When you ask a sample of employees what benefits or benefits they most value, you’re likely to get different answers. For example, while younger graduates use ping-pong tables and fitness centers on-site, employees with small children may prefer the same budget for a stronger health plan with more options. flexible for children and relatives. Other employees may want to be able to work remotely or take time off for religious holidays.
In fact, there is not a single solution that will help you choose the benefits that are best for your business. As a result, more and more companies are giving their employees the opportunity to use their own benefits to hear and empower their employees.
Here we will examine the impact of this momentum on some companies that have given their employees some flexibility to foster corporate culture, recruitment, customer retention and even diversity integration. ,
1. N6A has developed its own points program to reward employees with exactly the benefits they want.
At N6A, a New York-based public relations and social media company, employees can personalize their personal benefits – with a little gamification in the mix. The company recently launched the Pace Points Rewards Program. It may sound like a loyalty program that earns free coffee or airline miles, but it’s an innovative way to reward employee contributions with selected benefits.
N6A employees receive “individual, group and business performance points” that they can then use in various categories, including health and travel expenses.
“The most popular Pace Points awards to date … were [one] annual gym member, [a] European travel month, individual nutritional counseling sessions, and the six-month dining card, where we pay for breakfast, lunch and dinner every day for six months”, said Matt Rizzetta, CEO of N6A.
Employees can also exchange their cash points for cash prizes, and many have chosen to keep them for long-term rewards worth tens of thousands of dollars. And while the N6A team had to create their own bonus program from scratch, they’ve already recognized the benefits of employee ownership.
“The response to the Pace Points program has been incredibly positive,” said Matt. “Today’s workforce is a matter of adaptation.” What could motivate one employee could eliminate another, and vice versa, some motivated by money, others by experience, others by the quality of life, others by health and well-being. ”
By offering various options in its rewards program, the N6A team has found a way to motivate all of its employees to contribute to the growth and productivity of the team.
2. Spotify allows employees to select the most important holidays for them
Despite growing workforce diversity, a SHRM survey shows that the vast majority of US companies still award their employees Christmas, Thanksgiving Day and New Year’s Eve. However, while many Americans celebrate these holidays, these policies do not always include options for workers with different schedules, beliefs, and priorities.
In November 2017, Spotify announced a unique solution to this problem: the company now allows its employees to edit each holiday and then exchange the day for another day of their choice.
“Anyone working in a country where Christmas is a holiday can now work on Christmas day and take a day off on another day that matters to them,” writes Katarina Berg for the Spotify HR blog. “Yom Kippur” Diwali “International day against homophobia, transphobia and biphobia – it’s their day, their choice.”
When Spotify gives its employees some power, it’s also a great way for the company to support diversity, inclusion and the sense of space in its offices.
“Spotify employs more than 90 different nationalities in Sweden and the United States,” writes Katarina. “We want to grow in numbers and diversity, so we have to challenge the cultural norms traditionally projected upon each individual and take into account that these norms do not reflect everyone’s observations, beliefs and lifestyles.”
3. Evotext listens to its employees to make the most of the benefit and benefit budget
The offices of Evotext, a small education software company in Massachusetts, offer surprisingly few practical and entertaining benefits that many technology companies expect. There are no ping-pong tables, fitness equipment, packed lunches or organic snacks. Instead, there is a unique culture that allows employees to express themselves about the benefits they want and need and to save money on employees who are not really important to them.
“I have little respect for the practice of creating expensive office space, but not giving the employees the benefits they need,” said co-founder and CEO Johanna Wetmore.
While forgoing free food and on-site yoga classes, Evotext employees enjoy an excellent health plan, tuition reimbursement and freedom to work remotely. “They move across the country, and when employees ask for specific benefits, such as covering the costs of their pediatric orthodontics or life insurance, the company is satisfied.
This selection enables Evotext to survive as a small business by not only saving money that its competitors spend on extravagant benefits, but also by allowing them to attract and retain employees of their choice as their revenue increases. ,
“If you pick the right people, treat them with respect and leave them to yourself, then they’ll do what they need to do to get the job done,” says Wetmore. “People just want to be treated like adults.”
The benefits and benefits are very important to the employees. 63% of respondents believe that their service package is a key factor in employee satisfaction. By giving your employees options and the opportunity to choose the most important benefits for them, you should spend money in the right places. This can help small businesses and strengthen their commitment to businesses of all sizes.