A question of cost or a question of ease?
Our analysis shows that of the SMEs that don’t currently offer a given benefit, in most cases there is a fairly even division between those who would see the value in considering introducing it, and those who wouldn’t even consider it. It is encouraging to see that so many SMEs are open–minded about the value of employee benefits, surprisingly so in some cases, such as the 35% of SMEs who don’t currently offer a four–day working week but can see some value in considering it; the 30% with the same attitude to creating a socialising space in the workplace; and the 32% who feel the same way about implementing some form of workplace nursery or childcare. However, there are still many SMEs that are not even considering the implementation of benefits that are among the most popular with workers. One in five SMEs (21%) say they won’t consider providing financial bonuses or incentives, despite them being the most important benefit for employees, and potentially a powerful motivational tool to drive productivity at the same time as staff satisfaction. Another one in five (19%) won’t consider offering flexible and/or remote working, despite its considerable popularity; and one in four (27%) won’t even think about offering an Employee Assistance Programme. Of course, it is far too simplistic to say that just because employees want a particular benefit, an employer should provide it. Benefits programmes come at a cost, and the employer always has to weigh up that cost against the rewards likely to be generated in terms of employee satisfaction, engagement, loyalty and productivity.
Business owners and managers also have to consider the time cost. Historically SMEs have been put off providing many benefits because of the perception that they are time–consuming and cumbersome to manage. While this may have been true in the past, technology platforms now allow employee benefits programmes encompassing a wide array of different perks to be managed with the bare minimum of input from company owners and managers.
Our results suggest that many SMEs are choosing to see benefits programmes as costs with no upside, closing their eyes to the rewards they could realise by implementing personalised benefits programmes that motivate, engage and provide value to staff. But happily, there are also many small and medium–sized companies that remain open–minded to the positive outcomes of employee benefits. If these companies seek to implement them in an efficient, cost–effective and personalised way, they will reap the rewards.
Whitepaper – The Engaged Employer 23
Made with FlippingBook - Online magazine maker