Fair Deal - How happy employees are with pay and benefits
Fair Deal itself doesn’t directly influence another factor. It’s classified as a hygiene factor. Sure, doubling everybody’s salary would make them happy but it wouldn’t make them feel any better about factors such as leadership and management.
Now although pay is not an engager, it is important that pay and benefits are at the right level as to not disengage employees further.
The company closes its stores on Boxing Day in a rare move for retail. It rewards staff for their hard work and loyalty and means they can spend valuable time with their families. And a gift of a week's wages at Christmas means they can make the most of this time together.
The company uses internal podcasts as a new and innovative way to engage its people. These have included conversations with the Chairman and MD and offerings from diversity and inclusion groups and a 'shining stars' group recognising high achievers in stores. There are also bespoke publications for business updates, celebrating colleagues, charity, and community.
Rewards are not just monetary; the company takes time to recognise and celebrate achievements. This has included a London celebration for Jewellery Education Training (JET) students, a results-focused annual awards conference, a yearly 'Shining Stars' party for top performers and quarterly branch visits from directors to celebrate team accomplishments.
Team spirit is so important to its culture, this year, 40 staff won a long weekend in Dubai. In previous years, they have jetted off to Ibiza, Las Vegas, and New York. It also hosts regular social events including its annual black tie awards evening and its BIG Summer Social.
All staff have access to a range of benefits including vouchers and perks, offering savings on shopping, dining out, and everyday spending. Health and dental insurance is also available to everyone. Additionally, as well as a competitive salary, top achievers are awarded at the annual awards ceremony - a black-tie dinner.
Staff have clearly defined career paths and are offered training and development, ongoing support, and a genuine opportunity to progress. It has actively managed and regularly reviewed career development programmes, training opportunities, and subject matter experts providing on the job training. It has additionally supported a range of people with professional accreditation and CPD.
CFC is a 34% employee-owned company which means it benefits from having employee ownership alongside an incredibly engaged senior management and leadership team who act as role models for their teams. The core values are demonstrated through its belief in market-leading insurance products and customer service and a constant drive for innovation.
By attracting high-calibre talent, and retaining, motivating, and engaging employees through fair, competitive, and responsible remuneration structures it continuously builds on not only CFC principles but puts a spotlight on each and every individual in the organisation, these are the key components to its success.
CFC recently opened an Innovation Hub that provides a modern and tech-friendly office space for the tech team to collaborate in. Additionally, it has launched a careers platform to attract candidates to CFC. This platform is much more visually appealing and candidate-engaging, with video job overviews, manager profiles, and transparent recruitment steps and processes.
ClearScore recognises that sometimes people need support. Leave after pregnancy loss is a policy it has recently provided. The organisation understands the impact pregnancy loss can have on both parents, so should an employee experience this, if directly, with their partner, or through surrogacy, ClearScore gives them the time they need.
Its leaders articulate eight behavioural principles, which are described as the 'rules of the game'. They ensure that all employees are judged and measured against these. ClearScore's principles are communicated to new starters as part of an intensive two-day onboarding process and employees who demonstrate these principles are celebrated at the 'end-of-race' awards every quarter.
It encourages employees to create a Personal Development Plan to structure and commit to their learning and growth. Employees are given a learning budget of £500 to support their individual personal development. This is housed on a platform called Learnerbly, where employees can access a wide range of development content.
Each team and hub has a social budget, ensuring they have monthly socials. Activities are chosen by the teams and range from boat trips, beach hikes, team sports to wine tasting. TravelPerk also held a Get Together Week in Barcelona where over 1000 employees met up for a conference, social events, and a summer party.
The leadership team places emphasis on bringing teams together in real life. In January, the organisation held its annual Kick-Off event bringing employees on the journey by sharing its vision, mission, and yearly goals. All global hubs attended, led by Avi Meir (CEO) and the leadership team with guest appearances from board members.
