Increasingly at Titan, we are finding when discussing job satisfaction or researching new career opportunities with people, the subject of non-monetary related benefits is coming up as being important factors of any remuneration packages as well as salary and bonuses. Indeed research has found that often these types of benefits help significantly increase productivity and create a happy working environment.
Non – monetary related benefits could be rewards for performance or flexible working. We ran a poll a few weeks ago to ask our connections what they would like to see as part of their package in the future and we had some mixed responses but flexible working was a stand out winner with 60%.
This is a great benefit as it gives you a sense of personal control over your schedule and working environment, for example any time you take out during the day can be made up at other times to make sure your productivity doesn’t drop and actually improves as a result to working a flexible schedule. It is also something that we are seeing more and more of due to the pandemic this past year.
I found that working from home and my hours being staggered across the week has given me the freedom to find a work life balance and become more productive as well as focussing on important aspects of my life such as my mental and physical wellbeing which can go unnoticed when you are working 9-5 across the week.
Paid days off to carry out charity work was another option in our poll and this would be my preference as myself and some the team at Titan are currently taking part in the 10,000 steps challenge to raise funds and awareness for Cancer Research UK.
Paid days off for charity work could come in the form of an allocated amount of hours in my day that I can go and carry out my activities without worrying about falling behind with my work load, or alternatively even having full paid days off to complete my tasks freely that my employer has agreed to. This is definitely something that will allow me to become more productive in the work place and appreciate the role I am playing in society as well as the business I work for.
Over the last few years there has been a rise in the amount of people who carry out charity work which is remarkable just like this benefit being part of an employee’s remuneration package
because it benefits the community, the charity you are partner with and most importantly the individuals who use the charity on a regular basis.
I recently read an article on the BBC News website about a major energy supplier in Scotland giving their staff 2 paid days off a year to complete some charity work, which I think is a brilliant idea as this would really benefit the charities and the people who use them due to the fact there is more awareness and money being generated towards the organisation which can only lead to being a success for all of those involved, I would highly recommend all business owners giving this article a read.
Another option on our poll was rewards for your performance in work, for example hotel nights away, gift bags, employee of the month awards. These are all rewards that make you feel good about yourself, as well as giving the company you work for an opportunity to show their appreciation and give you the recognition you deserve, this type of benefit has huge upside as it is good for team morale and it gives you a goal to reach depending how frequently your company choose do this.
These types of rewards for performance make your employees feel valued and a key part of the business. I am a big believer in order to get something you need to give something, it is a two way street and for there to be more productivity and enjoyment around the workplace which is only going to benefit the business there needs to be a goal and it doesn’t always need to be money related.
Private healthcare and life insurance is another benefit that was raised to us in our research. Personally life insurance stands out to me for the significance of looking after your family in the event of a anything happening to you and for businesses to have this in place in advance of your employment is a great benefit to avoid you needing to do this independently.
Family really is everything and to ensure they are safe and the business you work for has this kind of intention, showing they want this to be included in your remuneration package, is a huge benefit and a major attraction for talented people coming to your business
Would you like to see any of these benefits as part of your remuneration package in the future?
In my own opinion non – money related benefits are appreciated just as much, if not more than money related benefits such as your salary and bonus schemes, as they are motivation to be more productive in the work place and do your best, feeling that you are valued and an important part of the success of the business in order to receive these privileges.