Your corporate culture and employee benefits strategy should align to reinforce your core values and business objectives. Many business owners view their employee benefits plan solely as a means to attract and retain top talent. While this is true, the structure and content of a benefits plan can be designed to reflect a company’s corporate culture.
Corporate culture is defined as the values and behaviors that contribute to the unique social and psychological environment of an organization. The attitudes, beliefs and customs along with written and unwritten rules, define the way an organization conducts business. Every interaction with customers, employees is defined by the corporate culture.
Corporate culture has a direct impact on productivity and performance. It needs to be reinforced through every part of the organization, including the employee benefits strategy.
Examples of Corporate Culture and Employee Benefits Alignment
If one of your company’s key values is environmental sustainability, you would want to ensure your insurer has a strong focus on sustainability and environmental stewardship. Benefits such as a public transit incentive or carpooling rebate would be an effective corporate culture reinforcement.
A company with a strong focus on health and wellness should consider a benefits strategy that reinforces proactive health management. Smoking cessation aids, nutrition counseling and stress management tools would form part of an effective culture-benefits alignment.
An organization with a family-friendly corporate culture may want to offer more personal days for family emergencies. This company may also want to consider the added costs of having a family and ensure its benefits package includes additional coverage for benefits. Providing the same coverage for employees with single or family status may not result in a synchronization between corporate culture and employee benefits strategy.
Corporate culture also defines how the benefits strategy is communicated to employees. Effective communication is required to ensure all employees understand their benefits and how they relate to the core values of the business. Rather than just providing a booklet of benefits to your employees, consider explaining how your benefits strategy reflects the corporate culture and how employees can integrate themselves within the core values defined by you, the business owner.
A positive corporate culture leads to greater employee satisfaction and engagement, which will in turn increase productivity and profitability.
To learn more about aligning corporate culture and employee benefits strategy, we encourage you to contact the experts at DENT Benefits.
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.