Giving Employees a Sense of Ownership
Yesterday’s blog by Amy Lyman reviewed the benefits of Shared Capitalism, based on a study conducted by National Bureau of Economic Research. Most notably, group incentive pay and policies that empower employees typically reduce voluntary turnover and raise return on equity. What is elusive, however, is determining the right programs and policies for your company.
For inspiration, I offer you the following Best Practices from Best Companies:
Geographic Information Systems
Honorable Mention for an Innovative Approach to Benefits
Geographic Information Systems takes an innovative approach to benefits and offers employees maximum freedom in selecting the ones that are right for them. In addition to base benefits (health insurance, tuition reimbursement, an EAP, and more), GIS’ Personal Choice Plan presents employees with a point-based “budget” that employees use to select from an array of additional “Choice” benefits. Choice benefits include alternate health insurance plans, dental insurance, vision insurance, additional life insurance coverage, disability, AAA membership, gym membership reimbursements, additional PTO, among others. The number of Personal Points required for a specific benefit is based on the actual cost to the organization. What’s more, additional Personal Points are offered at tenure anniversaries, so the longer an employee stays with the company, the more benefits an employee receives.
Ranked #17 on the 2012 Best Small Workplaces list
Assurance Agency offers its 265 employees a “Shared Success” bonus plan that accounts not just for business performance metrics, but cultural objectives like sending thank you notes and increasing participation in wellness initiatives. Not only does their shared success program motivate employees to contribute to the culture as well as the business, but Assurance also has a little fun with the program. Four times a year employees gather together for the Assurance Casino, where employees earn chips for meeting quarterly goals, or for activities such as referring a new client, signing up for the company blood drive or taking a continuing education course. Employee names get thrown into a hat to equal the number of chips each individual employee earned for the quarter. Names are then selected at random to spin a wheel and win cash prizes. The more employees participate in culture building activities, the more chips get thrown into the hat, and the more chances employees have to win!
For more Best Practices from Best Companies, check out our recent blog How to Inspire an Ownership Spirit among Employees.
Tiffany Barber is the Associate Manager of Marketing and Communications and an avid blogger for Great Place to Work®.