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Co-members vs capital

We, Reed Specialist Recruitment, were recently awarded ‘Most Motivational Benefits’ at the 2019 Employee Benefits Awards, in London. The award recognised the commitment and investment we make in our co-members, especially those on the Reed Apprenticeship Programme.

At REED, we value the importance of learning and development for our co-members – something businesses can learn from. The judges recognised us because of the importance and effectiveness we have placed on structured progression, financial incentives and other rewards for apprentices starting out their career in recruitment with REED. They recognised the tangible business impact these have had on retention and new starter productivity.   

So why am I highlighting this? In any business it must be remembered that co-members are more important than capital. For your business to be a success, your employees should be at the core of everything you do. Therefore rewards, no matter how big or small, are an integral part of ensuring that employees are recognised and feel valued for their contribution.

While it cannot be ignored that many people turn up to work to receive a salary, additional benefits and rewards are becoming increasingly competitive. Creating an enticing benefits package will ultimately encourage new employees to join, and existing employees to stay.

More people are taking to websites like Glassdoor to search for a company’s reviews before accepting a job offer, and in order to compete, you need to stand out. Offering a full benefits package that aligns to your business’ values, will help solidify your place in the market and make you a more appealing employer.

Before you implement a benefits package, you need to listen to your employees. There’s no point giving people something they don’t want. Make sure you reach out to your employees to find out what motivates them. Of course, you face the issue that everyone is motivated by different factors, but by engaging with your staff they will already feel more valued, which goes a long way to increasing employee engagement.

In 2013, Derbyshire Constabulary conducted an employee engagement survey for the first time and found that only 68% felt they received a good range of employee benefits. Motivation was low, with a third of employees feeling no more motivated than they did the year before.

In order to rectify this, the constabulary implemented an employee benefits hub under the slogan ‘You said, we did’. They offered access to childcare vouchers for working parents, shopping discounts, free health screening and a cycle to work scheme to support staff with their financial, physical and mental health.

By 2017, Derbyshire Constabulary saw a phenomenal increase in engagement with 75% of employees making use of the offering and saving a total of £110,000 through discounts. They conducted the employee engagement survey again – 72% said they felt they were being offered a good range of benefits and 92% of staff felt proud to work for the police force.

It doesn’t take a detective to figure out how appreciation can go such a long way. Start now, offer your co-members incentives and you, the employer, will also reap the rewards.

 

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