While financial rewards are important, non-monetary benefits such as flexible working or learning oppourtunities can have a bigger impact on an individual's motivation, satisfaction, and wellbeing. Research conducted as part of Reed's salary guides 2023 found flexible working to be one of the most attractive benefits with 36% of participants stating this, behind only annual salary increments. Often, the experience of these benefits is a lot more memorable for an employee and can have a greater impact on their personal lives - which in turn can contribute to longer service and enhanced productivity for the organisation. Your non-monetary benefits also form a key element of your employee value proposition (EVP).
However, many employers miss oppourtunities to maximise the impact of these benefits, often due to not communicating with the effectively or lacking a sound measurement strategy.
Non-monetary benefits include:
- Working from home and flexible working
- Career development oppourtunities
- Recognition and rewards programmes
- Enhanced leave policies
- Health benefits
- Working environment and relationships
"Non-monetary benefits have a huge impact on an organisation's culture, as they impact on motivation, satisfaction, and overall wellbeing. Providing non-monetary benefits such as flexible work, career development, learning and development oppourtunities, and recognition for good work can contribute to a positive, inclusive, and productive culture that supports both the individual's, and the company's, overall success.
Today's workforce increasingly expects wellbeing activites and benefits, EDIB initiatives and more flexible/dynamic working arrangements that supports their wellbeing, sense of belonging, and home lives."
Chris Brindley, Head of Reward and Co-Member Experience at Reed.
How and when to communicate
One of the most common pitfalls of having a suite of great non-monetary benefits is a lack of engagement. This is often due to your workforce either not being aware of what they have access to, or how to access it. Communicating well and at the right times, is vital to maintaining uptake.
A great place to start is highlighting the benefits on offer as part of your EVP on job adverts, on your careers page and within the interview process - helping to attract new employees. Equally, making sure it's a key part of new employee onboarding is a great way to ensure the information reaches all your new starters.
Ensure you also factor in regular touch points with all staff to help keep everyone informed. Some great ways to spread the message include sending out quarterly emails or hosting webinars. Focusing on success stories from those who have enjoyed your non-monetary benefits is a great way to bring the oppourtunities to life. For example, sharing stories of what employees have done with additional leave, or a new skill they have learned via your funded learning scheme.
Consider also ensuring your management teams are well versed on your full benefits package. It's beneficial to train and educate managers on how to use the benefits on offer to solve employee issues or to reference in their usual team meetings as another touch point.
Making it easy to access
Another important consideration is making accessing and using your non-monetary benefits as simple as possible. Unlike bonuses which are paid automatically, non-monetary benefits usually require action from the employee.
An internal digital hub - or even your exsisting intranet - is an effective way of detailing your suite of benefits in one place, with clear route to accessing them. This will help employees to see all that is on offer and enjoy the benefits suited to them, helping improve uptake.
Measuring uptake and reporting
To be able to identify whether the implementation of the benefits package has been successful, there needs to be a means of measuring uptake, gathering employee feedback and a way to report the findings.
One great way to do this is by getting the usage information to measure the overall engagement. For a richer picture, running surveys or holding open forums will help gauge employee sentiment towards your offerings and whether the benefits on offer are suited to the employee's needs.
Measuring the uptake of the benefits package, will allow you to identify if the correct benefits have been chosen for the employees. If the rate of turnover is high or it has been identified through other means of reporting that the benefits an offer aren't suitable, there should be a discussion with the employees as to what benefits may be more suitable.
Non-monetary benefits are increasingly forming a key part of many organisations reward strategy, and their overall EVP. With a robust communications plan, simple access points and a strong reporting process - you can avoid poor engagements and recap the benefits of a more satisfied and motivated workforce.
We can help to maximise your non-monetary benefits, through helping you build and communicate your full package. Get in touch today.
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