Redesigning Perks & Benefits to Attract People

Sometimes I wonder if we lack imagination. You can find countless number of company shirt, pens, mugs, pens, notepads, keyring, and water bottle in my home. In fact, I only have company branded shirts and I could really put Accor above my door. By the way, aren't those gifts? 

Yes, that's all I had for 19 years. Trainings or development opportunities, allowance for my studies that I had to do because they hired me for the job I was unqualified for so I had to spend around AED 200K to bring myself up to date, not so much. But we had organic fruit box in the canteen every morning:-) I just consider that I bought apples for 200K shall I?

But before overhauling your Comp & Benefit system let's understand the difference, although there is no hard rule. Read here. Benefits are guaranteed and perks are sporadic bonuses. "Benefits are non-wage compensations that supplements an employee’s salary. Essentially, benefits pay for expenses that an employee would have to cover with their income, such as health insurance, savings for retirement, and transportation costs for commuting to and from work each day. They also include paid time off. "

"Perks, on the other hand, are extra rewards or incentives on top of salary and non-wage compensation. They are frequently “experiential” in nature, meaning they provide an experience for an employee but aren’t necessarily a form of compensation."

Since there is no clear cut rule let's agree on this: Benefits are guaranteed and perks are sporadic bonuses and random stuff.

So what do employees want to be guaranteed? Solid foundation of benefits, such as comprehensive health insurance, retirement plans, and sufficient paid time off (30 days min), paid sick leave, and other paid leaves. Here I would like to mention that you employers, can always do better than the law. If the maternity leave is 90 days (absolutely ridiculous!) you could extend that on full or half pay. The company will be just fine and you don't have that many pregnant women running around statistically speaking. To be honest, this should be paid by governments and not by employers. But this is my 2 cents. The government benefit from me having a child not a company. What a logic lol. 

More benefits that we should consider and would be useful: Life insurance, student loan repayment benefits, childcare benefit, scholarships or school fees regardless of your pay-grade. 

Let's chat about perks! No, not about the organic apples but bonuses, company shares, learning & development support for external education, flexible work arrangements, employee health programs (gym memberships), and if you want to you can also run daycare and move childcare benefit to perks. Recognition & reward programs but here I don't mean a paper certificate that worth nothing. Give us something with monetary value like a weekend away, Sunday breakfast for my family of four to encourage quality time together, cinema tickets for those who love going to the movies, a train ticket to the person who loves a good train ride during the weekend or other travel perks that reduces the cost. 

Create a menu so people can choose what they want because the current situation is laughable. I would never choose certificates, birthday celebrations or card (give me a day off), annual staff party participation, outing, pizza parties or other nonsense. But I would choose education, travel or even library or gym membership. Offer people what they want so maybe they will start using your benefits and perks! 

But here is my twist on this whole thing. Benefits such as health & life insurance, school fees, childcare benefits etc. would be the same for every level. I CANNOT stand the current system where the person earning 100K per month has a better health insurance than the person who earns 2000K. First of all, that person can pay for it. Secondly, don't the "lowerclass" have the same anatomy and need for the same medical care???????? And then we are talking about inclusivity, equity, equality, and all the other buzzwords while our housekeepers cannot go to the dentist or have a surgery because their health insurance doesn't cover that. In the meantime, the "upperclass" is milking the insurance system. Have we completely gone mad with that?????????????????????????????????? Yes, I am upset. 

Going for my 15k Saturday morning walk....

PS: During 19 years in the hotel industry I used my room discount once and my F&B discount maybe five times. They gave me something I didn't need (F&B) and as for the room? The rate was always closed:-((((((( Occasionally, depending on the country I got pension contribution. Thanks for nothing! However, my health insurance was always taken care of.