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Providing Benefits to a Multigenerational Workforce

Younger/older workers discussing multigenerational benefitsHaving a wide diversity of ages in your organization comes with a lot of benefits. As with many other kinds of diversity, a wide range of generational representation is a driver of innovation, offering varied perspectives on issues by combining older generation’s specialist knowledge with younger professional’s innate understanding of modern technologies and changes. Benefits aside, a multigenerational workforce multiple generations represented in the workforce is a near unavoidable reality as baby boomers begin to step back from top-level positions.

But multi-generational workforces also come with their own challenges, including:

  • A wide range of values and beliefs can cause differences in priorities
  • Significantly disparate communication styles and preferences
  • Wide gaps in desired perks and benefits

Diverse Generations with Diverse Values

Differing perspectives and values means different needs, and what a young professional is looking for from their benefits package is vastly different from what more senior employees need; knowing the difference and being able to account for the diverse needs of multiple generations of employees is key to crafting an employee-centric benefits experience.

The benefits valued by older generations tend towards traditional cornerstones such as 401k matching and supplemental health insurance. Younger generations, such as Millennials and Gen-Z, tend to value wellness initiatives and benefits that give them time back in the day. But there’s a surprising degree of overlap between emerging benefits that workers of every age are pining for, such as flexible work options, training and development opportunities, and smaller, personalized perks, from shuttle services to discounts on dry-cleaning. 

The generation gap isn’t as steep as it might appear. When you get right down to it, it’s about people.  Your employees are distinct individuals with individual needs that simply can’t be standardized.

The Employee-Centric Benefits Experience

Fortunately, you don’t have to standardize at all. Instead, account for differences by focusing on benefits personalization. Employees of all ages agree that flexible work options that allow them to work on their own schedules are critical; and you can take your multigenerational benefits a step further by partnering with PerkSpot. Our breadth of potential savings is uniquely positioned to cater to diverse workforces, with thousands of discounts available across dozens of industries!  We offer meaningful benefits targeted at and personalized to the unique needs of every individual employee.

And that’s the core of an employee-centric benefits experience; offering the perks that each individual really cares about, no matter how unique! By focusing on perk personalization, you can provide an employee-centric experience. Personalized offerings will help celebrate the rich diversity of your workforce – generational or otherwise. From flexible work options to regular wellness initiatives, you’ll want to target your benefits around your workforce’s distinct concerns. As you do, PerkSpot can help get started with a benefits experience centered that’s unique to your equally unique employees; Request a Demo to learn more today!

Infographic: What Your Employees Need For Success

In the past few years, employees’ needs to achieve success have shifted with financial wellness making its way to the top. In addition, employees are seeking improved appreciation, emphasis on diversity and inclusion, hybrid or remote work environments, and a company culture that aligns with their values. With high turnover rates, what can you do to attract and retain top-notch talent?

Employees are looking for more out of their employer. What options do you have to improve morale, retention, and success? Listen to employees needs, have direct conversations, and consider additional benefits. PerkSpot could be the perfect solution.

Interested in learning more about the value of an employee discount program? Sign up for a demo today. Your employees will thank you later!

Mayo Clinic Centralizes Their Discount Program

Mayo Clinic is home to 73,000 employees with major campuses located in Rochester, Phoenix, and Jacksonville, with smaller satellite locations across the country. As one of the top healthcare providers in the nation, patients from around the world travel to Mayo Clinic seeking top-notch care. With employees located in different regions, Mayo Clinic was in need of a discount provider that could bridge the gap in their discount offerings.

Prior To PerkSpot

Mayo Clinic previously had their own discount portal but it was a heavy lift to manage and had strict requirements. To be listed, vendors needed 3+ years as a business, 20% discounts or higher, and needed to commit to a year of service. This criteria made it difficult to secure offers and the management of the program was difficult. 

Conversely, PerkSpot manages the program for you with a team of client success managers ready to help. We devise engagement strategies, create marketing materials, and more. Additionally, Mayo Clinic’s previous discounts were based on their Rochester location making it difficult for employees elsewhere to benefit. 

