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4 Reasons Behind High Turnover Rates (And How to Solve Them)

What does a business need to be successful? Some would say producing best in class, appealing products; others would say top quality customer service. Both factors are undeniably necessary, but for bigger businesses, there’s one metric of success that’s even more important: your employees. And just anyone’s butt in the chair won’t cut it. At the top levels, you need hard-working, committed staff that will help you advance your goals. Feel like you’ve got a fantastic team? Great – but there is another challenge that you’ll need to overcome. If you’ve got the best staff, you want to ensure they stick around, which means keeping turnover down.

If your voluntary turnover is high, it shows that staff aren’t happy with their working situation. There are lots of reasons why you’d want to keep voluntary turnover on the decline – for one, the cost of replacing an employee ranges from one-half to two times the employee’s salary. But how can you keep turnover levels low? The following four steps will help you keep your workers happy and content. 

Image sourced from Quantumworkplace.com

1. Poor Management 

Looking for one of the top causes of workers leaving their jobs? You’d be hard pushed to beat poor management. The best team leaders can inspire their teams to work harder while utilizing the unique skills of different members. The worst leaders do the opposite.

You might want to consider new leadership if you’re encountering the following issues:

  • Unmotivated employees
  • Lack of cohesion between teams
  • Burnt out employees.
  • Leaders setting poor standards

These are just a few examples of bad management. These practices will only cause you harm and do little to help you retain employees. Don’t underestimate the importance of leadership in the workplace. If your current leaders aren’t up to scratch, find new ones.   

2. Not Enough Opportunities for Progression 

Most people don’t take on a job to stay in the same position forever. Employees want to advance and grow in their careers. If workers feel they aren’t getting enough opportunities to progress, they’ll turn over to go elsewhere. Instead, you’ll want staff to feel they have a clear path to climbing the career ladder. You could consider a talent management strategy.

It means creating a culture of development. In other words, the idea of development and progression should be an intrinsic part of your organization. Try to offer continuous education throughout every layer of your business. Even those at the top still have room to learn more. Those at the bottom will be keen to grow their skill sets and advance. So for their sakes, it’s best to make learning materials easy to access, mobile or otherwise!

3. Hiring Externally 

rapid turnover firing hiring

Image sourced from Unsplash

One pitfall a lot of businesses fall into is only offering high-level roles externally. There’s a clear logic to hiring externally; you can choose from a larger pool of candidates. But reliance on external recruitment can have a major impact on employee morale, especially for critical mid-level managerial and executive positions; morale impacts that translate directly into higher turnover.

Put yourselves in the shoes of an employee for a moment. You’ve devoted long hours and shown commitment to your organization. But when the opportunity for a promotion crops up, you’re overlooked in favor of an external hire. In this instance, you probably won’t want to stick around much longer. 

Ultimately, if employees are putting in the effort, they should have the opportunity for a promotion.    

4. Recognize Your Employees 

A little recognition goes a long way. A contributing factor to high turnover rates is a failure to show appreciation for the efforts of your workers. Obviously, you don’t want to be gushing praise constantly. But when teams or individual workers do well, you should let them know.

Recognition can take many forms. It could mean setting up an employee of the month scheme. Using a conference calling system, you can announce each month’s winner in front of the team. This is a great way of showing recognition while building a healthy sense of rivalry between teams.

If you want to go the extra step, you could set up a discount program for the highest performers. The more recognition and feedback you offer to your employees, the more valued they will feel. 

Employee Satisfaction Is Key  

happy employees high five

Image sourced from Unsplash

There are some areas in business that are just common sense – like retaining good employees.

Some employee turnover is natural. People don’t stay in the same position forever; they move on to new opportunities and horizons. But if voluntary turnover levels are high, you should be more worried. If your organization isn’t providing a positive environment for your workers, it reflects badly on you.

Start by asking yourself, ‘why are people leaving?’. Is there a problem with management, or perhaps you’re failing to provide a route for your employees to progress? You can’t just click your fingers and make your workers happy. As shown here, retaining workers takes commitment.

