Here’s an example of how one company is taking an innovative approach to their benefit’s package: Australia-based Linktree’s new comprehensive benefits package – Total Rewards program – allows staff at all levels to invest in what’s important to them. It may be personal wellness, professional growth, their lifestyle, etc. It’s all about flexibility.
The program offers employees $6,000 AUD/$4,200 USD annually to use on just about anything they want.
“Flexibility is inherent to who we are and that goes beyond remote working and flexible schedules,” said Emily Moore, people and culture manager, on a Linktree blog post announcing the policy. “It’s also about what we offer our people to make sure they’re set up for success. Why not let each person decide what they’d like to prioritize in their life?”
New benefits package
Linktree breaks up its Total Rewards program into three parts: remuneration, equity and benefits.
They treat their employees fairly and competitively and use market research to do it. That’s the remuneration.
Employees at all levels can partake in the Employee Stock Ownership Plan. That’s the equity.
And the benefits part is where it gets new and innovative. It’s made up of two types of benefits: core and flexible.
All employees have equal access to the core benefits, some of which include:
- 18 weeks paid parental leave for all new parents
- transpositive benefits make sure their trans and gender diverse employees feel safe, respected and supported
- free access to Headspace
- employee assistance program with coaching and therapy access
- pension/401(k) plans, and
- weekly meal allowance through Uber Eats.
And under the flexible benefit , employees get to spend their $6,000 AUD/$4,200 USD among four “pillars”:
- Wellness – This pillar covers mental health and wellness which allows employees to join a gym, get messages, mental health training, etc.
- Growth – Under this pillar employees can get personal and/or professional coaching like financial coaching, life coaching, short courses, books, etc.
- Lifestyle – Allotted for priorities outside of work, employees can use it for childcare, pet insurance, travel insurance, travel allowance, hobbies and household support.
- Impact – This pillar provides the ability to do good, like buy reusables, employ green energy, make a charitable donation, buy energy efficient appliances, etc.
Clearly, Linktree is thinking outside the box! And that’s what Benefits experts suggest when it comes to fighting the “Great Resignation.”
Linktree did it because, according to Moore, “We wouldn’t be where we are today without our people, so we’re offering a program that allows them to thrive both at work and outside of work.”