Non-Payroll Perks
That Scoop the Competition
It may not come as a
shock to many that employees look for more than just a paycheck from
their employers. A recent survey done by Citibank, however, may show
that the benefits of happy employees can affect customer relations
as well. Another survey last year in the U.K. tied employee
satisfaction directly to business performance. Let’s examine these
findings and relate them to benefits that are not tied directly to
compensation.
The first survey was
performed in New Zealand by Citibank. The report found that happier
employees correlated directly with happier customers. The result of
improving employee morale was a higher production rate of sales to
existing customers.
When employees were
asked about what they were looking for, naturally pay and
compensation were mentioned. Other major factors, though, included
intangibles such as recognition, the opportunity to develop, a
supportive team environment, and recognition of work/life balance.
The second survey was
performed for Nationwide Building Society of Great Britain, a major
lender. Performed by ORC International, the study’s goal was to tie
employee satisfaction directly to bottom line benefits to the
company. Several benefits were found:
-
Increasing employee
satisfaction with basic pay, increases customers’ overall
satisfaction, their view that employees are informed, and employee
trustworthiness, which increases personal loan sales.
-
Increasing customers’
view that employees are friendly, increases overall customer
satisfaction, which increases personal loan sales.
-
Increasing employee
average length of service, increases general insurance product
sales, personal loan sales and direct mortgage sales.
-
Increasing employee
satisfaction with recognition, increases direct mortgage sales,
and sale of non-borrower buildings and contents insurance.
The result of the survey
was an increase in focus on developing employees and providing more
opportunities for employees to develop. (See entire article here).
More and more,
executives are coming to realize that it takes more than a paycheck
to win employees’ satisfaction and loyalty. Recognition is
consistently mentioned by workers as one of the major non-payroll
factors that can motivate and reward employees. The recognition does
not have to be extravagant – it is amazing how much a simple “thank
you” or “good job!” can affect an employee’s attitude.
In today’s hectic
business world, a sense of loyalty from the employer to the
employees can also go a long way to improving morale and
satisfaction. Workers who are always wondering who’s next, or if
their job is in jeopardy will perform at a lower level than those
who are confident in their long-term employment.
A work environment that
is employee-friendly and supportive is another building block to
creating loyal employees. Managers who not only listen to employee
suggestions but actually act on them will be rewarded by higher
performance – and more constructive suggestions!
Education and training
programs that are designed to help employees grow foster a sense of
loyalty and a desire to remain with the company. The rewards to the
employer are a better-trained staff and promotion from within – a
very valuable asset.
Some employers are
actively looking for unusual ways to reward employees. All Saints
Healthcare System of Racine Wisconsin, for example, has introduced a
concierge program for employees that can help them take care of
routine, but time consuming, tasks such as dry cleaning, gift
buying, car servicing, or running to the post office.
When recruiting new
executives and employees, ask them about what they expect from their
job. You may be surprised to find that a commensurate paycheck is
not the only reward that a valuable prospective employee is looking
for.
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