Employers have to keep their workers happy for them to work most efficiently. It is a challenging job for employers to reward employees and manage costs as well, but employees are motivated if rewarded and this leads to an efficient use of their skills. Rewards can be anything, from indoor activities during break times to free passes, bonuses or anything thing that leads to the satisfaction of the employee.
Benefits like allowing employees or workers to have their ‘say’ are also thought to benefit the employer or organisation. The employees feel more involved in their work and connected to their work environment. Employers offer these rewards and benefits because they need to retain their best staff, and keep them motivated and comfortable within the working environment.
EMPLOYERS KNOWN FOR OFFERING THE BEST REWARDS AND BENEFITS
PEER 1, ONLINE HOSTING PROVIDER
- Peer 1 offers a variety of unusual rewards to its employees like free food day, Beer o’clock, an indoor golf course, and Nintendo Wii games for staff to play in their break time.
- The company offers £1000 to employees who decide to leave.
- There is a focus on employee benefits strategy so that workers find it a great place to work.
- Employees have the ability to say what they feel should be changed about the company.
- Employees are given opportunities to have fun as well during their work.
JOHN LEWIS PARTNERSHIP (JLP)
- The company’s annual profits are shared among the employees as well.
- Employees are referred to as ‘partners’.
- JLP is known for running a variety of clubs for their employees like photography, music, sailing, and golf.
- The company offers its employers a discount of up to 50% on a variety of theatre, opera and concert tickets.
- The company owns 4 holiday resorts in the UK, for which the staff are offered a discount.
- Employees are offered the chance of winning the holiday of a lifetime.
GOLDEN JUBILEE TRUST
- Employees are given the opportunity to help charitable organisations of their choice.
- Employees are provided the opportunity to gain skills while working practically for their chosen charity.
- Organised a two day music festival for the company staff last year to say thank you to the staff members for their loyalty to the company.
AXA INSURANCE COMPANY
- AXA Insurance recently introduced a website for their employees called ‘My Budget Day’. This website enables the employees to plan and manage their finances. It features a ‘Confession Board’ where employees can confess about their spending habits.
- The company launched Pension TV, which offers information about pension plans to employees.
- There is a discount scheme for employees on a wide variety of products and services.
THE VALUE OF REWARDS AND BENEFITS
Employers are focused on keeping an eye on cost, available resources and the value of rewards and benefits offered to the employees. Nowadays many employers have decreased the number of rewards and benefits available to their employees. But employees are said to perform significantly better when they are awarded; their work efficiency increases as they look forward for the rewards offered to them in return for their quality performance.
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