The organisation recently launched its Value Heroes awards. Each quarter, TravelPerker’s nominate the colleague they feel has shown extraordinary behaviours to take its values from words on a page to real-life actions. The organisation showcases the winners and they are rewarded with personalised TravelPerk swag and 350€/£/$.
Staff can share how they’re feeling with monthly wellbeing workshops covering topics like mental health and menopause. They also have access to counselling services, massages, yoga sessions and a dedicated wellbeing app. And everyone gets private healthcare after two years. There’s also a ‘helping hand fund’ offering interest-free loans to anyone struggling to fund necessities.
Based on their feedback, staff now benefit from a revised bonus structure, with the personal performance element, which everyone got, now part of their basic salary. This has allowed for a boost in pension contributions and helps employees with mortgage applications. The bonus is now 100% based on company profit.
The company has reinvigorated its Diploma Academy to tackle a shortage of candidates – particularly paraplanners. The two-year course with a qualification at the end is open to school leavers, graduates and those who want to retrain. All exams and study materials are paid for, and they also get paid time off to study.
Fever-Tree is passionate about physical and mental health. Through its benefits package, it provides mental health resources and physical health initiatives. These include sports tennis, running, and football clubs. It also hosts hobby clubs such as baking, books, and singing. Additionally, it encourages its people to speak up if they are struggling mentally.
‘Do unto others as you would have them do unto you’ is a golden rule. As an organisation, it is very focused on 'citizenship' and ways of being. Citizenship refers to proactivity and ideation within everyday work. Its leaders encourage people to be ‘radiators’ and solutions hunters and to be involved in community initiatives.
Fever-Tree cares about rewarding its employees. It ensures this for its people through everyone receiving a bonus potential of no less than 10%, through spot bonuses and recognition awards, share options, SAYE share schemes, and its competitive remuneration offers.
Executive Director, Peter Harrison has always operated on a personal level, an approach that is shared by the Senior Leadership Team and they encourage the organisation work by the statement of "I want to be here, I want to do well, I want to be heard, and I want to be appreciated".
All employees receive 'flex points' each month that they can use on the organisation’s chosen employee rewards platform, Perkbox. These points can be traded in for gift vouchers or discounts from a wide variety of retailers and hospitality companies, or used for experience days or to donate money to charity.
All new employees visit the organisation’s Academy of People Development as part of a three day '7 Steps to Success' employee induction program. It also runs a 'Future Leaders Program' that any employee can register for. This course focuses on 6 development areas that helps to train employees in the skills needed for people management.
Good Energy offers its people premium access to the Headspace app, providing sleep support and meditation as well as mental wellbeing tips. YuLife, its employee assistance programme, offers physical and mental support; with access to a doctor service. It also encourages physical activity where employees work towards points to gain vouchers.
The organisation offers remote working allowance of £500 covering safe desk set up, electricity and heating costs. It also provides a travel allowance of £500, supporting with travel to our office and associated costs. Good Energy’s environmental purpose is factored into travel, rewarding those who are limiting travel, and reducing its carbon footprint significantly.
Culture Champions volunteer across all areas to promote the organisation’s culture, and feedback to leadership. The Culture Champions include groups with specific focus areas: Inclusion Champions focus on diversity and inclusion, and Mental Health First Aiders and general Cultural Champions who focus on sustainability and green initiatives, as well as social and engagement.
As a leveller across the company, everybody receives a profit share bonus of the same amount, irrespective of role, salary or level (pro-rata for part-time employees). And regardless of pay or working pattern, employees who've performed exceptionally can get a discretionary bonus.
Employees have inputted into the firm's new LEAPS programme which creates a pathway to develop a pipeline of high-performing managers and leaders. It has six levels, including a digital online training programme, a PathtoPartner programme, mentoring and external speaker sessions. Uniquely, staff can self-assess and apply for the most relevant training for them.
All employees can take one paid day a year for volunteering. This has included giving time to a local hospice. And 'Leicester 25' has seen the team participating in 25 events over 12 months to celebrate the anniversary of the office opening. They've included a 25-mile sponsored walk and bulb planting in a community garden.
