Enterprise software firm Banyan Software has introduced an employee relief fund to its benefits package for employees who are going through extreme hardship.
An employee is eligible for the fund if their primary residence is destroyed or unlivable due to a natural disaster, fire, or flood, and no alternative housing is available, if they or an immediate family member suffers from an extended illness, and they miss work without paid time off, or if they need to relocate due to an unsafe or uninhabitable living environment, such as abuse.
Other eligible instances include if an employee needs to travel for a terminally ill family member, or attend a funeral, if they are responsible for paying funeral costs for an immediate family member, if unexpected urgent care for a family member leads to added home expenses, or for medical expenses not covered by insurance.
Further criteria includes assistance if death or safety concerns require relocating a child to a new home, if unforeseen events cause financial hardship and result in unpaid essential life expenses, such as rent or utilities, or if the death of a spouse or domestic partner results in a significant drop in household income without sufficient life insurance.
Banyan Software employees can apply for the fund by completing a form that goes directly to its committee to ensure confidentiality, and so they can get the resources they need without fearing how the request could be perceived.
The benefit was created to remove any stress involved with unexpected hardships and provide the financial support needed to get through it, and to support the wellbeing and development of its team.
Erica Golden, chief people officer at Banyan Software, said: “We believe that it’s more fun and motivating to work for a business that cares about you as a person. We have tens of thousands of dollars in the fund and we have been talking about this as version one. We have an iterative cycle in people-oriented initiatives. We need to learn about our people’s needs from them, so we are ready to grow the fund as we have need. This is an opportunity to have more data about what other programmes our people need.”