But if you look to the roots of the problem and work to find a solution, you’ll foster a much happier workforce. So, make sure you’ve on top of your turnover rate!

 

This contributor post was written by Jenna BunnellSenior Content Marketing Manager at Dialpad.

Dialpad is an AI-incorporated cloud-hosted call center platforms that provides valuable call details for business owners and sales representatives. Jenna is driven and passionate about communicating a brand’s design sensibility and visualizing how content can be presented in creative and comprehensive ways. Jenna Bunnell also published articles for domains such as SME News and Together Platform.

Offer Discounts That Support Local Businesses

Local businesses have faced increased challenges over the past few years. The pandemic, increased inflation, and supply chain disruptions have all contributed to the struggles to survive. Starting a business can be daunting in itself. What better way to lend a helping hand than to offer benefits to your employees that support their local favorites? Employees save and businesses grow their customer base, it’s a win/win situation. 

Why Support Local Businesses? 

There are plenty of reasons to support local including sustainability, product diversity, an increase in local jobs, innovation, and many more. Locally owned businesses also have a large impact on the overall wellness of their respective communities. For example, compared to chain stores, locally owned businesses recycle a much larger share of their revenue back into the local economy, enriching the whole community.

The Value Of An Employee Discount Program

One way to provide employees with a financial benefit that helps stretch their paycheck is to implement an employee discount program. An employee discount program is a marketplace of exclusive discounts, negotiated by a team of experts. Employees can access their discounts through their discount portal and browse deals, search by brand or category, discover curated and personalized discounts relevant to their interests, and enjoy savings on a variety of products and services. 

What Makes PerkSpot Unique

Compared to similar discount programs, one unique feature PerkSpot offers is the option to “Suggest a Business”. Members have the option to fill out a form with the business information and PerkSpot will reach out within 5 business days to secure an exclusive offer for their perks portal. This allows members to save on all things, including small businesses. 

Local Savings In Action 

Clients from across all industries have taken advantage of local savings through PerkSpot including Mayo Clinic. Thousands of patients from around the world travel to Mayo Clinic on a daily basis seeking top-notch care. Not only has Mayo Clinic invested in their employees by partnering with PerkSpot, but they have also used PerkSpot’s “Suggest a Business” feature to recommend local vendors to be added to their discount portal. “The Suggest a Business functionality is great for adding additional discount opportunities for our staff,” shared Betty Smith, Employee Purchase Program Coordinator. 

PerkSpot provides a financial benefit to your employees, and by suggesting local businesses we also support your community. If providing impactful discounts and shopping local interests you, PerkSpot could be the perfect benefit for your employees. Interested in learning more? Schedule a demo today!

Two Major Signs of Micromanagement

workers discussing micromanagement

The dreaded micromanager is the bane of any productive workspace. We’ve all been there – the manager who needs to be CC’d on every email. The boss who demands reports so often that you can’t get any real work done. Even the coworker who nit-picks everything you do. It’s no secret that micromanagement in all its forms is one of the biggest contributors to employee disengagement and ‘quiet quitting’; a 2014 survey from Accountemps reported that 59% of employees have worked for or with a micromanager, and the percent of workers who reported micromanagement hurting their morale – 68% – has only gone up in recent years, with a recent survey from Trinity Solutions reporting a whopping 85% of respondents citing micromanagement as a personal morale-killer.

Micromanagement is both one of the most common and most bothersome of workplace ills because it is difficult to identify, and even more difficult to adequately address. But the first step of handling micromanagement is to recognize what’s going on, and to differentiate micromanagement from attentive management! Below are some common traits of micromanagement that can help you identify it at your workplace.

Excessive Amounts of Reporting

Reporting is a crucial part of understanding and improving campaigns. Still, a manager who requests excessive reports on projects can serve as more of a detriment than an incentive. Daily check-ins on the same task, for instance, tend to increase stress and decrease productivity. If a manager is hanging over their shoulder, it’ll leave employees thinking more about their check-in meeting than the project itself. An organized routine for project check-ins on a weekly or biweekly basis can go a long way in cutting down micromanagement.

