Name: Benefits beyond salary
Uploaded: 2023-05-23T15:06:40.768Z
Duration: 308.47
Description: Bonuses, pay rises, promotions... these are the traditional ways of showing appreciation and rewarding employees for their hard work and dedication to the job -- and they all involve money! But could employee engagement be more successfully maintained with benefits beyond salary? Smiti Bhatt Deorah, Co-Founder at Advantage Club, a Boueri, shares her thoughts on the future of employee rewards.

Smiti_Deorah_v2.mp4

Smiti_Deorah_v2.vtt

English

{{00:00:00}}
So what is today's
millennial working for?

{{00:00:02}}
They're not working for money anymore.

{{00:00:04}}
They're not working for salary,
they're not working for,  survival

{{00:00:08}}
or,, any sort of security.

{{00:00:10}}
They are looking for meaningful work.

{{00:00:22}}
My.

{{00:00:22}}
Smiti, I'm, the co-founder of
Advantage Club,  which is an

{{00:00:26}}
employee engagement platform.

{{00:00:36}}
What has really changed in the past
couple of years, especially post the

{{00:00:41}}
pandemic, is  employees are no longer
looking for just salary as benefits.

{{00:00:46}}
So,  a lot of companies, and this
has been a trend which has,  started

{{00:00:50}}
coming up, they have started looking
beyond your standard providence

{{00:00:54}}
funds or retirement pension
benefits, etcetera, and start

{{00:00:58}}
giving more regular benefits,  in a
quarterly or in an orderly fashion.

{{00:01:03}}
Which is not related to your annual
appraisals, but they could be

{{00:01:07}}
benefits related to performance,
could be benefits related to

{{00:01:10}}
wellness, could be benefits related
to,  maybe managing finances better.

{{00:01:16}}
Could be ways for
employees to save better.

{{00:01:19}}
So wherever you can make an
impact in,  their overall holistic

{{00:01:25}}
wellbeing, rather than just giving
them salaries is what we mean when

{{00:01:28}}
we say benefits beyond salary.

{{00:01:39}}
Our grandparents, they
used to work for survival.

{{00:01:42}}
Our parents' generation,
our grandparents had

{{00:01:45}}
survival covered, right?

{{00:01:46}}
So by the time our parents
started working, they

{{00:01:48}}
were working for security.

{{00:01:50}}
Now they got security covered.

{{00:01:52}}
So what is today's
millennial working for?

{{00:01:54}}
They're not working for money anymore.

{{00:01:56}}
They're not working for salary,
they're not working for,  survival

{{00:02:00}}
or,  any sort of security.

{{00:02:02}}
They are looking for meaningful work.

{{00:02:06}}
Typically when you're looking at,
today's millennia or the Gen Z or

{{00:02:10}}
what we call it today, they're not
looking at just salary because salary

{{00:02:14}}
is something which can be easily
matched by another organization.

{{00:02:18}}
But the benefits, the culture, the
general way in which the company

{{00:02:22}}
treats their employees is unmatchable.

{{00:02:24}}
That is why it's become
really important today.

{{00:02:34}}
If you are able to provide a good
benefit structure to your employees,

{{00:02:38}}
you're kind of creating a program
in which you're saying that, Hey,

{{00:02:41}}
you know, I care about my employees.

{{00:02:44}}
And that itself had adds to people
staying back, they feel that,

{{00:02:48}}
okay, my employer cares about me.

{{00:02:51}}
If you put parental benefits, if
put family member related benefits,

{{00:02:55}}
that becomes an additional barrier
for an employee leaving the job

{{00:02:58}}
because, they no longer have the
decision power to leave the company.

{{00:03:03}}
They also have to
convince their families.

{{00:03:05}}
So the first main important
benefit, which in which a

{{00:03:08}}
company gets on deploying
this, is the retention itself.

{{00:03:12}}
And then of course, the secondary
benefit is general employee happiness.

{{00:03:19}}
In case they don't incorporate
this, the risks are exactly

{{00:03:27}}
the opposite of the gains.

{{00:03:28}}
So you, you tend to lose good talent
to other companies who are, who can

{{00:03:33}}
match your salaries and they can
give better benefits than you can.

{{00:03:37}}
And,  you also lose loyalty
of your good employees.

{{00:03:42}}
If you look at the talent pool, there
is a limited good talent available in

{{00:03:47}}
the market and everybody wants that
talent as part of their companies.

{{00:03:52}}
It's really important to create
happy cultures in the companies and

{{00:03:56}}
good benefits, which incentivize
that good talent to not move out.

