y now, we all know that people are at the center of organisations, and failing to address their needs can cost businesses a great deal. Yet this is still happening. Not because employers do not care but because they still rely on old models, poorly executed in a one-size-fits-all system, and benefits will inevitably be used by some and ignored by others.
If you are setting up a startup, there are millions of things on your mind, such as fundraising, development, operations, customer acquisition, and more. I get it, it is hard to set your priorities straight, but please do not overlook your teams and how you are planning to compensate them for their work. When it comes to fulfilling your employee’s needs, it is never too soon to start planning because, ultimately, the perks you offer will set you apart from the competition and help you retain talent.
So if your business plan is missing this, I dare you to make some changes and start by reading this article as I share some actionable steps to get you going.
By now, we all know that people are at the center of organisations, and failing to address their needs can cost businesses a great deal. Yet this is still happening. Not because employers do not care but because they still rely on old models, poorly executed in a one-size-fits-all system, and benefits will inevitably be used by some and ignored by others.
I can tell you from personal experience that you want to create a proper plan for this. Twice in my career, I was the first employee of a young startup that failed to deliver the benefits we agreed on, and they ended up losing my trust over this. They meant no harm but, without a strategy in place, they completely forgot about it and used the funds somewhere else. At the time, I felt like they did not care, but I was wrong. They were doing their best while trying to succeed in running a business. However, the lack of structure and the usage of a rigid compensation scheme did not support them enough.
This happened three years ago when old models were still in demand despite stories like this. We did not know better. However, things have evolved, especially post pandemics. Nowadays, companies are well aware that perks and benefits require democratisation to fit people's ever-changing needs. It has been proven that you can save money with flexible compensation schemes while making your workers happier. If some of your employees are not extracting full value from their benefits package, you too are not getting full value from your investment. But, if you spend sensibly, compensations will have a great impact on your employees' life. That should be your end goal.
When it comes to fulfilling your employee’s needs, it is never too soon to start planning because, ultimately, the perks you offer will set you apart from the competition and help you retain talent.
Before the pandemic we’re currently going through, I would advise you to start with the basics and get your workers a permanent contract, a laptop, a phone, and health insurance. This would be appreciated by most. However, since the world has drastically changed, so have employees' needs, and if you want to remain competitive you need to try to turn the discussion over to them. I know I have shifted my motivations around this topic a couple of times during last year. Chances are, I am not alone.
Start by asking these 4 questions:
- What is your competition offering?
- What do you own, and what can you offer to remain competitive?
- What do you think your employees deserve in exchange for their work?
- Dig deeper into their profiles. How old are they? Are they married? Do they have kids? Essentially, what do you think is going to motivate them?
You get my point, correct? Chances are profiles will vary across the board, and one model could not possibly fit them all. To keep up with the new reality, you must think "flexible". Benefits are hard to get right so, instead of trying to achieve the impossible and accommodate everyone's expectations, why don't you turn it over to them?
Give your employees the full power allowing them to choose what they need at the given time while keeping things simple for both of you. There are several companies out there providing this service. Today I invite you to take a look at Coverflex and some of the things we can do for you:
- One single app for you and your workers where they can manage all benefits at will i.e. grocery allowance, insurance, and discounts
- Total freedom and flexibility on how to spend compensation
- Tax optimization for you and your staff
- Free system implementation without any commitment
I know I would be much happier with such a model instead of what I was offered so far, and this would increase my motivation and productivity at work.
You get my point, correct? Chances are profiles will vary across the board, and one model could not possibly fit them all. To keep up with the new reality, you must think "flexible". Benefits are hard to get right so, instead of trying to achieve the impossible and accommodate everyone's expectations, why don't you turn it over to them?
In conclusion, the world has shifted without notice, and so have we. Just by working from home, we have lost the right to so many benefits, i.e. free coffee and food, free quality wifi, adequate chairs, you name it. In addition to that, the worldwide economic crisis is forcing companies to cut down costs and planning more carefully for the future, resulting in fewer opportunities for employees more than ever before. I urge you to invest astutely where you can.
Start by booking a free demo with us to look into your options. Do not risk losing your single most important asset, and make sure you implement the right strategies to retain talent.
