Are you compensating your employees adequately?
Finances have been particularly strained for many people across the UK. Following the pandemic; recession, global issues and political changes, Britain is really feeling the pinch. It is not such a surprise that only 41% of employees believe their salary reflects their worth. Unfortunately it’s not just individuals feeling the effects of the cost of living crisis, but businesses too. So how can you ensure your employees feel appropriately compensated for their hard work? Here’s where My Staff Shop can help.
Open and honest communication really is the foundation of a strong relationship between employees and their employers. Meet with employees regularly to see what their salary expectations are and how they would like to progress within the business. It’s an opportunity for management to set targets, check in on work loads, and see how they feel about their current standings. But it’s also imperative that managers give their employees the ability to speak freely about their experiences, and if they feel that they are being unfairly treated, and underpaid. Opening this dialogue will help to shed light on individuals’ experiences that the company may not have noticed, but also be frank about reasons pay rises or career progressions are not being made. Sometimes all people need is clarity and the ability to understand situations so that they can make the right decisions for themselves and their jobs.
Flexibility in how employees work and where is a simple way to help employees who wish to improve their work-life balance, and minimise costly commutes. 1 in 4 UK workers now work a hybrid work week. The reduction of work expenses, lower childcare costs and reduced stress from a similar environment are some of the reasons for employees to work from home. It’s important to set standards and what is expected of hybrid and remote workers, as 58% of employees would refuse to follow any return-to-office orders. Ensure that job satisfaction is high, to ensure those still working from the office do not feel secondary to their out-of-office counterparts. Paid lunches, coffee carts for the office and all company team building days will help your employees feel like a cohesive group, no matter where they’re based.
Stress and lack of access to support can make it impossible for some employees to feel productive at work. Implementing a wellbeing package with a strong employee assistance program at its heart will help combat any issues your employees may be experiencing, quickly and efficiently. But it’s not just important for current mental health requirements, but also can act as a preventative tool. Show your employees their health is at the forefront of your business’s core belief, and that compensation doesn’t have to be just financial, but their happiness and wellbeing is worth its weight in gold.
Employee perks come in all shapes and sizes, and not all perks will fit what each of your employees need. Providing Reward & Recognition, both monetary and non-monetary, ensures that all hard work, whether it be a large scale improvement or a small token of appreciation is recognised. Reward & Recognition on My Staff Shop means that your employees can choose their reward and spend it on what matters most to them. From paying for their supermarket shopping to an extra special treat or day out, it’s all in their hands. Peer-to-Peer recognition is great for a quick well done across your departments, improving camaraderie and showing that their work is appreciated and noted, ready for those talks regarding progression.
If employees do not feel like their work is valued, or that they are being held back financially, they will take their skills elsewhere. Your business will not only lose valuable assets, but also take a financial hit for the loss of momentum and recruitment costs. Pay rises are always welcomed, but providing your team with the tools needed to make daily savings and receive any help they require will improve your business as a whole; safeguarding the future of your current and prospective employees.
For more information on how My Staff Shop can help with your employee benefits package, request a free demo with our sales team.
