One of the great challenges for companies in the current market is to keep employees happy and engaged. In this scenario, innovating HR with financial benefits to employees can be a great option.
53.5 million people in the country point out concerns about debt as a determining factor for poor performance at work. The data are from a research of Negocia Fácil with Instituto Locomotiva.
In other words, the financial side has a great weight on the good performance of employees. If they are financially well, the tendency is for the focus on work and tasks to increase.
For this reason, innovating HR with financial benefits for employees can reduce the stress style=”font-weight: 400;”> in the routine of employees and enhance the spirit and engagement. Do you want to know the main benefits to innovate and surprise your employees?
We have made a list of what you can offer. Check out!
Financial benefits to offer employees
One Catho research showed that more than 40% of professionals highlight the benefit plan as one of the main reasons for retaining them in a company.
Within this reality, innovating HR with financial benefits for employees has gone from being an alternative to a determining factor in market competitiveness. However, what benefits can the company offer to employees? We list 5 of them below.
- Profit sharing or results;
- health plan or health insurance;
- agreement with gyms;
- on-demand pay.
Below you can see the main differentials of each one of them and find out what positive impacts they can bring on the day-to-day of the organization.
Profit sharing or results
Profit Sharing (PLR) is based on the premise of rewarding employees for the good results achieved.
In this case, the company sets goals and objectives for the team, which, if achieved, will result in an extra amount that will complement the employees' salary.
Using this strategy to innovate HR with financial benefits for employees, the company creates a new stimulus for professionals to feel important.
Not least because the consequences of the good results will not only be beneficial to the company, but also to the employees, who will in fact have a share in the profits. With that, the productivity and employee engagement with work tends to increase.
Commissions appear as one of the most used factors to innovate HR with financial benefit to the employee. In this case, the company outlines concrete objectives and when they are reached there is an extra payment to the employee.
This strategy is widely used with salespeople. The more they sell, the higher their commission added to their fixed salary. Rewards in the form of a commission / bonus function as a professional enhancement item.
In fact, this type of extra remuneration is provided for in the item 1 of article 457.
- 1st The salary includes the fixed amount stipulated, legal bonuses and commissions paid by the employer. (Wording given by Law No. 13,467, of 2017)
Health plan or health insurance
CNT / MDA data put health as the main cause of concern for 42% of people. Thus, health plans and health insurance appear as an alternative to innovate HR with financial benefits for employees.
Covering medical expenses not only gives employees greater peace of mind in keeping with their health, but it can also reduce the rate of absenteeism and turnover.
despite differences between health insurance and health insurance, especially when it comes to reimbursement, the two end up figuring as a good addition to the salary.
In the health plan, the employee is entitled to coverage in certain hospitals and in health insurance there is a freedom of choice where the insurance reimburses the insured later.
This is also an excellent strategy for attracting and retaining talent.
Health insurance was the subject of an article on our blog: “Health insurance: is it worth offering this benefit?”.
Agreement with gyms
Regular physical exercise increases the professionals' power of concentration by up to 21%, according to Bristol University study, UK. In other words, the agreement with gyms is a way to innovate HR with financial benefits for employees.
So, in addition to offering savings for employees to make academy, the company values and stimulates the well-being and health of its employees style=”font-weight: 400;”>. Contributing to motivation and directly impacting the professional performance of the team.
The study “The Employer's Guide to Financial Wellbeing 2018/19” revealed that professionals concerned with their debts produce 15% less. Not to mention that financial stress can be one of the main causes of fights with colleagues.
However, it is already possible to innovate HR with a financial benefit called on-demand salary style=”font-weight: 400;”>. With it, the company offers greater autonomy for the employee to control his own salary.
This is because he can request part of his salary at any time, receiving an amount according to the days worked. Thus, the financial stress is reduced, because the employee can split his salary so that he does not run out of money all month.
THE HR Consultants UKy style=”font-weight: 400;”>, payment on demand app, developed by HR Consultants UK, brings this innovative option that allows professionals to withdraw the salary of the days worked at any time.
Financial benefits and talent retention
Innovating HR with financial benefits for employees is still one of the main strategies for attracting and retaining talent. This is because any financial increase can be extremely beneficial to encourage employees to work more engaged.
No wonder one research of Unicamp's Institute of Economics with Instituto Axxus showed that 96% of people working in the HR area admit that financial stress hinders employee productivity.
This means that innovating HR with a financial benefit to employees can prevent losses to performance and employee satisfaction in the corporate environment. Since it will have stimuli that directly impact your financial health.
And when the company collaborates financially with its employees, it consequently creates a bond of trust and satisfaction in the labor relationship.
Do you want to know more about it? Read our article “7 corporate benefits of financial well-being””.