Hyper-Focus on Details at the Wider Project’s Expense

Detail-oriented management is a great trait, especially for managers who need to oversee complex projects with many moving parts. But sometimes, a focus on detail can slip into minutia, where workers start spending unproductive time addressing minor details at the manager’s request. It can be tricky to differentiate between detail-oriented style and genuine micromanagement, so to tell the difference try asking yourself: “Is this feedback rooted in industry best practice, or is it a personal preference?” When small details are being changed, backed up by data that shows it’ll improve the project, then you have an attentive manager; but if small details are being regularly changed for no clear reason other than personal preferences, you may have a micromanager on your hands.

The best way to deal with micromanagement is to help your manager realize that they don’t need to. Every worker is an individual who handles tasks in a unique way. Encourage them to be open to employees trying tasks in new ways, rather than always having to get their way. Personal solutions founded on good, mutual communication are the best solution to micromanagement, as they are for a great number of major HR stressors – take it from the personalized benefits experts! Discount programs like PerkSpot only work due to providing meaningful, individual solutions – the kind that you should be encouraging micromanagers to take, rather than zooming in on the little things.

How to Boost Employee Morale in a WFH Environment

The workplace is changing. If you are running a business, you probably know this too well. Today, many organizations are doing away with the traditional office – in favor of a remote environment. In recent years this trend has accelerated, 52% of global employees now work remotely at least once a week.

It’s not hard to see why. Remote workers don’t have to worry about costs of commuting or delays due to travel disruptions. Businesses can save money by renting small office spaces, meaning they can focus funds on growth.

With the right technology and an application of integrations, a remote worker can be just as effective as an in-office counterpart; as long as you pay attention to their morale.

But despite these benefits, remote work isn’t always a walk in the park. Remote workers can feel isolated socially, and if you’re not careful, people can feel out of the loop. It all negatively impacts the morale of employees. But it doesn’t have to be this way. Here are some simple ways to boost the morale of your remote employees.   

Check in On Your Team

It’s easy for workers to feel a disconnect remotely. In a traditional office environment, leaders will get many opportunities to spend time with team members. Employees must trust leaders and vice versa. Regular meetings provide useful opportunities for teams to get to know leaders.

But in the remote environment, ensuring contact is harder. If leaders don’t work hard to ensure communication, there will be a lack of coherence within teams. But what can be done to avoid this problem?

Ensuring regular meetings is a good first step. Try to find a time that fits with the schedule of all members to avoid creating frustration. Ultimately, you want communication to be as natural as possible. That’s why it’s a good idea to prioritize video calling over audio calls, as this offers more common face-to-face communication.  

It’s best to choose work from home tools that have a track record of reliability, especially for communication purposes. You can’t ensure solid dialogue if your phone keeps dropping calls.   

Make Mental Health a Priority 

employees who feel work from home has negative impact on moraleThe topic of mental health in the workplace has been given more and more attention in recent years. Today, people are less reluctant to talk about their problems and more willing to seek help. But despite this, studies have shown that nearly 1 in 4 workers meet the criteria for ‘clinically relevant symptoms’ of anxiety and depression.

 

In the remote work environment, these problems are only exacerbated. What’s more, people are more reluctant to come forward to talk about their problems. So, what’s the solution? Start by leveraging emotional intelligence

Alongside group calls, it’s useful to hold regular one-to-one sessions with members. By doing so, you can offer the chance for workers to express their issues in a confidential, judgment-free environment.

To provide better support in sessions, it’s a good idea to take note of what employees are saying. Otter AI is a good option if you’d rather transcribe notes (although there are some Otter AI app alternatives if you’re looking to save money).

So, if you haven’t already, get in touch with workers and organize some drop-in sessions. 

Take Regular Breaks 

​​A key element of working in a standard work environment is a daily schedule. Loss of routine is one of the reasons that many remote workers struggle. Many remote employees overlook a fundamental element of working: taking a break.  

The idea of employees doing more work might seem appealing to some (cold-hearted) team leaders, but breaks are necessary. Without taking the occasional rest, workers risk being burnt out. Ensure you encourage your team to step away from the screen and take time for themselves.

