Restructuring Corporate Benefits

Restructuring Corporate Benefits

June 29, 2016

Officially published in DAWN Advertiser written by  Zeeshan Lakhpaty

Restructuring Corporate Benefits

Restructuring Employee Benefits Results from a Metlife Study conducted last month have revealed that if you want to attract a talented, driven and dynamic workforce and reduce absenteeism and turnover, a redesign in the corporate benefits structure is required to keep the benefits in line with the changing preferences and demands of your employees.

 Here are four benefits that are being introduced globally, and to an extent in Pakistan, which can attract, motivate and retain a skilled workforce:

Sponsored vacations. Paid annual leave and holiday allowances are becoming outdated; employees prefer company sponsored vacations. This entails payment of the travel fare and accommodation expenses for employees and their families, as long as the total cost does not exceed a designated amount. This amount varies depending on how long the employee has been working at the organisation, as well as his/her position.

Health policies. Working late, strict deadlines, caffeinated drinks and junk food pose serious health risks to employees. Therefore, in addition to health insurance, introducing cafeterias (that offer nutritious food), gym facilities, massage therapy and yoga classes within office premises are proving to be decisive factors for people joining or staying at an organisation. You can also offer discounted recreational club memberships to help your employees unwind.

Flexible timings and workstations. Nine to five desk jobs are out and flexible hours and telecommuting are in. Allowing employees to customise their timings – as long as the minimum work hours are logged in – instils a sense of empowerment and responsibility. Remember, you do not need employees to be physically present at their work stations to do their job; allow them to use smart devices to work from home, saving costs and commuting time.

Wardrobe makeovers. Offering a wardrobe makeover is an innovative and effective perk to ensure motivated employees even in the absence of promotions. Employees are allowed to purchase clothes, within specified budgets, from designated stores and the bill is settled by the company.

– Zeeshan Lakhpaty

The writer is a professional corporate trainer and an international speaker. 

First published in the Careers Section of The DAWN National Weekend Advertiser.

Restructuring Corporate Benefits

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