By Hanna Butaya
After I gave birth a couple of months ago, my partner and I immediately thought of enrolling our baby under his medical insurance. As we were accessing their website to enroll her, I was amazed at all the customizable plan inclusions that suit every lifestyle – the beauty of personalization.
In this new era of disruption and the availability of technology, there is a huge opportunity to personalize employee rewards to match the needs of your workforce. According to the 2018 Global Talent Trends study by Mercer, globally, 70% of employees expect their employers to understand their needs and wants, but only 56% of employers actually do. We cannot deny the strong differentiating factor of rewards thus organizations need to continually assess the needs and preferences of their multigenerational workforce.
In the Philippines, more and more organizations are veering away from traditional rewards strategy and are realigning it to a more individualized and personalized rewards system. Choosing a scheme that offers flexibility to provide different rewards to each unique employee needs allow for these individualities. You can start by allowing employees to choose their own incentive according to their own needs and wants. This can be done by offering flexible work policy, childcare, loans, and vacation, paid time off, and health and wellness access.
Rewards personalization often reflects your company culture and values so this scheme can help shape employee behavior in line with the company’s values whilst simultaneously attracting and retaining those who are also attuned to it – that’s like hitting two birds in one stone.
As for me and my partner, we chose a customized medical insurance that suits my baby’s medical needs as a preemie. My partner also added a flexible work schedule for him so that we can both share the joy of parenthood, all doing it in the comforts of our own home.
Shameless Plug: Let’s talk over coffee to see how we can help with your Total Rewards Strategy.
“Globally, 70% of employees expect their employers to understand their needs and wants, but only 56% of employers actually do.”