creative.

Learn more about how you can benefit from our unique approach to enhanced employment, here.

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