A recent survey conducted by ELMO found that 22% of employees are motivated by bonus payments/incentives.
This means that a comprehensive employee value proposition (EVP) is important now, more than ever. People might decide to take jobs based on pay, but it is usually a host of other factors – often around non-wage compensation – that come into play when deciding whether to stay or go.
Because of this, companies need to communicate the full value of their remuneration package, and the perks and benefits included, to attract and retain talent.
Here are four ways to ensure your organisation is providing an EVP that employees really want.
1. Master the basics, remuneration
A well-designed remuneration package is a key pillar to attract and retain employees, so it’s important that you get the basics right.
In addition to a market-competitive salary, common remuneration incentives include:
- Company shares
- Performance-related pay or bonuses
- Subsidised accommodation for work travel
- Enhanced superannuation provision
- Subsidised transport costs
- Additional annual leave entitlements
In today’s competitive environment, it’s wise not to overlook the extra perks and benefits that can help seal the deal.
Read more on how to make your budget stretch further with a total reward strategy.
2. Ensure flexible work options are available
Flexibility has become one of the most important benefits that a workplace can offer.
This is not limited to the option of working from home, but also to other benefits like flexible work hours, time in lieu, and study leave.
For knowledge workers who can perform their role from home, flexibility over where they work is now an expectation, rather than a perk.
According to CyberCrew, 88% say they’d like to continue working from home, whilst 47% want to work from home more often.
Fairness and equity are also key. Employers shouldn’t give preferential treatment when it comes to resourcing or deciding who has access to flexible work.
Instead, companies should consider implementing protocols that value work output, rather than working hours. Some examples include:
- Implementing a flexible working ethic
- Actively getting to know employees to understand their personal goals
- Providing subsidised childcare and parental leave for parents/carers
- Offering further education, training, or personal development courses
3. Recognise good work
An employee recognition program is a huge value-add to employees who are increasingly paying attention to workplace culture and support.
Employee recognition is especially important as teams adjust to virtual and hybrid working. A few well-placed moments of gratitude or recognition can make all the difference for team members who are separated by distance and might be feeling socially isolated.
On the flip side, having hard work go unnoticed can be frustrating for employees. Feeling overlooked and underappreciated weighs heavily on job satisfaction and can drive employees to look for other jobs.
Deep reporting and feedback functions make outputs trackable; making it easier to recognise and reward good work. For example, you may want to include badges or trophies that can be displayed on online profiles, or internal awards voted on by colleagues.
ELMO Rewards & Recognition helps to embed a culture of recognition by giving employees the autonomy to recognise each other in line with company values and behaviours.
4. Put employee wellbeing first
The sedentary nature of most office jobs can be detrimental to the physical and mental health of employees. This is why wellness programs are becoming a popular benefit.
Even in the remote work environment, simple, short-term programs like steps-per-day contests can be a good way to engage your employees and make them feel connected.
In physical office environments, providing healthy food options can be a huge draw for staff. Employees typically consume one to two meals, plus snacks, during work hours, so the quality of food options can make a huge difference.
For teams working virtually and in hybrid settings, it is also vital to leverage digital technology to support wellbeing. Evidence-based tools to monitor mental health and wellbeing, social engagement, and diversity and inclusion can go a long way to not only monitor but motivate change.