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Value-added benefits programme rakes in loyalty
A hard day’s work for a fair day’s pay. That was yesterday’s adage. Today, it is not merely the pay that needs to be lucrative to attract top talent, but the trappings that go with it need to be worked up as well. And because wages and salaries are frequently the company’s largest expense, a smartly designed compensation programme is an important element of business success. On the other hand, a poorly designed compensation plan can be costly, not o
nly in terms of unrealistic wages and salaries, but also in high turnover, reduced employee morale and lower company profitability.
How your employees view their compensation is just as important as the components of the compensation package. There are a few things an organisation must watch over to ensure that its compensation and benefits programme hits off with the employees.
Make sure the benefit is important to a large number of your employees, across all sections of the hierarchy. Or you could offer niche benefits for individual categories- like day care help for new moms, relocation services for those on transfer/newly appointed staff or pick and drop services for those working late nights. You could even give employees options, and allow them to choose the benefit they need most. Let your benefits package evolve with your company and employees. Choose benefits that work well with your corporate culture- the benefits you offer, should after all reflect the ethos of the organisation and the people that work for it.
In order to be successful, the benefits you offer should actually be something the employees want. Even when implemented with the best of intentions, a badly communicated benefits programme can be misunderstood or characterised as unfair and subjective.
It is essential to take employees into confidence and hold deliberations both before and during the implementation process to ensure that the package is seen as advantageous to the employees.
And most importantly, a cost analysis of each benefit is mandatory to determine how it will affect your bottom line- at the end of it all; your benefits package needs to offer a good return on your investment.
Here are some interesting ideas to pack the benefits without digging too deep into the company finances, while ensuring that you offer valuable add-ons to your employees.
Call your insurance provider and ask how you can supplement existing package for employees.
Go for a few value-added benefits that your employees would appreciate and enjoy- you may be able to offer some valuable non-monetary paybacks without having to spending hard cash.
Offer assistance to new recruits. Apart from the standard relocation package, consider implementing domestic partner benefits and family transition packages that help spouses and family members. It is a thoughtful gesture to help the family settle into the new environs, with little cost.
Give perks to business travellers. Allow them to utilise their company-earned frequent-flier mileage points for family vacations.
Or set up a concierge desk at the workplace that can run errands for employees when they are at the workplace and for their families when the employee is away on long business trips.
Incorporate some "lifestyle" benefits. Consider offering legal assistance, onsite cash machines and late night take away food counters within the company campus.
Create a time bank. Build a sense of loyalty among co-workers with a time bank. Encourage your employees to donate sick, vacation or personal days to others in the company. Match employees’ charitable contributions. Donate money to your employees’ favourite charities, and offer employees paid time off when they volunteer for a charity.
These are just some ways in which you can build a value-added benefits program to compensate your employees for their hard work and loyalty, even while earning all the goodwill that befits a socially responsible organisation that truly cares for its employees.
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