Of course salary matters, but it isn't everything

BrightHR Co-founder and CMO Paul Harris discusses the importance of perks and rewards to the individual to boost brilliance in the workplace

From our ‘It Pays to Play’ report we found that salary plays a significant role in employee wellbeing. The boost in career progression and changes to quality of life that an increased salary provides speaks for itself. However these can be short-lived, as outgoings will ultimately match an increase of earnings.

We conducted further research based on these insights to determine if this is the case.

Figures showed 28 per cent of people would like a financial bonus, with a quarter of people saying they would like an annual bonus on top of their salary.

With wellbeing and happiness based on a lot more than just salary, we were shocked to find that culture didn’t rank higher in people’s priorities.

Salary and salary alone cannot ensure that all employees are happy within the workplace. This is where company culture and in particular perks can aid in ensuring a happy and engaged workforce.

Perks have to be part of the culture; after work drinks, socials, duvet days, fruit in the office, discounted gym memberships or a well thought out office space. Perks as plural is important and more valuable you your workforce. Diversity provides choice to your employees as some people may not like to use a games console but might like to chill out on a bean bag. Perks can cost the business very little money for a bigger benefit for the staff.

Further to that, it’s a statement, it says we value and listen to our employees. Implementing tools like Yammer or even a traditional post box can allow people to share their thoughts, opinions and ideas.

The culture you work in, how you are trusted with your work, and how you engage with employees and colleagues will create brilliance in the workplace. A focus and acknowledgement of what makes employees tick will benefit any company long term.

For example, not everyone is efficient or happy working 9 to 5. Allowing people to be flexible with their day, trusting them to be responsible with their own time, can be more of a reward than a pay rise as it acknowledges what they need and want from their working lives.

This is why in a modern business like ours we place emphasis on allowing you to wear what you want, come in when you want, step away from your desk and have a nap or play, giving that flexibility to make people feel trusted and happier in their work environment.

A business that trusts its employees with simple perks will retain their staff, boost wellbeing and encourage people to work hard - with less focus on a cash bonus. Money will always help recruit and retain staff, but it won’t give employees a sense of satisfaction for their work. Move salary aside and perks and rewards will do the rest.

For further information, download our report here.