“We wanted to not only have our employees at  Rochester have discounts, but everybody at Mayo Clinic to have discounts”, shared Betty Smith, Employee Purchase Program Coordinator. In 2015, Mayo Clinic made the decision to partner with PerkSpot. Since then, on average 11,500 employees have saved on a monthly basis. With a direct link from their employee intranet, the mobile app, and email communications, saving is easy. 

Decreased Turnover Rates

The healthcare industry has seen staggering turnover rates with 19.5% in 2021, a 1.7% increase from the previous year. HR Professionals are being challenged to improve employee morale and decrease employees leaving. In addition, rising inflation and wage pressures are only adding to the challenge. “By having PerkSpot, it gives us a competitive advantage over our competitors that don’t offer comparable discounts to their employees.” 

Supporting Local

One feature Mayo clinic has utilized is PerkSpot’s “Suggest a Business” tab to recommend local vendors. The suggest a business functionality is great for adding additional discount opportunities for our staff. The more the merrier.” One example Mayo Clinic suggested was a local nail salon in Rochester. Following the suggestion, our team secured an exclusive offer for employees to start utilizing in their discount portal. 

In addition to local discounts, employees are saving on hotels, groceries, events, and more. In 2022, Mayo Clinic’s most popular savings have included travel discounts along with savings on Apple products.

With the current environment and challenges over the past year, PerkSpot can be the solution you need to reduce turnover and set yourself apart. 

The Key to Increasing Your Employee Retention Rate

According to a study done by SHRM last year, the largest challenge cited by workforce management was dealing with low employee retention rates. Unfortunately, the stats don’t lie on this one. Approximately 3 million Americans have quit their job each month since January 2019. Plus, replacing a highly-trained employee who leaves his or her position can cost up to 200% of their salary. Were some of them your employees? If so, your employee retention rate is probably top of mind.

But what can you do about this? Perhaps you’ve tried some of the common methods, like a new and improved onboarding process, a program that invests in your employees and their professional development, or an overhaul of your company culture. What happens when these don’t work?

How can you increase your employee retention rate? A rewards and recognition program is the key.

A rewards and recognition program allows you to formally recognize an employee for anything from a good deed around the office to a fantastic work ethic they exude to a project that goes above and beyond what you expect from them. What is really great about a rewards and recognition program is that it benefits both employer and employee. For employees, concrete appreciation in the workplace is a motivator and a reminder that the work they do is valued by their employer. For the employer, recognition can lead to increased engagement, productivity, and of course, retention rate.

What sets a rewards and recognition program apart from other recognition methods?

  • Visibility
  • Inclusivity
  • Timeliness

Visibility

Typically, recognition used to be a private thing. Managers would bring employees into their office, or send them an email, letting them know they did a great job. As a result, the recognition goes widely unseen by the rest of the office or workplace, including other managers, executives, and coworkers. Consider the effect public and specific praise has, not only for the employee being praised but for his or her peers. We know that employees want recognition. So, when they see their fellow coworkers receiving it, and more importantly, they understand exactly what they did to receive it, they’re more likely to duplicate that exemplary work ethic. Or, perhaps, they’ll apply that drive and find a new and exciting way to succeed on their own! Either way, employers are guaranteed a more productive employee, and workers feel more motivated and incentivized to work harder.

Inclusivity

When you consider your employee retention rate, and the employees you want to retain, who comes to mind first? The executives, who will be the most costly to replace? The high performers, which will leave a gaping hole in your workplace? The under-engaged, who are at the most risk to quit their jobs? Instead of focusing on a specific target in your workforce, why not target everyone? A rewards and recognition program that puts everyone on the same playing field, and rewards everyone with the same kind of praise and monetary compensation means you don’t have to choose which employees you should focus your efforts on. Not to mention, employees will notice this change in the hierarchy. No one wants to feel as though their employer values another coworker over themselves, so remove that problem entirely with a rewards and recognition program that emphasizes inclusivity.

