Studies show that only 45% of UK workers are engaged in the workplace. As an employer, you need to worry about those numbers. If your employees are not engaged in the workplace, they are not passionate about the work they do. Thus, their productivity is compromised, and your competitors can get them to leave your organisation easily.
One way to improve employee engagement is through financial incentives. According to research, 69% of employees say they would work much harder if they feel appreciated.
So, choose incentives that can motivate your employees. You can partner with reliable employee benefits providers to achieve that. But for starters, here are a few incentives you should consider implementing:
1. Retirement benefits
If your employees are always wondering whether they will get to retire comfortably while working for you, then they are going to become disengaged at some point. You can prevent that by ensuring that their financial future is well taken care of.
Statistics show that 35% of people in the UK don’t have a pension. So, are you doing your part to ensure your employees have one? Have you created retirement programs they can participate in? Are your employees aware that you are contributing to a pension fund for them?
As an employer, you need to do your part to take care of people who spend the best years of their lives working for you.
2. Disability insurance
One of the financial benefits you should think about offering your employees is disability insurance. The policy protects the employees from the loss of income if they become ill, get injured or suffer from an accident while at work.
Disability insurance can either be long term or short term. Short term disability insurance may help cover your employees for about three to six months, while the long-term insurance will cover their income for up to 10 years. You should find a way to offer it as part of a comprehensive benefits package.
When people know they will be taken care of financially in times of workplace accidents, they are more likely to work harder and committedly.
3. Paid vacation
How long can your employees enjoy their holidays? And do you pay them when they are doing so?
Paid vacation can be a financial incentive. But for it to be attractive to your employees, it should exceed the 28 days of holiday you are required to pay for. Even two or three more extra days of holidays will make your organisation stand out. Also, think about offering longer maternity leave and flexible schedules for working parents.
Some financial benefits may not be sustainable in the long term. But you can find a way to compromise so that you create a win-win situation for you and your employees. To determine the best strategy to improve employee engagement in your organisation, you should partner with professional employee benefits package providers. Those that have been in the business for a long time and have a good reputation for service delivery are best. They will be helpful to you as you strive to be a good employer.