12:00 AM, 04 08, 2020

Why Fringe Benefits Are Important In Times Of Uncertainty

Fringe benefits could get overlooked at the moment, as many of us are working from home, and are away from the usual office environment. However, it’s also in times of uncertainty such as these, that it’s so important to encourage your employees to stay motivated, positive and productive.

 

Why Should You Have Fringe Benefits?

 

Fringe benefits can be great for your business in a multitude of ways. Perhaps the biggest and most obvious advantage to fringe benefits is that they will work to keep motivation and morale high within your workforce. Having the right rewards and recognition within your fringe benefits will keep your team happy as well as productive, which is just what they need in trying times such as these.

Within a business, fringe benefits are not usually related to job performance, and with them being a standard perk to the job, this can help to promote employee welfare; showing your team that you care about their wellbeing, regardless of their work. Plus, due to everybody sharing the same fringe benefits in the business, this can add to your employees’ sense of belonging to the organisation, giving them a sense of togetherness, which is all the more important if many of them are now working from home.

By showing your team that you care about them and appreciate their hard work, this will ultimately encourage your employees to put even more effort into their tasks. This increased employee engagement will spread throughout the team, regardless of where they’re working right now, encouraging healthy competitiveness and boosting morale in these times of adversity. By showing your employees that you’re invested in their wellbeing, motivation and morale, you’ll encourage them to invest their time and their energy in you and your business, making for a seamless and productive workforce.

Putting your employees first with fringe benefits won’t go unnoticed either. As you’re seen to be making an effort to keep spirits high throughout the bad times as well as the good, this will be picked up on not just by your current employees, but by potential future recruits, customers and stakeholders. Now’s the time to let your company shine through as a front runner in your industry, and when things start getting back to normal, that’s when you’ll be in a great position to keep hold of your most valued employees and attract the top talent of your industry.

By having health-based fringe benefits, this shows how invested you are in your team’s wellbeing. Health insurance will give your employees peace of mind during these unprecedented times, and gym memberships will mean that once the world is back up and running, your employees will have the means to stay healthy. Healthier workers are happier workers, meaning they’ll feel more inclined to work hard for your company. Furthermore, healthy employees will need to take fewer sick days, meaning they’ll be available for great work even more of the time.

 

What Fringe Benefits Work Best?

Fringe benefits can encompass a variety of different things. The fringe benefits at your company under normal circumstances could include transportation, gym facilities and even meals. Helping your employees get to work, stay healthy and eat well will give them the motivation and the energy to put their all into every single day they’re at work.

During these unprecedented times, great fringe benefits could simply be fair pay and bonuses where appropriate. For your most trusted and valued employees, you could even consider giving them some options to have stocks and shares of the business.

One of the most productive fringe benefits would simply be providing your team with the tools and technology they need to do their job effectively and efficiently. Although they may be working from home, making sure they have everything they need will make them feel appreciated, and will ultimately allow them to complete their tasks to the best of their ability. Some other productive fringe benefits include tuition, training and development. Now your employees might be working from home for the foreseeable future, it’s actually the perfect opportunity to provide them with some upskilling. Sign them up to a course that will allow them to train further and give them the tools to advance in their careers. These sorts of fringe benefits will show your employees that you’re invested in their development, and will give your team the motivation to work hard and always strive for improvement.

If your team have proved themselves to be productive and hard-working whilst they’ve been working from home, then why not add this option to your fringe benefits? You could offer your team a number of work from home days each month, or you could consider introducing flexi-time so that your employees can choose the hours in which they work the most productively. This will make for a more efficient working day for each member of your team.

Reward and recognition is one of the most motivating fringe benefits, showing your team that you actively want to give them something to express how much you appreciate their hard work. That’s where SVM Global comes in. We’ve got the reward schemes that’ll provide your team with the gift cards and eGifts that’ll make them feel part of a community, as well as showing them how valued they are within your business. What will set your fringe benefits apart will be giving your employees the ability to pick and choose their own rewards and benefits, so they can choose the things that will be the most important to them.

Here at SVM Global, our reward schemes can be tailored around you, your business and your employees, so you can be sure that your fringe benefits will always make the most productive impact. Get in touch with our team to keep motivation, spirits and efficiency high, wherever your team’s offices are.

 



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