The largest and most successful companies in the world, such as Google, Virgin and Facebook know that providing a great salary, no longer guarantees you a great employee in today’s competitive job market.
Salary is still a priority, however Employee Benefits are now a major factor in not only recruiting the right person for the role, but also key in managing to retain the employees that you have spent a lot of time and money recruiting and training.
Top 5 Employee Engagement & Loyalty Statistics:
1 – 83% of employee endorsements and loyalty linked to implementation of Employee Benefits.
2 – 59% of employees stated rewards / benefits the significant reason for remaining with their current employers.
3 – 44% of employees confirmed improved job satisfaction with the implementation of Employee Benefits.
4 – 43% of employees felt they had a better work / life balance with the implementation of Employee Benefits.
5 – 54% of employers saw increased productivity after implementing a reward / benefit platform.
*statistics gathered from cloud based time and attendance system surveys
Employee Benefit platforms are no longer just for the big companies, with access to large budgets. Small to medium businesses will find a benefits platform greatly effective as they depend heavily on their employees to drive productivity. Job satisfaction can seriously impact a company’s productivity and profit margins, as well as their reputation.
Keeping your employees happy and motivated is a lot cheaper than the associated costs in trying to replace them and also works out significantly cheaper than a large pay rise to keep valued employees.
By introducing an Employee Benefits platform to your employees, you will greatly increase your staff retention rate as well as encouraging staff loyalty to your company, and so in turn reducing your recruitment costs.
The ‘Inspired Rewards’ platform is specifically designed to help small to medium companies to offer the now expected benefits platforms at affordable rates.