In The Happiness Index Part 1, we shared why The Hire is so focused on measuring workplace happiness, what it means to us, and how we are quantifying it with recently placed candidates. Part 2 conveyed what we learned about the value of Inclusion and in Part 3, Transparency. In this final article, we share what “The Happiness Index” taught us so far about the value of the right Benefits, customized to the employee’s needs.
Medical, Dental, and Vision are fundamental benefits.
In the US, Health Insurance is a mandatory benefit, as most states require companies to offer employees medical insurance. While the ACA (the Affordable Care Act) does not mandate such benefits to be custom or offer a “menu” of plans from which employees may choose, it is becoming more common for companies to allow such choices. Employees can select their health care plan customized to their own needs.
The same applies to Dental and Vision Insurance. Most employees have one of these three elements through their employer, at least partially paying for them. But some companies are offering custom options so that employees can get custom coverage suited to their individual needs or lifestyles, while still staying within the boundaries set by law. This allows employers to differentiate themselves attractively without being too costly if they are willing to customize their benefits on behalf of the employee.
There are “Benefits” to Custom Rewards
We know that customizing benefits for our employees is important, but what about custom rewards?
Offering custom rewards is becoming more common in companies to promote employee wellbeing. These can be anything from extra time off options after a certain length of service, attending a conference or seminar (in addition to required continuing education/credentialing), play days, massages, community service days, or other “perks” based on the needs and interests of each individual. This allows employers to differentiate themselves without being too costly.
There is, of course, a risk of customizing in this way, in terms of size and cost. A custom benefits package might seem more attractive to some employees but may lead to unequal treatment resulting in legal issues or even discrimination claims. Your HR team or an external consultant can help you navigate those waters. So don’t be hesitant, as well-thought-out custom rewards can be great for morale and company culture, which is what we are promoting at The Hire…and with good reason! “Results from “The Happiness Index” so far show a positive correlation with happiness and custom rewards, especially around opportunities for employees to develop their skills faster, which results in greater growth and productivity for the organization.
Versatility is key to getting Benefits “Right”
People need to feel valued, respected, and trusted. There are lots of ways an organization can show this. A “customized” benefits package is a fantastic way to start. No one feels more trusted than when they are asked what they need and feel heard. And while you may not be able to deliver on every “perk” – listening and doing what you can go a long way. And “The Happiness Index” results support a positive correlation with custom growth opportunities.
This might mean different things to different employees. Are they “indispensable” and can’t be taken out of the loop? Perhaps flexibility is the key to their happiness. While you may not be able to get rid of deadlines or pressure, customizing growth opportunities could mean that even if this person has to work on weekends sometimes, he or she gets a day off during the week instead. Some ideas for flexible working arrangements could include:
- 4-day Workweeks (10-hour days)
- ½ Day Friday’s during the summer months
- Comp Time
- Hybrid Work Schedules (Virtual/Live in Office)
The idea here is to give them what truly matters most and customize benefits accordingly. Remember: we all value something differently; custom relationships make us feel more valued and trusted and leave everyone feeling happier in return!
Growth opportunities also come in other guises. Custom training programs, mentoring relationships with managers outside their group, custom cross-functional assignments, conference attendance… you get the idea.
Employee Rights and Benefits
You can customize benefits packages to suit your workforce – from offering custom flexible working arrangements to custom family-friendly policies. Again, your organization needs to be aware of legislation in this area. You don’t want to promise something you can’t deliver or you may be in for a claim or dispute.
A fitting example is being able to work from home once a week. While it’s great for some employees, others may feel they have been discriminated against if only one or two employees are allowed to do this when everyone else has to work from the office every day. In this case, customizing benefits may mean allowing a certain number of people to work from home once a week. Others may work from the office every day. It’s about customizing custom benefits packages around what brings you and your employees happiness!
The point is that custom benefits packages custom-tailored to each individual or group. It can make them feel more trusted and valued. Customization should be based on their happiness with the package, not whether they’re part of a particular group/demographic.
To Summarize…
You wouldn’t ask someone out on a date without getting to know them first – so why would you hand over an employee benefits package without customizing it based on your organization’s culture and values, and its success?
So, allocate some time to think about your culture, what your organization stands for, and what benefits will enhance it. Keep Happiness top of mind – and listen carefully to what employees say they want. Then build a custom benefits package around it…and watch both happiness and performance increase!
Thanks for checking out this last article in “The Happiness Index” series. We are excited to update you with our findings in the future! If you haven’t read Part 1, Part 2 and Part 3 check them out here .