Businesses should be employee-centric today because it’s the right thing to do and makes good financial sense.
Employees are the lifeblood of any organization and businesses that take the time to listen to and appreciate their employees reap the benefits in terms of productivity and profitability.
According to a study by Gallup, companies with highly engaged employees outperform their peers by 147% in earnings per share. In other words, businesses that focus on their employees see significantly better financial results.
There are many reasons for this. Happy employees are more productive, for one thing. They’re also less likely to leave their jobs, saving the company time and money when recruiting and training new employees.
So why not focus on your employees? It’s the right thing to do and makes good business sense. Unfortunately, the standard salary and benefits package will not do it. Many employees are looking for more than just a paycheck and benefits.
Fortunately, there are several ways to show appreciation without breaking the bank. Here are a few ideas.
Flexible Work Arrangements
It became evident that work was not the primary focus of many people in 2020. People want more time for life outside of work. Offering flexible working arrangements, such as telecommuting or alternate schedules, can be a great way to show employees that you value their lives outside of the office.
Flexible work arrangements provide so much more than just time off: they show employees that you trust them to get their work done on their schedule and prioritize the things necessary to them. However, companies must find the right balance between trust and accountability. There needs to be an understanding that employees will complete their work promptly, and businesses should have reasonable expectations for performance.
Hybrid setups can also be beneficial. Hybrid structures allow employees to work remotely a few days per week and come into the office on other days. This will enable employees to collaborate with their teams while providing flexibility.
Professional Development Opportunities
Investing in employee development is another great way to show appreciation. Professional development opportunities help employees hone their skills and demonstrate that you value them as an asset to your organization.
Providing paid training or workshops can be expensive, but many free online resources are available such as webinars, conferences, video tutorials, and more. You can also arrange team-building activities or lectures from professional speakers to encourage further growth and learning among your staff members.
These investments in employee development will not only help them perform better, but it will also make your team more robust and more unified.
Rewards programs are another way to show appreciation for employees. Rewards can be in the form of tangible items like gift cards or vouchers, recognition on social media, or even something as simple as a thank-you note.
These rewards do not need to be expensive—small tokens of appreciation go a long way in letting your employees know that their hard work is appreciated. Companies can also implement bonus structures or reward systems based on performance metrics so that employees have the incentive to strive for higher goals.
You should tailor an effective rewards system to employees’ unique needs and interests, so they feel valued and motivated to do their best work.
Finally, dental discounts are an excellent way to show appreciation for employees. Dental care is often expensive and out of reach for many people, so providing discounted access to dental services can go a long way in showing your employees that you care about their health. Many insurance companies offer plans, including free or discounted dentist visits.
Dental discounts are significant during the pandemic, and going to the dentist may not be feasible due to safety concerns. Offering discounted dental services ensures that your employees receive preventative care without breaking the bank.
Many people require braces to straighten their teeth, which often comes at a high cost. Dental discounts can help alleviate some of the financial burden associated with braces and make them more accessible to employees.
Cash Advance Systems
Cash advances are another way to show appreciation for employees. Cash advances can be a lifesaver when unexpected expenses arise, such as medical bills or car repairs. Many employers have implemented cash advance systems that allow employees to access their wages before payday with no interest or fees. This shows employees that you are willing to go the extra mile and help them in times of need.
When showing appreciation for your employees, a little extra help can go a long way. Flexible working arrangements, professional development opportunities, rewards programs, dental discounts, and cash advance systems are great ways to show that you value their work and want to help them succeed. Showing appreciation to employees is essential in creating an environment where they feel valued and motivated to do their best work.