Employee benefits packages shouldn’t be etched in stone. They should be pliable, bending to the wills, needs and shifting circumstances that team members possess.
Like a sculptor molding a statue until it reaches a perfect state, companies must optimize their benefits by looking from a variety of angles and perspectives. If beauty is in the eye of the beholder, the beholders, in this case, are the employees, not the employers.
By adopting a cyclical approach based on reevaluation and recalibration, employers can amplify team members’ voices, transforming perks and benefits into an accurate representation of their individual and collective selves.
According to a 2022 Forbes Advisor poll, 40% of employers said they think employers leave their organizations in search of somewhere with better benefits. At the same time, 60% of businesses said they had changed their benefits package in the past year.
In the tech industry’s evolving landscape, one that’s based on transformation, a global pandemic has reshaped many aspects of the work experience — including benefits. For jobseekers, it can be tricky to keep tabs on these changes.
People professionals at three Austin companies, Overhaul, Imprivata and Redgate Software, spoke transparently about changes and additions to benefits over time and how employee feedback plays a role in influencing and refining them.
Imprivata’s SecureLink is a digital identity management platform that provides security, privacy, data governance and compliance solutions for life- and mission-critical industries.
How do you make sure that you evolve your perks and benefits package to meet what employees need in the moment?
To evolve our benefits in line with current needs, we hold monthly meetings with our benefits broker to review medical insurance claim trends. These trends provide insights into our employees’ well-being and areas where we can better support them.
What benefits have you pulled back on over the last year or so? What have you doubled up on?
Over the past year, recognizing the increasing need for mental health support, we introduced the Calm App to our benefits. This addition provides all employees and up to five of their dependents with unlimited access to Calm’s comprehensive mental health resources.
We lean on continuous employee feedback and results from our annual benefits survey to assess and adjust the perks and benefits we extend.”
What role does employee feedback play in making sure you’re putting together a relevant perks and benefits package that meets employees’ needs?
Employee feedback plays a pivotal role at Imprivata. We lean on continuous employee feedback and results from our annual benefits survey to assess and adjust the perks and benefits we extend.
Supply chain integrity solution Overhaul transforms disparate data into critical disparates to empower shippers to take instant corrective action.
How do you make sure that you evolve your perks and benefits package to meet what employees need in the moment?
To ensure our benefits evolve in line with employee needs, I utilize regular feedback from 15/5 surveys, current plan participation metrics and financial opportunities within the company. This allows me to analyze the most significant cost of our coverage and align it with feedback and metrics to discern if a better package, contribution ratio or trending area of interest should be introduced.
What benefits have you pulled back on over the last year or so? What have you doubled up on?
We haven’t pulled back on any benefits. However, we doubled up on voluntary coverages, added hospital indemnity and increased short-term disability.
Employee feedback is our first priority because it deeply impacts our employee experience and retention rates.”
What role does employee feedback play in making sure you're putting together a relevant perks and benefits package that meets employees’ needs?
Employee feedback is our first priority because it deeply impacts our employee experience and retention rates. Insights regarding our providers’ performance, customer service experiences, intended affordability and shared cost drive our decision-making and overall engagement.
Redgate Software is focused on helping DevOps solve complex database problems via simple, reusable and reliable tools.
How do you make sure that you evolve your perks and benefits package to meet what employees need in the moment?
To ensure our benefits remain relevant and supportive, we prioritize the health and well-being of our team members. After the pandemic-induced shifts, we integrated a multifaceted approach: conducting annual global benefits benchmarking and tech market reviews, gathering regular employee feedback through benefits surveys, collecting and analyzing pertinent data, staying updated with industry trends and maintaining flexibility and agility.
We also experimented with flexible benefits tailored to individual needs. Continued review and adjustment are essential, aiming for an inclusive benefits package that caters to the varied needs of our diverse workforce. Securing senior leadership’s support for any benefits package changes ensures alignment with our overarching strategy and available resources.
What benefits have you pulled back on over the last year or so? What have you doubled up on?
As a response to the COVID-19 pandemic’s evolving work dynamics, we adjusted our benefits. We removed onsite perks, office spaces accommodating our flexible hybrid model and lesser-valued benefits like critical illness insurance and selling holidays. To better serve our employees, we introduced our new global benefits platform provider, Ben, and added so many benefits: a flexible monthly well-being allowance; new voluntary benefits; core flexible benefits; counseling via our EAP, the Unmind app; Perks at Work; LTIP; volunteer days; birthday leave; flexible public holiday swaps; company wellbeing days; and a six-week paid sabbatical for every five years of employment.
Regular communication loops are vital, helping us enhance well-being, identify needs, tailor benefits, increase engagement, retain talent and maintain a competitive advantage.”
What role does employee feedback play in making sure you're putting together a relevant perks and benefits package that meets employees’ needs?
Employee feedback is paramount. Embodying our core value, “We do our best work in teams,” we actively seek insights through surveys, town halls and Q&A sessions. We also use Thymo, our always-on engagement tool for real-time feedback. Regular communication loops are vital, helping us enhance well-being, identify needs, tailor benefits, increase engagement, retain talent and maintain a competitive advantage. Most importantly, by valuing and acting upon feedback, we build trust, reinforcing our commitment to employee well-being.
