Over the last couple of decades Employee Benefits has become a standard offering to virtually all businesses both large and small. Salary apart, understanding the benefits and “perks” companies offer is now one of the first questions asked of a potential employer during the recruitment process – and if these don’t meet with expectations then it often ends up with the employer looing their preferred candidate.
But its not just during the recruitment process that employee benefits and discounts are put under the spotlight. They now form part of the overall HR strategy to ensure that companies are doing everything that can to retain as well as attract the absolute best talent.
Organisations such as Facebook, Google and Netflix are often hailed as examples of the way companies can be truly innovative in the way they provide discounts and benefits to their employees. In fact according to Glassdoor, last year Google was considered to be the best place to work and much of this is due to the benefits they offer their staff.
Google wants to attract the very best talent the market has available and has therefore decided that it will go above and beyond a good salary to ensure they attract the very best. In addition, Google wants to make its employees' lives easier, and it's constantly searching for ways to improve the health, well-being, and morale of its Googlers.
As such, it therefore constantly reviews and amends the employee benefits it offers its employees, from the famous free gourmet food on offer, to the barista classes and state of the art coffee machines to their amazing Death Benefits - If a Googler dies whilst they’re under the employment of Google, their spouse will receive 50% of their salary in a cheque for the next ten years.
Build your Employee Benefits around your workforce
Many organisations do not have the same resources as the Googles and Facebook’s of this world so need to be more focussed on adding value to their staff. One way to do this is to ensure you have an in depth understanding of your work force and then build the benefits strategy and offering around this.
A great example of this is Cognizant who have made their Employee Discounts integral to their overall HR strategy. With a large number of their consultant’s relocation for work or having to work off site they realise that they need to do more to help them and their families settle into their new homes and roles.
They have therefore created (working with Xexec) a tailored benefits and discount platform that is aimed at adding real value to the lives of both their employees y not only providing access to over 3000 discounts including at local and mainstream department stores, fashion outlets, but also
meeting the increasing need of Cognizant’s growing population of ex-pat associates. Realising their need to travel more (when Covid-19 allows) Cognizant benefits include 50% discount on travel and hotels packages in addition to upgrades and late checkouts.
However, it has been the lifestyle concierge service that has proved to be the most valuable to its employees. This unique service is new to Cognizant and allows its associates to get help when moving into a new home, booking flights, hotels, concert tickets, restaurants, or even domestic services such as plumbers, electricians, and builders.
Add flexible in what you offer
As mentioned above employee benefits are now a staple part of the package offered to employees, but as the working world changes dues to the Coronavirus, organisations need to be more flexible with the benefits they offer their staff. Gone ore the days of a local to office gym membership or discounts at restaurants local to the office – people are still not back at work and therefore these are of no value.
Today, companies need to think more about the value that their benefits and discounts can offer and employee more flexibility in what they provide. For example, instead of a Cycle-to-work scheme, perhaps they should offer a home IT loan scheme. In addition, instead of offering staff season ticket loans, they can offer money towards the set up of a ho9me office.
The truth is that the world is changing and so are the demands of our employees and potential employees. Whether it’s the influence of Google and Facebook putting pressure on employees to offer their staff better and more innovative perks, or the voice of millennials demanding more work-life balance and personal value from their jobs, employers are having to review and address the employee benefits they offer. What is clear, however, is that to attract and retain the best talent organisations need to be more flexible in their offering and understanding of their workforce.
Xexec is a leading Employee Benefits and Recognition provider championing workplace motivation and engagement. By offering over 3,000 discounts, a concierge service and global recognition platforms, we aim to increase productivity and employee motivation in the workplace.
For more information on how to connect develop and implement an effective Employee Benefits strategy, download our latest e-book – Your Guide to Employee Benefits