Additionally, why not set up a virtual break-out room that employees can join on their breaks? Regular chats are a great way for workers to bond and feel part of a team. By encouraging breaks, your workers will feel more rested; you’ll notice a boost in motivation. It’s a win-win! 

Have a Virtual Night Out 

Not everyone likes the idea of spending a night out at work. But there is no denying the importance of social events in terms of teamwork and morale. Sharing drinks with your team can be a great way of recognizing successes and building stronger bonds. But how do you replicate this experience when your team is remote?

There’s no denying that virtual festivities are harder to orchestrate. There’s a good chance that you have workers spread across the globe. This means you will have to work across time zones to find a time that works for everyone. Obviously, standard activities like going for a meal aren’t possible, so you have to think creatively.

But if you keep these factors in mind, you can have a fun virtual night out. Here are a few fun activities that you can try out:

work from home virtual zoom meeting

Share Drinks – This is probably the simplest solution. While you can’t go to a bar, you can all gather in a conference call and share a drink together.

Cook Together – Again, you can’t go out for a meal, so why not share one together? You can even all work on the same recipe and then share the results of your work!

Start a Book Club – Not everyone likes reading. But for those that do, a book club can be a great way to bond over a shared interest. If reading isn’t an interest, why not all agree on a movie to watch together?  

Adapting Is Key

The switch to remote work can be a learning curve. Don’t worry if it takes time to adjust to this different environment. You will need to be flexible with time zones and even schedules.

To keep morale high, you need to put communication at the heart of everything you do. By adapting to new technologies and putting workers’ needs first, you’ll have a happy and productive workforce. With the right approach, your business can out-compete your rivals. So make sure you’re getting the most out of remote working! 

This guest post was authored by Grace Lau.

Grace Lau is the Director of Growth Content at Dialpad, an AI-powered cloud mutlichannel call center platform for better and easier team collaboration. She has over 10 years of experience in content writing and strategy. Currently, she is responsible for leading branded and editorial content strategies, partnering with SEO and Ops teams to build and nurture content. Grace Lau also published articles for domains such as Tapfiliate and Easy Affiliate. 

Your Top Travel Savings Tips

plane fly travel

 

If you’ve got Thanksgiving travel plans, whether you’re going by plane or car, gas isn’t cheap these days. Why pay full price on all those flights, rentals and hotels, when you could be saving hundreds every trip? Before you set off to your next destination, here’s some travel pro tips that can help you spend less on getting where you need to go.

Book Rental Cars Online, Not At The Airport

One of the easiest ways to save on rental cars is also one of the simplest – booking well in advance. Rates are much cheaper for rentals booked a few weeks in advance of travel, and especially better than what you’d pay after stepping out of the airport, where you can get hit with a head-spinning number of extra fees. Booking ahead of time also lets you use your online Discount Program, where your membership nabs you 25-35% off from most major car rental companies.

If You’ve Gotta Take a Flight, Get a Good Deal

While an airline loyalty card might save you some money, the real deals are in using a service like Scott’s Cheap Flights to find flights that’ll cost hundreds less. By monitoring fares and compiling the best possible deals, frequent fliers can find tickets for hundreds less. You can access membership to premium flight-discount services like this from your PerkSpot portal, plus find other great deals like 15% off airport parking with ParkNFly from your discount program’s travel center.

Keep Your Eyes Open to Save on Hotels

Even more so than rental cars or flights, you can get great deals on hotels if you know where to look. One of the best ways to get big savings on hotel stays is through your private discount program, where you can regularly find top hotel rooms listed for 30, 40, or even 50% off for both domestic and international travel.  Planning your travel around low-occupancy months can also help you save big on hotel stays, though that might not always be possible; but if you can schedule your travels away from tourist season, your wallet will thank you.

While grabbing all these great travel deals can save you hundreds or even thousands on getting around, there’s no denying that compiling the best flights, hotel bundles, and rental cars all in advance to get your savings can be a headache. 

