« August 2007 | Main | January 2008 »

October 2007

October 29, 2007

Benefits, Rewards and Perks - The Concierge Lifestyle - Part 1 of 7

"How do I create balance between my passion to do good work and my commitment to have a balanced life?" It's the question being asked by today's workplace. No matter what generation you belong to, with the speed of today's marketplace, you feel like there's just not enough time to get it all done.

"Time is our most valuable resource" is the battle cry in today's workforce, and with increasing frequency employees are turning to their places of employment to seek support in finding the solution. One way employers are meeting this need is through the benefits, rewards and perks that create Category I -

The Concierge Lifestyle

Companies work hard to attract and retain top talent, but the best companies recognize you also have to work hard to keep top talent as well. Some employers are addressing this by creating contemporary benefits to tackle the time issue by saying ...

"No time to go out and get it? We'll bring it to you!"

Employers are bringing on-site the services and perks we want and need but can't find the time to get to:

  • Massage Therapists
  • Chiropractors
  • On-site Coffee Baristas
  • Free Lunches and more... drinks, snacks, soft drinks, water, popcorn, etc.
  • Dental
  • Doctor
  • Yoga
  • Car wash/detailing

Others are helping you schedule your appointments and make your reservations through the virtual Personal Assistant Services. It cuts down on lost productivity time of employees surfing for services and waiting on hold.

Personal Assistant Services include:

  • Movies/Ticket Purchases
  • Theater Tickets
  • Shipping/Mailing Services
  • Restaurant Reservations
  • Travel Planning

To prevent lost time in employees going off-site to run chores, employers are having service providers come to campus to pick-up your personal chores:

  • Dry cleaning - pick-up and delivery
  • Shopping for employee grocery lists (Costco runs)
  • Alterations
  • Laundry pick-up

While our Traditionalists may frown at the seeming decadence, for the most part they also had a "wife" at home covering these duties. With the increase of single-parent households and two-working parents, our Baby Boomers are getting on board and enrolled in these options faster than you might imagined especially as service providers find ways to make it cost efficient, or at no cost to the business owner.

Sandwiched between aging parents, boomerang children and demanding jobs, Boomers welcome anything that takes one of the To Do's off their very full plate.

While Boomers enjoy it, X-ers are craving it. X-ers are struggling to establish a life-style career where they have balance between work and family. X-ers welcome and often choose to work for companies for less pay that provide these benefits and support. Plus, X-er's tenure at companies with progressive perks is higher, thus creating savings for companies through lower turnover costs and increased satisfaction.

Millennials expect it, demand it and keep moving until they find it.

While this is not the whole equation of what attracts and retains, it's a vital piece that employers must address or deal with the "fall-out".

Stay tuned and find out more in Category II of VII.

October 10, 2007

Retention Tips: Rewards, Perks and Reasons X-ers and Millennials Stay

We all know that one of the most expensive business costs is attracting talented people to work for us.. Often times my clients and audience members ask me the same question:

     "Once we get 'em, how do we keep 'em?"

Clients tell me the talent "burn/churn" rate is too high  and rising. It's keeping them up nights, and impacting their bottom line. Well, there is "good" news and "bad" news here. First, I'll share the good news. There are many simple actions and programs you can put in place that will create a "sticky" factor that helps current and potential employees want to stick around longer.

Now, the "bad" news. I said simple, not easy. There is often push back from more "senior" or "tenured" employees saying, "We didn't get that. Why should they?" That response, if you let it stop you, will be the exact reason that X-ers and Millennials choose to leave, or never accept the job in the first place.

More "good" news however, is that once you put some of these new perks and programs in place, the Baby Boomers will love 'em, and it may be what helps keep them in the workforce longer.Baby Boomer are looking desperately for more work/life balance. As they deal with aging parents, boomerang children that keep coming home, and the time demands of being at the top of their professional career, some of the new perks, work schedule and formats are looking mighty good.

So where do we begin to understand what makes each generation stick?

What kind of perks, packages and rewards are compelling enough to have employees ignore the lure of greener pastures that competitors dangle in front of them?

Good questions. To help you answer this I want to share what the "Best Companies in Washington" (as reported by the Puget Sound Business Journal) are doing in this area. When I added all their perks and rewards ideas together I saw seven categories arise, and the next few posts will go into detail on each category and share how you can learn from what the best are doing.

So to get us started, here are the big picture categories of Perks, Rewards, Compensation and other ways companies create a culture and environment that says, "We appreciate you, and we want you to stay."

  • Category 1 - Concierge Lifestyle
  • Category 2 - Family Friendly
  • Category 3 - Flexible Work Schedules
  • Category 4 - Work/Life Balance
  • Category 5 - Discounts and Cost Savings
  • Category 6 - Self-Development Support
  • Category 7 - Profit Sharing