Better Benefits Can Stoke Motivation

Better Benefits Can Stoke Motivation

Motivation is a bit like a campfire that needs to be stoked every so often to stay bright. Over the last year, it’s likely that many companies saw their campfires dim somewhat amid periods of great uncertainty, change, and new challenges. Those things weighed heavily on employees, so many business leaders are beginning the new year by searching for new ways to reinvigorate their people by adding better benefits.

One area that’s been getting a lot of attention is the correlation between innovative (and affordable) employee benefit offerings and their impact on motivation and engagement. We’ve gathered a few quick ideas that can boost motivation among your employees without breaking your budget.

80% of employees prefer additional benefits over a pay increase. (Glassdoor)

Learning Opportunities

Every dollar you spend on employee education, professional development, and training is fundamentally a direct investment into your business. Numerous studies support this across a variety of metrics, and you’ll often find improved motivation mentioned as a key point. The reasons are simple – when people feel like their company is invested in their success, they try a lot harder to be successful.

These days, it’s easy to implement learning as a benefit. Virtual learning opportunities have never been more available and affordable than they are today, and they’re also minimally disruptive to your daily activities.

Keep an eye out for industry-specific programs that can enhance your company’s capabilities in addition to ones that augment the skillsets of your people. Also be sure to collaborate with your employees when selecting a program to ensure what you’re choosing is relevant and applicable to their goals.

 

Flexibility

Creating a flexible work schedule probably won’t cost your company a thing and is likely to make a big difference on employee motivation. Things like flexible work hours, additional vacation time, work-from-home options sound like things that would detract from your company’s productivity, but they actually add to it considerably. Two statistics strongly support this notion:

  • Harvard Business Review researchers found that, after health insurance, a flexible schedule is the top-requested employee benefit, especially among working parents. Researchers said, “Flexible hours and work-from-home arrangements are affordable perks for companies that want to offer appealing benefits but can’t afford an expensive benefits package. Both of these benefits typically cost the employer nothing — and often save money by lowering overhead costs.”
  • And secondly, Indiana University researchers found a very strong link between autonomy and the health and happiness of workers. In their findings, researchers pointed out that greater control over work responsibilities will reduce stress levels among employees, often leading to greater productivity and job satisfaction.

 

Peace of Mind

A company’s commitment to provide for an employee’s loved ones in the event of their passing has become one of the most popular and least expensive benefit offerings over the last few years. In fact, almost all employees (98%) that are offered life insurance through work choose to take up the benefit, according to BLS data.

It’s also rather cheap. Data from Glassdoor indicates that “group life insurance is one of the most cost efficient benefits that an employer can provide,” which makes it an easy addition to your benefits package.

Life insurance will probably make its biggest impact during your talent recruitment endeavors, but it also goes a long way toward demonstrating the value your company places on its people. If your company were to emphasize these values on a regular basis, it will also help strengthen things like motivation and productivity.

 

Affordable and Effective

Anytime a company can institute new ways to make employees happy, it’s going to have positive results on their bottom line. And achieving this is cheaper than most people would expect. These three benefit suggestions are simple, inexpensive, and could very well be the right kind of fuel to stoke your company’s motivation back into a bright, renewed flame.