Timeliness

Imagine you just nailed a presentation or finally hit your lofty goal for your team. You know you’ll be recognized for your achievements, yet you find yourself waiting until the end of the quarter for the company to meet and hand out recognition, or even the end of the year, for that bonus to drop. Soon enough, you’ve forgotten about the achievement and the recognition that comes with it. Worse, you feel no drive to repeat those actions because you saw no praise or appreciation for them. Employee recognition should be given in real time, as soon as a manager (or peer!) hears of it. In doing so, an employee understands the connection between the output of good work and the reward that comes with it. Better yet, they will continue to strive for more rewards, meaning a continued stream of high-quality work.

A decreasing retention rate is something several HR managers are currently dealing with and unfortunately, many of their strategies to fix it aren’t working out well. That’s why a rewards and recognition program is the answer. It allows you to give public, on-the-spot recognition that all your employees can use. Click here to find out more about PerkSpot’s Rewards and Recognition program!

5 Tips for Creating the Best Employee Surveys

There are endless benefits to creating an employee survey to understand satisfaction levels throughout your workplace.

A survey allows you to discuss employee benefit plans, improve satisfaction and productivity, and increase employee retention rates. An employee survey can make an employee feel as though they are being given the opportunity to voice their opinion, and that you, as an HR professional, care about what they have to say. Here are five tips for getting the best results from your employee surveys!

Communicate and Encourage

An employee survey won’t be successful if it’s just an email sent to employees’ inboxes, without an introduction or explanation. Use your company’s communication channel to inform employees about the upcoming survey. Furthermore, impress upon employees that their responses will be valuable in helping to effect change within the company. Pre-survey communication will guarantee much higher numbers of participation, according to numerous studies.

Emphasize Anonymity

In conducting your employee survey, you want the most honest responses from employees. The only way to receive them is through an anonymous survey. Your employees may not feel comfortable openly sharing their opinions for fear of backlash. Not to mention, an anonymous survey puts all employees on a level playing field. With anonymity, no employee feels uncomfortable because of their age or position in the company. This means they will be more likely to offer opinions and suggestions for improvement. In reviewing responses, there is no bias coming from your end, so the results are more reliable. It’s a win-win!

Make it Easy

Your employees have a lot on their plates, so motivating them to complete a survey can be difficult. Keep this in mind when writing your survey. Don’t make it unnecessarily long – the whole point isn’t to distract employees or keep them from completing other work. The National Business Research Institute says 60 questions is the perfect length for your survey. Not so long that employees feel tired or bored, but long enough to give you the answers you’re looking for!

Ask the Right Questions

Make your questions simple. According to Inc., it’s a lot easier for an employee to answer a close-ended question versus long-form, written responses. Providing close-ended or multiple choice options makes quantifying results easier for you as well! Make your questions clear and understandable. Have a fellow colleague take a look at your survey and review it for readability. Another set of eyes is always a good idea, and it will ensure you have created the best survey for your employees.

Use the Results

A Forbes article reported a 30-40% average response rate for employee surveys. One of the main causes of this disappointing statistic? Employees believe that their responses won’t be considered or utilized to execute changes in their workplace. Reverse that belief by using employees’ feedback to make actual changes where you can. Share the results of the survey and any plans you may have developed for the future. This is a great way of showing employees that you’re taking their thoughts into account, and it will increase the response rate for later surveys.

An employee survey can give you insight into employee engagement, office culture, and job satisfaction among employees. Use these 5 tips to create an employee survey that is sure to deliver the best results!

Are Your Employees Actually Engaged?

Increased productivity, better retention, happier employees … do we have your attention yet? These are all things managers and HR officials should strive for, and they can all be achieved with one simple word – engagement.

What is employee engagement?

Employee engagement is vital to any company, large or small. It creates a network of employees that are more than just happy or satisfied, but who are genuinely committed to their company. Not only do engaged employees have a deep understanding of their company’s values, but their own personal values align with them. When you can achieve a strong compatibility between company and employee, you have reached peak engagement in your employees!

Why is it important?

