How Company Culture Impacts Employee Benefits
The workforce is changing and demanding a shift towards a more work-life balanced atmosphere. Take a look at the big companies like Google, Facebook, and Netflix who are continuously ranked as “Best Places to Work” year after year. Do you think the culture that they provide and the high rankings are a coincidence? Probably not. But does this mean that culture is an end-all solution to the focus on employee benefits?
Businesses that are stuck in the “traditional” business ways (cubicle offices, 7 days off a year, basic medical benefits) are typically fostering the type of culture that job seekers associate with bad company culture. The businesses that are leading the way with innovative employee benefits (unlimited paid-time off, flexible work schedules, in-house childcare) are reflecting their company as one with impeccable culture and strong core values.
Company culture and employee benefits seem to go hand-in-hand. The more innovative and modern a business is with their benefits, the more their benefits seem to appeal to the newer workforce. Creative benefits based on a company’s culture are fun, attractive, and enticing, but it’s not an end-to-end solution. Lasting employee retention is the result of a mix of strategic and holistic benefits. Offering benefits that leverage your company culture is what might get people in, but combining it with the basics that people need, like medical, dental, and vision coverage, is what’s going to make them stay.
It’s a two-pronged approach that attracts the people who will be a good cultural fit in your business. It also helps you differentiate your business from your competitors, and goes a long way in improving retention and engagement. So to answer the question, “is culture an end-all solution to the focus on employee benefits?” – no, it’s not end-all, but rather a piece of the benefits puzzle.
Each business has its own variation of the puzzle to put together, but that’s where truly understanding your values and benefits packages come into play. Not quite sure where your benefits stand? You can take our Milliman Benefits Benchmarking Survey to see what other companies may be doing that you’re not.
If you think you need help creating a benefits package that’ll leverage both your company culture and the basics, reach out to us here. At Snellings Walters, we care about your employees just as much as you do, and will help you do the best you can to give them what they deserve.