How to Build Employment Value with Better Benefits [Podcast]
Salary isn’t everything. As a matter of fact, eighty percent of employees say that they’d choose additional benefits over a raise. Sixty percent say that benefits are a huge deciding factor in whether candidates take a job at all. And HR professionals report that the benefits are what’s leveraged most often to retain top talent.
To put it another way: Employees are vocal about the swaying power of offering better benefits. And employers will want to listen.
With this in mind, to stay competitive, organizations need to know how to tailor benefits to both the employees they have and the candidates they want to attract.
Our Guest: Alexa Baggio, Employee Experience Expert
On the latest episode of #WorkTrends, I had the pleasure of speaking with employee experience expert Alexa Baggio. She’s devoted to creating immersive experiences and encouraging thought-provoking interactions between employers and employees–with the aim of improving upon “traditional” HR practices.
For example, Alexa founded The PERKS Conventions (PERKS) to make employee-focused services easier to discover, access, and afford. Currently, PERKS has expanded to six cities across the U.S. and is the largest employee experience expo on Earth. This past year, PERKS also created Showcase™, an innovative virtual benefits fair platform that empowers employers to host live info sessions, eliminate hours of work wrangling vendors, and improve employee experience communications all year round.
With so many employees reporting that better benefits are extremely valuable to them, I asked Alexa how employers can use benefits to build and enhance their employee value proposition. Her answer? Offer personalized benefits to suit specific employees.
“You’ve got four generations in the workforce. Some people care about fertility. Others care about loans,” Alexa says. “Some people also care about debt. How are you going to make everybody happy? You personalize.”
Employee “Experience” vs. Employee “Lifestyle”
So how do you personalize benefits to optimize for a better employee experience? Basically, says Alexa: You choose the lifestyle benefits that suit the employees you hired. In other words, don’t just get a foosball table as a perk because the rumor is that foosball is cool.
“Everybody heard that [foosball] was trendy, so they did it,” Alexa says. “That may be the right culture for the 75-person sales team with an average age of 23 in your office, but what if your culture isn’t that? What if you have a bunch of engineers, or researchers, or lab technicians?”
After figuring out what core benefits fit the employee population, employers need to understand that perks offered also are a reflection of company culture. For example, if your organization values health and wellness, that needs to be articulated in the benefits. Communicate this by offering a gym membership or nutrition program.
“As an employer, you have to decide: What are the cultural benefits you want to signal? Is it fitness? Wellness? Timeliness? Cost reduction? Financial education? Community giving?” Alexa says. “Give people the experience to get in there, and to explore, and show that you’ve got great systems set up to be a person that works there.”
Basically, to stay competitive as an employer, get to know the people you hire. Learn what’s important to them and offer better benefits to reflect that. It could increase the longevity of your hires and foster the company culture you desire.
I hope you enjoy this episode of #WorkTrends, sponsored by PERKS. You can learn more about how to optimize benefits for employee experience and lifestyle by connecting with our guest, Alexa Baggio, on LinkedIn.