Take Advantage of Your Discount Program

If you’ve already got PerkSpot, then your discount marketplace is already working overtime to bring you the best travel deals available anywhere. Instead of running across the internet looking for deals, all you have to do is sign in to your discount portal and navigate to the Travel Discount Center to find the best savings and bundles on hotels, rentals, flights and even cruises in one easy location. Say goodbye to deal hunting and start saving on your travel expenses! And if you don’t already have PerkSpot – well, now that you’ve heard how much you can save on your travel plans, what are you waiting for? Request a demo for free to claim your travel discounts today!

PerkSpot Celebrates 16 Years

Founded in 2006, PerkSpot is dedicated to inspiring others to love where they work by providing exclusive access to the best discounts available – anywhere. How do we accomplish that? By hiring the very best people and staying true to our core values that are part of our everyday work ethic, culture, and passion.

Together we have established new partnerships, increased the number of members actively utilizing our platform, improved our products, and most importantly, helped employees save on the things that matter most. We’ve added 35+ PerkSpotters to the team and have increased our discount offering by over 250 new brands.

Chris Hill, Founder and CEO, shared, “It’s exciting to see new faces and the growth of the company over the years. I’m extremely grateful we were able to get together and celebrate the past year’s accomplishments surrounded by our biggest supporters and families. As we look ahead to the next year, I’m eager to see what we achieve.”

To recognize the hard work and dedication of our employees, we gathered with our family and friends for a picnic in the heart of Chicago. Plenty of fun was had and memories were made that will last a lifetime.

Cheers to another great year. Thank you, PerkSpotters! 

Join the Team

We are thrilled to embark on another great year ahead but we can’t do it without our people here at PerkSpot. Interested in joining our growing team? Check out our open roles today!

What Does Hybrid Really Mean?

In the past few years, the standard work environment has seen changes. Prior to the pandemic, the majority of companies had their roles in-person at their corporate offices. It wasn’t uncommon for employees to relocate to new towns, cities, and even states for their job. However, something changed. During the pandemic, companies were faced with the unique challenge of keeping their employees safe while remaining in business and successful. To do so, a lot of employers switched to a work from home model. Technology had to be updated, expectations were adjusted, and a new work environment was taking shape. After two years of little to no in-person collaboration, employees have started to show interest in returning to the office. That’s where the hybrid model comes in, a mix of both remote and in-person to balance the best of both worlds. 

Hybrid Defined 

A hybrid work environment can be different depending on the industry, role requirements, or your current technology capabilities. Some companies have a set number of in-person days built into their team’s schedule per week, others have quarterly onsite gatherings to get the team together and collaborate. In general, a hybrid work environment is one made up of both working from home and working in-office for a period of time. Each version has its set of pros and cons and it’s up to you to decide which model works best for your team. 

How To Execute 

It can be challenging going from a fully in-office model to employees scattered throughout the country. One of the most important pieces to switching over is communicating expectations company-wide. As important as it is that employees feel empowered, it’s just as important that everyone is on the same page. To keep up with the progress, send out a company poll and ask managers to discuss the change with their employees. It will only further the trust between employees and their managers.

The Benefits of a Hybrid Model 

There is a reason 74% of companies in the United States are currently using or plan to implement a permanent hybrid work model. The best part about a hybrid model is that employees are able to experience both a remote and in-person environment. A remote environment brings more flexibility, fewer distractions, and even increased productivity. An in-person environment brings increased collaboration, an opportunity for team bonding, and access to office resources. Statistics show that 83% of companies say that collaboration has been as good or better after switching over from a full in-office model to a flexible environment. Additionally, employees are more willing to stay at their jobs when it’s less controlled. Plus they’re able to save money without a daily commute. 

Today’s employees are seeking flexibility with where they work. With 44% of employees preferring a hybrid work model, it might be time to reconsider your current work environment. You might be surprised at the increase in productivity and retention you see when you make the change!

Interested in investing further in your employees? Check out our E-Book, “5 Focus Areas For Building a Better Workplace” to find out how you can create a better working environment for your team.

