Who Puts The ‘FIT’ In BeneFITs?
I picked a survey online at random that supposes to know what the employee benefits are that are most appreciated by, you know, employees. According to that survey, the top five were health care, paid time off, performance bonuses, paid sick days, and retirement savings contributions. If that’s accurate, that’s good to know, but of course being a survey, it’s aggregated and averaged and, at best, indicative. We talk a lot about ‘employee fit’ these days in building teams and driving employee engagement. Fit applies in a lot of situations and benefit offerings should be one of those. Just because you think something is an incentive for you doesn’t mean everyone, or possibly anyone, else does.
I, for example, would include in my top five, support for and contributions to, my personal and professional development. That might include directly paying for or subsidising training, as well as time off or time flexibility to attend lectures. That has always been and will always be major for me. If that previous survey is to be believed, I’m in the minority. I was coaching a senior manager recently. Afterwards, they negotiated a benefit with their employer that effectively set them on a low-risk path to being able to work on their own quite separate business whilst remaining employed – win:win. That is not a common benefit yet made a major positive difference for both parties.
I subscribe to Daniel Pink’s mailing list. He has a micro-podcast called ‘The PinkCast’. (At some point, I am going to work out how my boring name can be twisted into some kind of pun-based witty publication name. How about ‘Conspiracy Terry’? Yeah nah). In a recent episode of ‘The PinkCast’, Dan tackled one of the critical issues of the day – how best to choose what gift to give to people for Christmas. It seems most people imagine the best gift to give would be a uniquely tailored surprise that captures the essence of the person to whom you are giving it. It showed that most people thought that asking people what they wanted or, horror of horrors, giving them cash or vouchers would be perceived as lazy, insensitive and insulting. Perhaps surprisingly, when questioned further about the reality of having received novel, high-effort gifts, very few ever hit the mark. And, shock of shocks, in retrospect, most people most of the time would’ve preferred to have been given the gift of choice and flexibility via being asked what they wanted or the cash or vouchers.
Personally, I like to hedge my bets and try to use both techniques. The big swing for the ‘wow’ gift doesn’t pay off often but when it does, it knocks it out of the park. After watching the video, I reflected on my own gift receiving experiences. I could recall three over my moderately lengthy life that even the memory of still chokes me up a bit.
Let’s slide this gifting thinking back to our topic of employee benefits. They’re not gifts. They’re not entitlements. They’re part of a remuneration package with some elements possibly at risk. Not everyone is so high up the food chain, nor confident enough or special enough to negotiate an array of shiny benefits into their contract at the point of employment. Let’s go back to first principles – what is the point? What are we trying to achieve or support via the mechanism of whatever form of employee benefit? It’s that whole attraction, retention, engagement, loyalty, morale thing, right?
That top five from that original were health care, paid time off, performance bonuses, paid sick days, and retirement savings contributions. On average, you’ll hit most people’s hot buttons most of the time with those. But how can we fashion into our processes some means of capturing outlying benefit possibilities? How might my own desire for personal development support as an employee benefit for me have been captured? As a young person starting out, even if a genuinely altruistic employer had asked me, I might not even have known myself at that stage.
How about a menu like at a restaurant? (And, by ‘restaurant’, I mean one with a drive-through). A simple-to-read-at-a-glance listing of the employee benefit options that most people choose in descending order of popularity. You could choose to combo some perhaps. You might cash in others. There might still be the option to make them your way off-menu.
Employees don’t know what they don’t know and neither do employers, so diminishing those blind spots around what particular individual employees value in a benefit would be valuable. Asking people is fine but not exhaustive. Asking individuals is better but not exhaustive. Having some flexibility at various points to review and introduce new offerings seems smart.
If you hire someone and tell them their pay is $20 an hour but in three months it’ll be $22.50, when you ask them when they want to start, don’t be surprised when they reply, “In three months”.
Video series: www.brainbasedboss.com
More ideas at http://gettingbetterbuyin.com/