ILLUSTRATION: SAM CHIVERS

IT IS TIME TO SHINE

There is a burning question that comes to mind: Is it possible to find a perfect combination of benefits?

In today‘s rapidly-changing environment, there are so many different offers that employers can provide for their employees. These include financial rewards like bonuses and stock options, or non-monetary benefits that improve an employee’s work-life balance. However, everyone has the same question in their mind, are these options enough? Or do we have a chance to choose them based on our own needs?

In my opinion, companies that encourage innovation and creativity are the big winners in any industry. They are successful because they always place a high value to attract toptalents and to retain their current employees by offering super-smart, practical solutions. It is clear that they are trying to make a difference when it comes to remuneration. In other words, we can easily notice that some companies‘ offers are different from the others‘ that use classic, common and best-known, standard benefits.

It is a tough issue for every company which is especially scaling up. There is no one-size-fit-all benefits package. The most important thing to ensure that your benefits are serving your employees‘ needs in the best way possible is listening to our employees. To understand what they need, you can benefit from internal or external surveys, then you should design an immersive benefit package. Everyone’s needs are different, allowing them to customize their benefits to meet their own goals is a big part of increasing satisfaction and engagement. If you have a diverse working environment, you need alternative benefits packages. Diversity comes with differences. These flexible benefits allow people to pick and choose what works best for them.

“People want their opinions valued and most importantly, people want to be listened.“

So, in this post I would like to use my past experience and think outside of the box. I am sharing some examples that companies benefit from and scenarios depending on your budget. If you are ready, it is time to take your business to the next level ☺️

Scenario One– No additional budget

  • Windowed working (if it is a new concept for you, you can easily access my last post about it)
  • Birthday off
  • Paid time off for volunteer work
  • Employee sharing sessions (it is also related to peer-to-peer learning)
  • Birthday, wedding day, giving birth and working anniversary celebration emails

Scenario Two– With small budget

  • Learning budget for professional and personal development
  • Hosting monthly lunch & learn sessions
  • Employee referral program (it also helps create positive working environment)
  • Mentoring program and small gifts
  • Birthday gift package
  • Spotify, Storytel or Audible subscriptions (they are not just for spare time, but also affect employees’ professional development positively)
  • Pet insurance
  • Taxfix discount (it is a perfect benefit for English-speaking expats)
  • Quitting smoking service (it ahows that the company does not think about just employees’ performance, but also values its employees’ health and well-being)

Scenario Three – With a significant budget

  • Full concept medical insurance
  • Corporate academy (it is also a brand for a company that shows value on employees’ professional and personal development)
  • Financial support for professional licensing (it is so important for espacially Finance, IT and Investment departments to have these licences)
  • Stock options
  • Wedding reimbursement
  • Child care options (childcare centers or subsidized tuition)

Above all, we shoud remember that we do not have to offer the most spectacular benefits especially, if we are keeping a close eye on our budget. Instead, consider that even minor changes in the working atmosphere can make a big difference to our employees. That‘s why we can try to start with small steps and low-hanging fruits, then scaling up when it is possible.

In a nutshell, your goal should be to create or redesign your own sustainable and dynamic employee benefits program that meets your employees base needs while considering your company‘s budget. There is a lot of work to do, so roll up your sleeves and get busy🤜

Thank you for reading, I hope you liked it. Tschüss!

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