Scaling Your Culture While Keeping Employees Engaged

people at table scaling their culture

When your organization is growing fast, it’s an exciting thing! New clients, new opportunities, new employees – and often new culture brought with them as your organization adapts. But fast-paced growth also comes with its own set of unique challenges; as organizations become bigger and more difficult to manage, more apathetic employees can easily dilute an energetic company culture, tanking employee engagement – and morale with it. Keeping an increasingly large roster of unique employees actively engaged in company culture is a huge challenge. For a growing enterprise, strong, positive cultures are vital for productivity and retention; so you’ll have to tackle the daunting task of scaling culture.

Bring New Employees Into The Conversation

Organizations of any size, even those with codified values, are filled with unspoken norms. These small quirks and daily standards can’t be communicated in onboardings, but they form the most basic building-block of culture. It’s essential that new employees feel a part of these minor daily routines! An excellent way of achieving this is through a monthly meeting where newer employees can discuss the company’s culture. Alternatively, you can assign newer employees a veteran buddy to talk candidly about your ins and outs.

Use Benefits Levers To Provide A Universally Attractive Foundation

Certain traditions, such as monthly gatherings of all staff, may become logistically unfeasible as your organization grows. To replace them, you can leverage digital tools to instead offer benefits with universal appeal. While attractive benefits are no replacement for bottom-up culture, using levers like PerkSpot’s discount program can help engage growing cultures by giving new employees attractive reasons to approach the office with the same enthusiasm of their veteran colleagues. 

Be Flexible to New Quirks

With any influx of new employees, or even just a growing scope of your enterprise, it’s important to remember that the organization is never going to be exactly the same as it was – and that’s okay. Scaling your culture is the perfect time to codify your organization’s core values. You’ve got the unique chance now to really identify what makes your culture strong and successful. These core values should be your guiding torch to handling company-wide decisions and day-to-day interactions alike. With confidence in your example-setting, you can help maintain your organization’s positive cultural traits while also allowing new employees to add a piece of their own to the tapestry of your workspace.

Find Ways For Leadership To Engage Organically

It’s true that it’s a bit more difficult to do water-cooler talk over Zoom. Still, whether remote or in-person, it’s important that your organization’s leadership is accessible and engaged. Encouraging lower-pressure get-togethers, lunches, or similar events for teams or individual offices creates an environment where teams and leadership can come closer together. It’s also the perfect setting to reinforce a positive organizational culture!

Growing any organization is an exciting and fast-paced time to be involved, but it’s also a high-pressure environment. While one side of ensuring employee engagement is to provide enjoyable interaction opportunities, the other is to prevent burnout and disengagement through proper support and resources. As long as you can supply both sides of that equation to your employees, old and new, you’ll find any sort of cultural transition a breeze.

 

The Importance of Trust in The Workplace

The relationship between employees and their managers is often a complex one. With different working styles, communication preferences, and work environments there can oftentimes be disagreements. In addition to the already existing responsibilities as a leader, how do you create an environment where employees feel inspired and engaged? It all comes down to trust. When there is mutual trust, there is increased empowerment, more open communication, and higher success of employees. So, how do you show your employees you trust them? 

What is Trust? 

Trust can look a lot of different ways in the workplace. It’s when a manager feels that they can count on their team to meet their responsibilities and be honest in their progress. It’s allowing for flexibility and letting teammates work where they are most comfortable whether it’s remote or in the office. Trust in the workplace means your employees enjoy a culture of honesty, psychological safety, and mutual respect. In addition, it’s being able to predict that someone will act in specific ways and be dependable

How To Build Trust 

Building trust can be easier said than done. For example, statistics show that people trust each other less today than they did 40 years ago. With it being difficult to achieve, how do you find success with your employees? We’ve laid out a few tips. 

Listen Frequently 

When your employees feel empowered to have their ideas be heard, they will be more willing to speak up in the future. One way to set aside time with your employees is to set up recurring weekly one-on-one meetings. This way you have dedicated time to talk directly with your team and gather feedback, both positive and negative. 

