How are your employees shopping for their benefits?
2022-05-10
Imagine if you had to grocery shop the same way employees select parts of their rewards programs. Currently employees are given a set amount for each "aisle" in the Benefits Store with compensation,, health, wellness, and equity, in separate aisles. Sure, they can select options among those, but they can’t leverage their spend throughout the rest of the store. Grocery shopping sure would be a lot different! Being limited to how much you can spendin the dairy, meat, bread, or ice cream (although that would just be cruel!) sections would dictate your preferences vs. your preferences driving your purchase pattern. Not to mention how to adjust for any special events. Even the ability to shop by department would be an upgrade from this point.
Reality is most people have some type of budget in mind when heading to the store, and then purchase throughout the store based on personal preference, taste, or occasion. Sure, it is more frequent than selecting reward elements and with fewer statutory rules (may no one ever legally limit my ice cream intake!), but imagine a complete marketplace for employees to maximize their reward value, all while allowing companies to ensure maximum value for their employee spend and exemplify their proposed corporate values.
The time of being able to deliver personalized rewards is here. The choice is if you want to be out in front of the market delivering and communicating rewards, or wait and play catch up competing for talent.
