Written by guest contributor Alex Popovic, CEO of Balkan Based, a recruitment agency.
The height of the salary will always be one of the most important aspects for job seekers. However, younger generations of experts are just as interested in work-life balance, company culture, and benefits that enhance their health and wellness.
Many times, the initial solution to low employee morale is an increase in salary or draconic measures against poor-performing workers, yet they aren’t always efficient at this. Helping employees with their well-being can increase their productivity in both the short and long term.
What are “non-financial” benefits?
As the name suggests, non-financial benefits are perks or advantages that employees receive that aren’t monetary in their nature. For example, flexible working hours, opportunities for a healthier work-life balance, personal growth, and development opportunities are some of the common non-financial benefits.
Their implementation has the goal of contributing to the overall well-being of employees. For organizations, non-financial benefits might include improved brand reputation and increased employee satisfaction.
When I think of financial benefits or incentives to boost employee engagement, I think about:
- Increasing an employee’s salary,
- Increasing an employee’s hourly wages,
- Providing a 401(k) match,
- One-time bonuses
Additionally, financial wellness benefits could look like:
- Emergency savings program
- Financial rewards
- Free credit counseling
- No credit check advance loans
To learn more about financial wellness benefits, click here.
While finances are a leading cause of employee stress, sometimes employees want to focus elsewhere to increase their enjoyment and engagement while on the clock.
If you’re struggling with employee engagement in your company, implementing some helpful non-financial benefits for your employees might be the key.
It may be time to implement these 3 benefits…
Health and Wellness Benefits
Both remote and on-site arrangements cause stress among employees. Some individuals function much better in the office, while others enjoy the freedom that remote work offers them.
Nowadays, many companies have decided to allow their employees to work from home rather than in the office. The opportunity to work remotely is widely appreciated by professionals, and some people look exclusively for remote jobs. By giving employees to choose their arrangement, you’ll impact the overall productivity of the company positively.
For both on-site and remote jobs, flexibility is also another important factor for workers. Flexible working hours can lower stress among employees.
There are also many wellness programs that your company can incorporate. Some companies give bonuses to employees in the form of gym memberships or fitness classes. While many individuals struggle to start working out, this can motivate them to take the necessary step. It’s important to realize that the ROI of wellness programs is more significant than you would expect.
For overall well-being, mental health is just as important. There are many services that offer counseling and therapy online, but you can also decide on collaborating with mental health organizations in the city where your company is located.
Paid time off is a serious consideration when finding a job for many. Depending on the amount of work that your company deals with, the number of days off per month should differ.
Employers often don’t see how these well-being benefits improve productivity, yet they overlook the importance of having healthy employees. Employee retention is positively impacted by these programs, and retaining the worker is much more profitable than seeking new ones.
Work-Life Balance Benefits
Work-life balance policies add to the programs that enhance health and wellness among employees. Family-friendly policies are one way of providing benefits for your employees, as workers with children will be able to handle their work with their families much better.
These policies can include parental leave or childcare assistance. Children or family members get sick, and they sometimes need assistance with doctor appointments, and providing your employees with days off in such cases can be quite a helpful solution.
I’ve already discussed the advantages of remote work, which attracts many people to try out this type of working arrangement, but there are some differences. For example, there are async and sync types of work, which both have their benefits and drawbacks.
While these are more advanced methods that are still being tested among companies, utilizing 4-day or compressed work weeks can also provide employees with positive benefits. Of course, less work doesn’t mean fewer results, implementing these policies in methods requires research and calculations.
On one of my remote jobs, the HRs sent me articles and documents that explain how to deal with stress related to remote work-related. These guidebooks on such topics can undoubtedly help with onboarding their employees.
Professional Development and Growth
Industry professionals value opportunities for professional and personal development. While remote work brings many benefits for both employees and employers, workers now have much more competition than before.
To compensate for the harsh job market, they are looking for growth opportunities wherever possible. Training and development programs will attract both new and experienced employees that are passionate about their work.
You can provide your employees with programs in the form of in-house training sessions by your employees or external experts, or you can pay for or create courses that they can learn from on their own.
Some development opportunities are already a part of the job. For example, fresh employees can be assigned mentors or coaches who will guide them through their onboarding process as well as the later stages of their career development.
Mentorship and coaching programs don’t only improve employee’s skills, but they also help them develop meaningful relationships within the company. In the long run, employees will stay loyal to the companies that helped them develop their skill set.
One-time events such as conferences or workshops are also important places in which employees can develop their skills. Participation in such events help workers broaden their perspective on the industry and establish meaningful relationships with professionals.
In today’s fast paced world, many individuals start working before they finish their education. Whether that’s because of the financial situation or they had an opportunity they didn’t want to miss, a significant number of them are still passionate about going back to school.
Many companies offer tuition reimbursement programs and support their employees in pursuing higher education or professional certifications. Employees who have access to these opportunities tend to be more engaged, motivated, and productive.
In the long run, your employees will become more productive at their work and learn to overcome any challenges that might arise. Whether you’re looking to improve the education or skills of your employees, you will be met with increased loyalty and long-term profits.
The most obvious solution for unproductive employees is increasing their salary, yet it’s been disproven many times that it’s not always the best solution. Employees cherish benefits that help them work on their physical and mental well-being.
Industry experts are also more often interested in development opportunities that will help them improve their skillset over a longer time period. You can find out how employee financial programs work out on TrueConnect webinars.
Employers aren’t sure how to measure the ROI of employee wellness programs, and that’s why they dismiss them rather quickly. However, this mistake can be fixed by having an in-depth understanding of the benefits that these programs offer during longer periods of time.
What non-financial benefits do you offer your employees?