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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.
As the firm is employee-owned, all staff are entitled to an equal profit share bonus each year. Employees also get gift vouchers on milestone birthdays, weddings and for babies. At Christmas, staff can choose a voucher or donate to a food bank. And there are plenty of sweet treats and free breakfasts at quarter end.
Evolito runs a fitness challenge where departments compete against each other, with the winners receiving Nike vouchers. Many employees participate, with people walking at the weekend to add to their team's success. The organisation invited a bike doctor onsite and employees were able to bring up to two bikes each for a free service.
The organisation builds employee relationships through a number of social activities such as a weekly football, badminton, biking and walking groups, and an in-office social area with jigsaws, chess, and ping pong. It also has a company pet Tortoise, Donna. Employees share responsibility caring for her at work and taking her home at the weekend.
Employees have the opportunity to win prizes every week during Friday’s ‘Spin the Wheel’. If some employees work late, the organisation will order them food for free. The organisation also sends thank yous to employees’ families. It recently sent flowers to the partners of two employees who had been working late for several weeks.
July 2023 saw the first NYLON Week, with the US team coming over for the summer party and a week of in-person collaboration. There are many smaller team-building initiatives too, likely weekly lunches with pop-up food stalls. And the Pride Employee Resource Group is the company's largest, with LGBTQIA+ members sharing experiences and organising events.
'The Golden Pen' is the company's weekly recognition award – an opportunity for teammates to celebrate each other's work. During the Monday meeting, the 'pen' is awarded by the previous holder, with the CEO giving the winner a shoutout. All winners from the previous four weeks get a voucher prize in the monthly meeting.
'Papier with Purpose' is the company's CSR programme encouraging employees to give back to the local community through paid-for volunteering days, as well as being charitable and mindful of environmental impact. Initiatives include mentoring young people to help them into the creative industries, donating excess stock and giving a proportion of card sales to charity.
Verastar offers paid volunteering days for team bonding which help instil a sense of purpose and camaraderie among employees as well as supporting the wider community. Christmas and Summer socials are another way that the organisation brings its teams together in a festive and joyful atmosphere, reinforcing the bonds and developing the relationships between employees.
To support the ongoing business strategy, Verastar have launched a number of new initiatives, including system investment. The progress is underpinned by the CEO’s communication in his monthly newsletter, VNews, or via a senior leader cascade. It’s important that teams across the business are updated and can support each other with new ways of working.
The organisation operates a bonus scheme, STAR bonus. This scheme rewards colleagues with a quarterly bonus of up to 2.5% of their annual salary based on the achievement of specific objectives. Verastar also ensures that any goals set are stretching so that its employees are continually developing in their roles.
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