Companies that report having engaged employees outperform those that report low engagement numbers by 147% in earnings per share. Employee engagement doesn’t just benefit your workers, but your company as a whole! If you’re hoping to get your numbers up as you finish the quarter, consider improving your engagement numbers first, and revenue will follow.

Studies show highly engaged employees are 87% less likely to leave their company than those feeling less engaged with their work. Yes, you read that right! An increase in employee engagement is just the thing to fix those retention numbers that keep dipping.

70% of workers don’t feel engaged at work, according to career experts at the Muse. Yikes! Reflecting on all the benefits of an engaged workforce, that’s a concerningly high statistic. Perhaps you’re thinking about your employees, and maybe even worrying about their engagement levels. Keep reading, because we break down how to measure and improve your employee engagement.

How do you know if your employees are engaged?

Here are some tell-tale signs that you can look for:

Proactivity
Engaged employees are proactive. Instead of sleepwalking through the first few hours of their morning, they jump into a new work day. These kinds of employees don’t wait for managers to give them tasks; they are self-motivated, seeking out ways to be productive and helpful throughout the office.

Communication
Engaged employees love to talk, and we don’t just mean water cooler chatter. (Although, that’s important too!) They keep managers and employees updated and informed with progress reports. They are open to both giving and receiving feedback. Eventually, an engaged employee can even become a great mentor for other employees, helping them step into their roles and improve their own levels of engagement.

Career Advancement
Career and company advancement is important to an engaged employee. Remaining stagnant at one level isn’t enough for them, and they will continue to look for ways to improve their output, as well as general company success. This is because they’re invested in the company, which is the most important sign of an engaged employee.

Engaged employees are essential to the wellbeing of a company. They help to create an environment that inspires other employees. If you’re concerned about the engagement levels of your employees, check out our recent post about everyday employee engagement tips that can have a big impact on your business.

Keeping and Supporting Young Talent

The workforce is changing. Millennials are no longer the “new” talent, they are THE talent, making up the largest generation in the workplace today. In addition, a recent study shows that 61 million Gen Zers (people born after 1996) are about to enter the workforce.

That means the talent pool is getting younger and it’s time for us to keep up. Keeping and supporting young talent means understanding exactly what they want in a career.

Here are some tips for attracting and retaining young talent:

Find Ways to Add Value

While higher wages are an obvious place to add value for young employees, there are many ways to incentivize them beyond their paycheck. According to a recent study, approximately 20% of Millennials say they cannot afford their healthcare expenses and 46% of Gen Z say their main financial concern is student debt. Get creative with how you’re driving value for these younger generations. Offer better healthcare discounts or start a debt reimbursement program. Better yet, explore what an Employee Discount Program can do for you and your employees.

Offer Opportunities for Collaboration

While Millennials were coming of age with technology, Gen Z has become even more entrenched in social media and constant communication. Due to this change in atmosphere, collaboration is a key motivator for these younger employees. Surprisingly, however, they prefer in-person interactions over the phone, email or even texting when collaborating with co-workers.

Give Them Mentors, Not Managers

Micromanagement is the new smoking. Ok, ok, we made that up. But what we do know is that these younger generations are seeking out thriving relationships between their leaders. Mentorship is a hot topic among this crowd and that is only bound to increase as they take the workforce by storm. Maybe there’s a reason why 70% of multi-national companies are replacing their annual reviews in favor of performance management. Young talent wants specific feedback on their performance, and they don’t want to wait a year to receive it. In fact, studies show Millennials are receiving reviews either daily (19%), weekly (24%), or regularly (23%) versus the traditional annual format (3%).

Create a Culture That Matters

According to Gallup, Millennials turnover costs the U.S. economy $30.5 billion annually. Whoa. We’ve learned a lot from the Millennial workplace and there are many trends that are sure to stay. Flexible hours are considered one of the biggest perks for these employees. They also want a job that is willing to support their career development. They actually want to find a job and stay there, which is great news! As we previously discussed, regular reviews are a great way to focus on career progression and support. In addition to reviews, makes ure you also find time to recognize their efforts, whether it’s through a formal program or as simple as a thank-you note. These few efforts can make a huge difference for your retention as you create a culture that truly matters to your employees.

