In previous articles we’ve looked at the value of non-financial benefits to employees and the companies they represent.
Every employee is an individual with diverse needs, different circumstances and varying lifestyles. However it’s also true that most companies, by the nature of the business, have it’s own unique employee profile. As an employer you need to be aware of these facts in order to identify the most appropriate and relevant non-financial rewards that will be valued (not to mention appreciated) by your staff.
They key to this is clear communication between employer and employee, listening to and understanding what they want. A fantastic example of this is John Lewis. By listening to their employees they have put in place a non-financial employee reward that is valued and wanted by employees; cinema vouchers!
The retailer not only implemented this alternative employee reward programme but because of the effective employee communication detailing the offer available, as well as producing an easy-to-use online platform to procure said vouchers, John Lewis has seen an increase of 173% in take-up of the vouchers.
So do you know your employees well enough to identify non-financial benefits they’d like? If not, talk to them and listen! If you do, what you waiting for? Communicate the benefits and reward to them so they know you’ve listened and responded to them and their needs.
As an employer you need to ask yourself this; in this current climate where budgets are tight isn’t it a good thing to a) have a positive reward message to give and b) be able to offer something that is wanted and worth the investment from you?