Because a Salary just isn’t enough anymore

We’ve all heard the inspirational quote shared often on Social Media ‘Choose a job you love, and you will never have to work a day in your life’, but with 48% of employees willing to leave their job for another offering better employee benefits, and 7% willing to take a pay cut for better perks - how do you create an employee experience which keeps employees happy?

With much focus on work perks and bragging rights, a recent survey shows preferred basic employee benefits include flexible working hours, additional holiday purchase, sabbaticals, travel incentives, wellness initiatives alongside training and development budgets. These were the main subjects in popularity followed by event away days, employee discounts and food/drink benefits. But perks are no good if a salary does not cover basic needs, so where is the answer.

Understand your Employee’s needs to increase motivation in the workplace
Understanding people’s needs can look way back to 1943, where Maslow’s Hierarchy of Needs model (above) shows the five levels of psychological needs that are fundamental to fulfil a person’s wants and drive their motivation:

Physiological and Safety
These needs should be covered when on-boarding employees, offering a suitable contract, living salary, and safe working environment. Allowing your employees to fulfil their basic living needs without the fear of potentially going without, will help to make them feel safe in their own life and the workplace.

Belongingness
Creating a working environment and culture enables employees to feel valued and empowered within their roles and as a part of the organisation. Feeling importance in the mission, vision and values of their company and allowing the time to also create relationships and fulfil social needs (teamwork, challenges, social events, sports teams).

Esteem
Rewarding employees for great work and good efforts. Whether this is recognition for their current skills or a learning and development, a huge win on a project or displaying desired behaviours. An employee reward or recognition programme keeps employees engaged on the right priorities for your business

Self-actualisation
Provide opportunities for employees to achieve their chosen goals. Understanding their wants and needs for personal growth and development and allowing them the time to do so, creating a work-life balance.

How to keep your employees engaged…
Organisations that host highly engaged employees show a 21% greater profitability, alongside this result a 41% reduction in absences and a 17% increase in productivity - these are statistics a business cannot ignore when assessing their Employee Value Proposition.

Developing a unique internal strategy for your brand and employees, which is often referred to as an Employee Value Proposition, will attract talent, drive engagement and increase retention.  Whilst being relevant and pivotal to your brand and desired work culture, it is important to remember why your business is a great brand to work with.

Although we require the basic physiological and security needs to survive, which equivalates to a salary and suitable working environment, the desire for a sense of belonging with recognition and self-actualisation is what really drives employee engagement further.

BI WORLDWIDE specialises in creating solutions to your business’ needs and developing strategy to suit.  See more about what employee recognition programmes and business solutions that we have to offer.