As we begin to wrap up another year, it will be interesting to see how Gen Z continues to shape our workforce well into 2019. How is your business working to keep and support your young talent?

Shocking Statistics: The State of the Workplace in 2018

2018 has proven to be an exciting year for employee engagement. As we ramp up our efforts to engage and retain more of our workforce, how are we doing?

Here are a few shocking statistics we think you should know about the state of the workplace in 2018 and a number of ways to combat them:

The Shocking Stat:

80% of workers feel stressed on the job.

The Solution: Implement Professional Development Opportunities

While it may seem counterintuitive to add more to an employee’s plate, 48% of employees say that investing in professional development is one of the highest-impact strategies to combating stress that their company can do. Providing opportunities for employees to learn and grow and investing in them as individuals can do wonders for their overall well-being.

Think this seems obvious? Maybe it is, but only 30% of employees say they have someone who encourages their development at work which could be a reason why we’re seeing 80% of the population pulling out their hair.

If you want to do more to encourage professional development at work, start here.

The Shocking Stat:

Of the 5 billion people on the planet, only 1.4 billion have a good job, and just 16% of those are engaged.

The Solution: Offer Competitive Benefits and Perks

Start by considering what makes a good job in the first place. According to 21% of Millennials, a good work environment is defined as one that offers incentives and perks.  Are your benefits competitive? Do your employees constantly stress about their physical or financial health?

Find ways to ease the burden by offering competitive benefits plans and/or a perks program to help employees stretch their paycheck.

The Shocking Stat:

89% of bosses believe employees quit for more money. The truth? Only 12% of employees actually leave for more money.

The Solution: Empower Leadership

If it’s not salary, what is the problem? Studies show that 75% of employees leave their job because of their boss. This could be because 58% of managers today have not received any form of management training.

Professional development should not be limited to lower level employees. Make sure you’re empowering your management teams to lead well. This means focusing on transparency and mentorship among your leaders and again, creating those opportunities for them to learn and grow as well.

The Shocking Stat:

12% of businesses are happy with their current level of employee engagement.

The Solution: Recognize, Reward, Retain

Although 90% of leaders think an engagement strategy would help, less than 25% actually have one. How can we expect to improve employee engagement without setting a real strategy in place?

One of the biggest ways to impact employee satisfaction and retention is with a simple “job well done”. It’s easy to forget to recognize employees’ achievements, but doing so can make or break employee happiness. In fact, 47% of employees say they would like to receive rewards spontaneously.

Creating strategies to reward and recognize employees, like PerkSpot’s recognition program, means making a difference for your employees and your business.

Want to find more solutions for your employee engagement strategies? Chat with us today about how PerkSpot could change the state of your workforce.

5 Things Not to Do for Employee Retention

We all want to keep our top talent. We want to see our companies thrive and grow while rewarding and incentivizing the right people to stay.

But sometimes this simple goal is not that easy to accomplish.

In fact, if you’ve done one of these five things this week, you could be costing your company valuable talent:


Here are five things not to do for employee retention:

Balanced Recognition

It’s easy to recognize the loud, outspoken extroverts for their achievements because they pretty much make themselves known. Although many of these employees may be very deserving of the recognition, introverts are also equally deserving, and in many ways require even more acknowledgement of their success in the workplace. Peer to peer recognition is a great way to help these quiet performers feel valued in the workplace. So the next time you hear someone saying great things about one of these employees, make sure they also say it to their face.

Empty Promises

A sure-fire way to annoy your employees is to promise something and not deliver. This could be as simple as “I’ll set up a meeting to discuss” and not following through. Consistently promising things and not delivering will leave your employees disappointed and will cause them to lose trust in your management or organization. Understanding that things happen, make sure you’re communicating clearly when plans change or you don’t have an answer in the time frame you expected. And, of course, make sure you’re not promising too many things you can’t deliver on in the first place.

