What Employee Perks Means For Business
It’s no secret that providing employee perks to your staff is a key way to keep motivation and happiness levels high, and to increase productivity across the business. However, for many small to medium size businesses, it can be difficult to compete on a level playing field with large companies. Big corporate players have access to the funds to spend on developing programs at a much higher scale than SMBs can afford.
Employment Hero includes inbuilt functionality to even out the competition. If you’ve been using our HR software platform for a while, you may have previously called this ‘Employee Benefits’. Although it’s still the same offering, we’ve recently changed the name to ‘Employee Perks’. We want to make sure that your employees know about and use this part of our HR software to its full potential.
‘Employee Perks’ is the inbuilt offering available to all employees in the Employment Hero network, no matter which business they work for. Employees can access thousands of offerings using their login via the web based interface. Within the portal, they’ll find discounts from third party providers. Savings include discounts across a huge range of products and services from well known brands like Bupa, JB-Hifi, SMSF Insurance, Thrifty Car Rental, Dental Care Network and much more. Employees will appreciate the savings and employers will gain an extra edge with the service that they’re providing.
‘Employee Perks’ go well beyond just improving staff motivation. MetLife’s Employment Benefit Trends Study showed that “a robust benefits offering coupled with employer empathy can lead to a more loyal and satisfied workplace.” A couple of years back, an Australian company, Reload Media, put a tangible amount on the return that they saw from including employee perks across their company. They found an $11 return on investment for every dollar spent on staff benefits in terms “of reduced staff turnover, higher customer satisfaction levels, cost reductions linked to staff-led initiatives and revenue increases.”
MetLife’s Employment Benefit Trends also indicated “as employees in a multigenerational workforce accept more cost, they also want more choices to fit their life stages.” With a wide range of discounted items and services available in the Employment Hero ‘Employee Perks’ portal, that’s a lot of choice.
Offering ‘Employee Perks’ means for your employees, access to thousands of exclusive discounts from large brands, accessed entirely online using their login details; anywhere, anytime. What’s more, it’s proven to increase motivation and happiness.
For employers, it means reduced costs in as staff turnover levels are drastically reduced, removes the administrative burden of trying to develop a program from the beginning, and puts small and medium size companies on a level playing field with their larger competitors.