5 steps to help you align employee benefits with company purpose
Benefits may not be the first thing that comes to mind when considering companies’ missions and values. But the best benefits turn something abstract but important into something tangible that supports employees.
This is why in a purpose-driven organisation, benefits must be an extension and expression of your company’s mission and values. Employee benefits that align with your company’s purpose send a clear message to your team, your potential clients and the world beyond.
Like a healthy work-life balance, transforming your organisation’s purpose and values into useful, aligned benefits is an ongoing project. Here are some tips to get you started.
1. Keep your mission and values up to date
Company values should be deeply rooted without being set in stone. This means ensuring that your mission and values are central to your organisation]s goals before rolling them out and regularly reviewing and updating them as your organisation evolves.
Your values and mission should reflect where your company is today – not where it was at founding or a few years ago.
2. Involve the entire team in decisions
Giving everyone a vote and voice builds trust and encourages a sense of ownership and responsibility that will help your organisation keep values front and centre. To make sure everyone feels comfortable sharing their opinions, allow your team to provide feedback anonymously – surveys can work well. Creating a team that represents a true cross-section of the business to move the work forward is also a great way to build widespread buy-in.
3. Consider using ESG to underpin your benefits
An environmental, social and governance (ESG) framework examines an organisation’s environmental initiatives, relationships with staff, clients and nearby communities, and governance, or how the business is led and managed.
Strong ESG practices may appeal to investors and are important to many employees – 95% of millennial employees are interested in ESG investments, and 42% of employees say they‘re more likely to stay with an employer that offers ESG-friendly benefits. Those might include a rewards scheme for people who use carbon-neutral transportation, hybrid working models, ESG investment and retirement options and inclusive, accessible digital-first support.
4. Make benefits more inclusive
To improve accessibility and scalability across your organisation, consider adding more digital-first and flexible benefits. But since every provider is different, it’s essential to review any solutions you plan to offer your employees for security, bias and ethics.
By making your offering as accessible and unbiased as possible, you’re helping your employees overcome long-standing barriers and closing gaps in care systems. Making it easy and comfortable to access care and support has a positive net effect on all employees, not just those who most need adjustments.
5. Change benefits that don't align
Company values affect your business and its success – but so do the benefits you provide to support your staff. When values and benefits don’t align, it sends a mixed message to clients, potential investors, your workforce and new hires. For example, a company that lists sustainability as a value in its statement of purpose would want to commit to environmentally friendly benefits organisation-wide.
On a large scale, this might mean switching to more sustainable benefits providers or, on a smaller scale, implementing a rewards scheme to recognise individual staff efforts, such as taking transit to work and using reusable cups at work.
Taking action to better align benefits offerings and company purpose is integral to the wellbeing and success of employees and the organisations that employ them. It’s also a meaningful way to demonstrate to investors – and everyone else – that your values are a deeply rooted, cherished piece of your organisation’s identity.
To learn more about how to support mental health in your workplace, download Koa Health’s whitepaper, How to help your employees overcome barriers to mental wellness.
In partnership with Koa Health
At Koa Health, we believe digital mental health solutions are the answer to mental health issues.