Employee Rewards and Benefits are an important part of your business strategy.
Your people should come first and that includes showing you value them. Rewards means that your people can see their hard work being recognised and benefits can play a big factor in attracting and retaining the right employees.
Both have to meet the needs of you and your people – one size doesn’t necessarily fit all when it comes to benefits, in particular. You may have a diverse range of ages working within your business and what’s attractive to a 25-year old may not carry the same weight for a 50-year old.
Not all benefits mean a lot of cost to your business – birthdays off work, finishing earlier on a Friday or having a bowl of fruit available for your employees all go a long way towards a happy workforce.
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What do we mean by Rewards and Benefits?
Rewards usually refer to any financial provision. That includes pay, bonuses, pension, overtime and other cash incentives.
Benefits include paid time off, cycle to work schemes, gym memberships and employee assistance programmes (EAP), such as counselling or advice, family leave and child care schemes. It can also mean health or private medical insurance, and flexible working.
Different businesses offer different rewards and benefits, and while some are legal requirements – such as pensions – what you decide to provide for your people is largely up to you. Total Rewards Statements are an effective and immediate way of showing your people exactly what their rewards and benefits package looks like.
How can GFHR Consulting help with Employee Rewards and Benefits?
It can take time to decide on the right rewards and benefits package, source whatever’s right for you, arrange everything and them communicate it. That’s where we come in! We can take care of the entire process for you. We’ll make sure you are meeting your legal obligations and help you to build the benefits package that is right for your business and team.
We can source and compare different options, present all the findings to you and then make sure everything is clearly communicated in your staff handbook, policies and procedures. We can even be the point of contact if anyone can’t use or access the reward or benefit they want.
To find out more about how we can help you with your Employee Rewards and Benefits package, contact us today.
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