How to use reward and benefits data to boost worker satisfaction
There are several reasons why you reward your employees, such as:
- To show appreciation.
- To reward outstanding achievements.
- To encourage them to align with your values.
Similarly, there are multiple reasons why employers offer employee benefits, including to support employee wellbeing and enhance your EVP offering.
These are the steps employers take to strengthen attraction and retention strategies.
Importance of a reward culture
The importance of embedding reward into your culture is explored in Pluxee UK’s blog, Harness the Power of Motivation with Maslow, Herzberg, and Pink.
According to research, 66% of employees say they would “likely” leave their job if they didn't feel appreciated.
That figure alone is reason enough to encourage employers to link their reward strategy.
The desire to have our efforts recognised is rooted in psychology and employee satisfaction.
The most dedicated employees can become disengaged due to lack of recognition, disconnecting from the business and potentially moving on.
The role of employee benefits
The role employee benefits play in attracting and retaining employees is vast. Beyond the need to stand out from your competitors in the war for talent, employee benefits are a way of supporting employees during the cost-of-living crisis and beyond.
Making life more affordable and enjoyable enhances financial, mental, and physical wellbeing, nurturing more engaged and loyal employees.
Potential job candidates review your employee benefits package as part of your job proposal. A competitive salary is no longer enough: 74% of employees say that an organisation’s employee benefits package is essential when considering a job offer.
Reviewing and connecting the data
Clearly, a strong reward and recognition culture and a robust employee benefits package matter to current and potential employees, playing a vital role in your attraction and retention strategies.
Your benefits package must reflect your employees’ interests and meet their needs.
Pluxee UK’s exclusive research found that 43% of employees in the healthcare industry believed their employee benefits didn’t align with their needs. When employees don’t use the benefits you provide, they won’t serve the intended purpose or produce an ROI.
Data matters and the first step in your strategy should be to gather information.
Employee benefits:
- What benefits do you offer?
- Which are most used?
- Which have a low uptake?
- What are other businesses in your industry offering?
- Do employees discuss your benefits package during exit interviews?
- If so, what is the feedback?
- If you run regular employee feedback and engagement surveys, what is the feedback on your employee benefits?
Reward and recognition:
- How regularly do you issue employee rewards?
- What are the reward parameters?
- If rewards require employees to take steps to redeem their reward – what are the redemption levels?
- If you run regular employee feedback and engagement surveys, what is the feedback on your reward and recognition strategy?
- Does your reward strategy produce the desired results?
The data gathered from these questions will help you define whether your rewards and benefits support your attraction strategies or are in need of restructuring.
It’s about people
People are at the heart of what you aim to achieve – attracting and retaining them – so employee feedback is invaluable.
You’ll discover whether the benefits provided matter, what employees may prefer as an alternative and where further investment is needed.
Contrary to popular belief, employee rewards don’t have to be financial.
Many employees would exchange a monetary reward for an extra day off or have their efforts recognised by investing in their training and development.
Once you’ve established the best reward and benefits strategy to attract and retain your talent, embed cost-effective and inclusive solutions to help you achieve your goals.
In partnership with Pluxee UK
Pluxee UK, is a leading employee benefits and engagement partner that opens up a world of opportunities to help people enjoy more of what really matters in their lives.