Unrealistic or Inaccurate Expectations

Maybe this week an employee completed a project that was NOTHING like you wanted or expected. Again, constant and clear communication is vital to making sure you’re both understanding what is expected for your employee’s role. Make sure if they aren’t delivering, you speak to them and figure out where the misunderstanding happened. Approach the situation with an open mind, being willing to hear their perspective and figure out how you can improve. Of course, if this happens repeatedly, it may be time to evaluate their performance overall.

Unspoken Apologies

We’re all human. Including managers. If you realize you have fallen short for your employee this week, find a way to make it right. This could mean not carving out enough time to chat with them about an issue they were having, responding negatively to a certain situation, or not communicating expectations properly. If you screw up, own it, and make it right before your employee begins to harbor bitterness and resentment.

Constructive Criticism

Did you find a way to challenge your employees this week? One of the greatest ways to improve employee retention is to consistently provide feedback on their performance and make sure they are being challenged. Needless to say, not every week is going to be challenging. We all have weeks when we have to focus on the mundane, but necessary tasks at hand. However, if this is becoming the norm for your employee, you can believe that they won’t stick around for long. Give feedback, push them harder, and make sure they are doing work that challenges them in the right ways.

Which of these did you do this week? What will you strive to do better in the future?

4 Ways to Improve Employee Retention

Retaining employees seems to be a never-ending topic of discussion. In a survey of 614 HR leaders, 87% said improving retention is a high or critical priority. Not surprising considering over 3 million Americans quit their job every month.

There is plenty of work to be done when it comes to improving retention rates among these employees, and it all starts with culture.
Here are four ways to improve retention rates that won’t cost a fortune.

Focus on Training and Development

According to a Gallup poll, 93% of Millennials left their job to seek a new role. It seems today’s job seekers feel they need to move on in order to move up. We face similar obstacles at PerkSpot given the small size of our company. One way of combating that was to provide sabbatical opportunities for employees with a small stipend where they can pursue additional training and development opportunities. Employees not only come back refreshed and recharged, but they also have a renewed sense of passion for the work at hand and a few new skills added to their toolbelt. This has been a win-win all around for employee retention and development.

Compensate Fairly

We’ve made another exciting change at PerkSpot this year to improve employee satisfaction and retention. After hearing various feedback from employees, our executive team got together to put a more thorough compensation plan, including individual goals for each employee. Quite possibly nothing is more important than consistently evaluating what and how you’re paying your employees, and including them in the process.

Another Gallup survey revealed “while just 30% of employees strongly agree that their manager involves them in setting their goals at work, those who do… are 3.6 times more likely than other employees to be engaged.” While compensation may seem like a costly part of a retention strategy, bumping up a salary by a small percentage costs way less than hiring a new employee, where the dollar amount for replacing an employee might shock you.

Evaluate Often

While a great compensation plan will set employees up for success, it’s also important to hold consistent performance reviews. Sadly, only a mere 14% of employees feel inspired by their reviews. Remember to ask employees great questions and listen to their pain points. By finding ways to inspire them in their jobs, they’ll leave happier and be more productive in the long haul. Evaluating their compensation should be an obvious part of this conversation, as stated above.

Recognize and Reward

We’d be remiss not to mention rewards and recognition as part of a successful retention plan. Clive Schlee, CEO of restaurants Pret a Manger, discusses with Harvard Business Review the importance of recognition in this short video: “Each employee makes about 5-10,000 decisions a day… how to squeeze a lemon, how to lay the chicken on the sandwich,… these are all decisions that can be done well or can be done badly and how they feel about the company is absolutely critical.”

Meanwhile, only one in three employees say they have received recognition in the past seven days. A critical misstep for companies hoping to retain their high performers. The same report states that 28% of employees feel that the most meaningful recognition comes from their manager, which is why the PerkSpot Rewards and Recognition platform is setup to do just that. Managers recognize their employees in real time, right when they perform an action that aligns with company values.

There are many things you can do to start reducing your turnover and improve your employee retention. Where will you start?