Embrace Vulnerability

We all are human and face hardships outside of work. It’s important to embrace your employees’ true self and also be vulnerable when you can. By creating a safe space, your teammates will feel more willing to open up in the future. 

Show Appreciation 

Appreciation goes a long way. Whether it’s a simple “thank you”, a written note showing your gratitude following a large project, or celebrating a career anniversary. When employees’ feel appreciated at their job, they are more likely to meet deadlines and be honest with their managers.

Be Honest 

Honesty is key to trust. If you’re honest about how things are going in and outside of work, your employees’ will be more willing to be honest going forward. Even if what you’re sharing might not be the best information, it’s better to communicate the truth than not at all. 

Coach Before Discipline  

One mistake a lot of leaders make is reacting to mistakes with discipline instead of coaching. Research has shown that authentic leadership can cultivate trust and improve employee engagement and performance. Not only that, but it’s been shown to improve work relationships company wide. 

Transparency Over Everything 

It all comes down to transparency. The more open and honest you are with your team, the better. Be open and transparent with your feedback and keep your employees’ in the loop. You’ll foster an environment based on trust in no time!  

The Results

Trust has impactful results from improved engagement, efficiency, and productivity. According to research, disengagement costs U.S. companies approximately $450 billion to $550 billion annually. With trust impacting engagement alone, it’s a no brainer why trusting your employees is so important. 

Interested in continuing your efforts to make your workplace a great place to work? Read our E-Book, “5 Focus Areas for Building a Better Workplace” to see how you can create a better place to work for your employees.

Flexible Benefits – What to Know

Woman enjoying her Flexible Benefits on phone by Bruce Mars

Watch out, traditional options plans, because flexible benefits are making big strides. While traditional benefit models provide specific, flat advantage is extended to the employee by their organization, ‘flexible’ or ‘personalized’ benefits challenge this entire hierarchical structure. These flexible benefits employees with stipends, allowing them to actively pick and choose the benefits they want to engage with. 

Building Custom Benefits for Your Workplace

But before we get to asking if flexible benefits might be right for your workplace, we should first figure out just what exactly these ‘personalized’ benefits look like. The most common type of flexible benefit is a benefits spending account. Instead of a direct benefit, employees receive specific stipends in their spending accounts that can be spent across a range of lifestyle benefits. A great example of this is a Lifestyle Spending Account. As opposed to hosting regular mandatory training sessions, employees with an LSA might receive a stipend to attend trainings and seminars that they find interesting or useful from a broader list. Employees might even receive stipends to build their own home office, fitness supplies, or maybe even just groceries! 

What makes flexible benefits so special – and so often highly well-received by employees – is right in the name; the tremendous level of flexibility they offer. Increasingly diverse workforces have similarly diverse needs, so a ‘flat’ benefit that might be a great boon for one employee – for instance, paternity leave for a new parent – isn’t going to help an employee with no plans of having a kid. By offering flexibility and personalization in benefits through stipends, your new parent might be able to spend his benefits on childcare supplies, while the child-free employee instead books a vacation!

Flexibility and Discount Programs

Although stipends are the most common, discount programs also fall into the category of highly customizable flexible benefits. Much like how a lifestyle stipend gives employees complete flexibility to purchase new gym equipment, bird-watching binoculars, or anything in between, having access to thousands of discounts means that employees have the freedom to pick out just the savings that matter to them – no matter their hobbies, situation, or identity.

Diversity and flexibility go hand in hand; diverse workplace situations require flexible mindsets, whether it’s in accounting for the needs of both in-person and remote employees or offering benefits attractive to individuals at entirely different life stages. By their very nature, no matter how unique your industry or employees, flexible benefits can fit right in.

That’s why you might want to consider PerkSpot for your company’s benefits suite. Not only does PerkSpot offer the adaptability of flexible benefits so that every employee can find something they’ll love – it’s also a no-cost solution, being completely free to add to your organization. Whether you’re looking for a cost-effective way to beef up your benefits or just a perk that everyone can enjoy, let’s talk about how PerkSpot’s discount program could be just the thing you need.