The financial planning and employee benefits company challenges reports that graduates are less well off than their predecessors, suggesting businesses now offer more extensive and flexible workplace packages in order to attract and retain talent – reminding that what graduates lack in pay can be more than offset in benefits.
Managing partner David Pugh said: “Employers who are ‘ahead of the pack’ have workplace differentiators with schemes tailored for the generation they employ, or if the workforce is multi-generational they provide ‘pick and mix’ options, allowing employees to choose the benefits most appropriate to them.”
As well as core employee and tax-efficient benefits such as pensions and life/medical cover, assistance programmes, long-service holidays, travel loans, bikes for work, gym membership, health screening and professional subscriptions, Lemonade’s clients run induction programmes offering gifts linked to their firm and/or customers.
Staff can choose and personalise a new pair of designer trainers or opt for personalised gifts such as wine or stationery. Outside the induction period, incentive trips to New York and Las Vegas and all-expenses-paid weekends away for staff who meet targets are increasingly common, as are designer clothes, nights out to say thank you for a job well done and, on a smaller scale, cinema tickets and shopping vouchers. One medium-sized business takes its whole workforce overseas from Friday to Monday to show its appreciation.
Pugh continued: “These are the ‘extras’ graduates appreciate; they feel valued and rewarded, and so are more likely to stay loyal to the business and want to develop their careers. This is a huge move forward from the reliance on traditional benefits such as a pension – which in the long term is invaluable, but from a graduate’s point of view is of little interest now.”