What are the pillars of employee benefits in the creative industry?
It is common knowledge that the employee benefits of a business are a huge part of what attracts new creative talent and retains employees. Employee benefits cost a business 25% of their total people spend so these perks should be given real thought, a lot of information gets thrown about trying to define which benefits people want more than others. So what are the core benefits people want to see?
There are economic and generational impacts that cause changes in preferences and wants. Since the days of old, businesses have been giving little perks to their employees. This has made some trends arise and made businesses rethink the way they look at benefits. Studios and creative environments have always been at the fore-front of delivering innovative benefits programmes. The benefits businesses would never have considered that harbour creativity and encompass a digital approach.
Recently a trend has appeared that shows employees want access to their benefits online at any time on any device. According to the Mobility Report from Ericsson by 2020 6.1 billion people will be using smartphones, that’s almost 70% of the worlds population. Compared to only 13% of companies using mobile apps to communicate benefits.
The benefits of a business should create pillars and a solid foundation that connect closely to values and culture. It is no secret that the right benefits increase engagement and satisfaction.
Here are three common pillars that businesses can use to further motivate, engage and retain staff.
Everyone wants freedom, the ability to spread our wings and take flight. Freedom comes in so many different forms, a lot of businesses instantly consider freedom as flexible working, but this is not always the case. Annual leave is a highly valued benefit - research conducted by Jobsite found that 48% of people were prepared to take a pay cut of 4.7% in return for more days they can take for themselves.
These are the things you assume freedom stems from in the workplace but it has more depth than that. Employees want to decide how they work. A trend that has been emerging is the BYOD approach (Bring Your Own Device). Allowing employees to bring their own laptops and devices and connect them to data and systems used in the business. Not only does it allow them to work where they want, but also allows them to associate the work they are doing with their own lives, their character.
Looking even deeper FREEDOM also applies to where the employee is working, this does not just mean being able to work from home. In the creative industry people need spaces that encourage creativity and spaces that are fit for purpose. The need for hot desking is ever increasing, so that employees can move to spaces that cater for their needs.
Health and wellness, when taken serious can really stand out. Businesses that help employees to make lifestyle changes (without interfering in their lives), prevent and treat illnesses, stay fit and manage finances better notice an increase in a productive workforce. The programmes that get employees engaged in increasing their own wellness are benefits that work well.
According to a study by Johnson & Johnson, wellness programs have saved the company $250 million on health care costs over the past decade. A healthy workforce costs you less, is more product and stay with you longer.
The increase in wellness benefit programmes correlates with a new trend being seen in office spaces called 'Biophilic design'. Take a read here and check out how going back to nature can increase well-being and productivity
Empowerment is not a new concept, it’s a core principle for many businesses already. The new an emerging trend is a data-driven approach to designing employee benefits that is fuelled by engagement and offering more value to employees.
This ranges from employees selecting how they learn and develop, right the way through to actually tailoring their own training programmes. Businesses must look to technology and accessible benefit ‘portals’ to be able to deliver value and create an employee experience. This way a business can identify trends, track data, and build a feedback loop. This can help them begin to see increasing challenges in engaging a diverse workforce. The businesses that recognise and transform the experiences they offer their staff will see increased employee engagement and build a strong employee brand proposition that will allow them to remain at the top of their game and retain their best talent.
What benefits do you offer your employees? Do you have any success stories, let us know and we can feature you. Email email@example.com.