{{00:04:01}}
Also, in incentivizes the, you
know, not so good talent to become

{{00:04:06}}
good talent by getting motivated
that, hey, you know, I'm gonna

{{00:04:09}}
get these additional benefits
if I do this or if I do that.

{{00:04:20}}
Digitization has become really,
really important,  if you're

{{00:04:23}}
looking at the future of work.

{{00:04:25}}
So this trend, I, I don't think is
gonna go away because digitizing

{{00:04:30}}
benefits is the easiest thing to do.

{{00:04:34}}
Creating a flexibility for an employee
to pick and choose what they want

{{00:04:38}}
can only be achieved by digitization,
which is the future today.

{{00:04:43}}
So I personally feel that,  this
is something which is gonna become

{{00:04:47}}
a norm now in which more and
more companies start opting for

{{00:04:50}}
benefits, and then it's like a cycle.

{{00:04:52}}
When you have 50% of the market giving
benefits, the remaining 50% is no

{{00:04:57}}
other option, but to comply less, they
lose their,  you know, good talent.

So what is today's
millennial working for?

They're not working for salary,
they're not working for,  survival

Smiti, I'm, the co-founder of
Advantage Club,  which is an

What has really changed in the past
couple of years, especially post the

pandemic, is  employees are no longer
looking for just salary as benefits.

So,  a lot of companies, and this
has been a trend which has,  started

coming up, they have started looking
beyond your standard providence

funds or retirement pension
benefits, etcetera, and start

giving more regular benefits,  in a
quarterly or in an orderly fashion.

Which is not related to your annual
appraisals, but they could be

benefits related to performance,
could be benefits related to

wellness, could be benefits related
to,  maybe managing finances better.

Could be ways for
employees to save better.

So wherever you can make an
impact in,  their overall holistic

wellbeing, rather than just giving
them salaries is what we mean when

Our grandparents, they
used to work for survival.

Our parents' generation,
our grandparents had

So by the time our parents
started working, they

Typically when you're looking at,
today's millennia or the Gen Z or

what we call it today, they're not
looking at just salary because salary

is something which can be easily
matched by another organization.

But the benefits, the culture, the
general way in which the company

That is why it's become
really important today.

If you are able to provide a good
benefit structure to your employees,

you're kind of creating a program
in which you're saying that, Hey,

And that itself had adds to people
staying back, they feel that,

If you put parental benefits, if
put family member related benefits,

that becomes an additional barrier
for an employee leaving the job

because, they no longer have the
decision power to leave the company.

They also have to
convince their families.

So the first main important
benefit, which in which a

company gets on deploying
this, is the retention itself.

And then of course, the secondary
benefit is general employee happiness.

In case they don't incorporate
this, the risks are exactly

So you, you tend to lose good talent
to other companies who are, who can

match your salaries and they can
give better benefits than you can.

And,  you also lose loyalty
of your good employees.

If you look at the talent pool, there
is a limited good talent available in

the market and everybody wants that
talent as part of their companies.

It's really important to create
happy cultures in the companies and

good benefits, which incentivize
that good talent to not move out.

Also, in incentivizes the, you
know, not so good talent to become

good talent by getting motivated
that, hey, you know, I'm gonna

get these additional benefits
if I do this or if I do that.

Digitization has become really,
really important,  if you're

So this trend, I, I don't think is
gonna go away because digitizing

Creating a flexibility for an employee
to pick and choose what they want

can only be achieved by digitization,
which is the future today.

So I personally feel that,  this
is something which is gonna become

a norm now in which more and
more companies start opting for

When you have 50% of the market giving
benefits, the remaining 50% is no

other option, but to comply less, they
lose their,  you know, good talent.

Disruptive HR

Trend

Bonuses, pay rises, promotions... these are the traditional ways of showing appreciation and rewarding employees for their hard work and dedication to the job -- and they all involve money! But could employee engagement be more successfully maintained with benefits beyond salary?
Smiti Bhatt Deorah, Co-Founder at Advantage Club, a Boueri, shares her thoughts on the future of employee rewards.

Future of Work

Employee Wellbeing

Rewards & Benefits

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Smiti Bhatt Deorah

Discover insights from other experts

Co-founder & COO

Deorah shares how employee priorities have shifted in the last few years. 

Shifting mindsets 

Deorah highlights the importance of creating rewards programs that benefit and help retain your employees.

Benefits of a good rewards program

Learn some of the risks companies may face by failing to provide non-monetary benefits, and explore how the adoption of hybrid working has opened up new avenues for delivering impactful benefits to employees.