How Today’s Top CEOs Invest in Their Workforce
It’s no secret that providing your employees with perks in the workplace often creates a happier and more fulfilled team. Though numerous studies have been conducted regarding the benefits of workplace happiness, the message seems clear. If you treat your employees well, they will work harder, tend to be more efficient and generally strive to do more for the company in return. In fact, even the simplest accommodations can greatly impact employee satisfaction. For example, 67 percent of full-time employees with access to free food at work reported being “very” or “extremely” happy at their current job.
In today’s business climate, investing in your workforce starts from top management. Think of some of today’s largest corporations: From beer taps to table tennis, more and more organizations are willing to put forth whatever investments it might take to foster collaboration and engagement. Those amenities are governed by company leaders and flow top-down. However, you don’t have to be Google, Facebook or a Silicon Valley tech startup to offer attractive and creative benefits to your employees.
If you want to attract and retain top talent at your company, it’s vital to think like these companies. Leaders from today’s largest corporations put forth great investments in their workforce, and it’s working to their benefit. Here are just some of the benefits that today’s leading CEOs provide to their workforce.
They train recent college graduates
As the classic business anecdote states, “A CFO asks the CEO, ‘What happens if we invest in developing our people and they leave us?’ The CEO replies, ‘What happens if we don’t and they stay?’”
Oracle’s “Class Of” program aims to invest in the company’s people. The program, which was launched in 2013, was inspired by a dinner CEO Mark Hurd had with his daughter and her friends who had just graduated from college. Hurd recalls, “They [new college grads] had this infectious enthusiasm and I thought we should do the same thing at Oracle … When you are around all that enthusiasm, it’s infectious to the whole company.” Not only does the “Class Of” program provide the company’s newest employees with significant resources and training, but it also aims to develop a successful career path for the individual at Oracle.
In addition, Oracle unveiled its new campus earlier this year in Austin, Texas, which serves as the hub for the “Class Of” program. Downs Deering, senior vice president of the Oracle Digital Group says, “With the new campus, the company is even better equipped to provide better training and the opportunity for new graduates to experiment in different roles within a variety of departments and programs.”
They offer employee wellness programs
Twitter has been declared one of the healthiest workplaces in America, which is undoubtedly supported by their on-site gym and company-wide yoga sessions. In fact, the Bay Area headquarters offers complimentary workout classes, massages and healthy dining options. In his years as CEO, Dick Costolo regularly participated in the free CrossFit sessions at the company gym.
Costolo first developed his interest in fitness in 2001 when he began training for the Chicago Marathon. He finds that he has more mental and physical energy when he’s exercising regularly. Costolo says that the gym at Twitter not only encouraged healthy habits in employees, but also “led to interaction that we otherwise would not have had, even in company-wide meetings … The gym was the place in the company where everyone came together. You would have salespeople with finance people, engineers, designers, data science people, and people in HR.”
They pay for college tuition
While many companies offer to reimburse students for a portion of their undergraduate or graduate school tuition, very few go as far as Starbucks. In 2014, the company announced the Starbucks College Achievement Plan in partnership with Arizona State University, which fully covers the cost of tuition for all eligible U.S. partners to earn a bachelor’s degree in at least one of ASU’s online degree programs. In addition, Starbucks will pay partial tuition and provide need-based scholarships for students that are enrolled as freshmen or sophomores.
The company found that only a quarter of its workforce had a bachelor’s degree, and 70 percent are current or aspiring students. More than 140,000 out of a total 191,000 Starbucks employees are eligible for the program.The tuition reimbursement program is aimed at helping its staff, particularly underprivileged young workers, afford the education they need to succeed. According to CEO Howard Schultz, “By giving our partners access to four years of full tuition reimbursement, we will provide them a critical tool for lifelong opportunity.”
They encourage community service
Just this year, Fortune named Deloitte to its prestigious “Change the World” list, a yearly ranking of top businesses that do well by doing good. Deloitte encourages its employees to give back to the community, especially through its Societal Impact Commitment. Deloitte pledges a commitment to responsible business practices, serving the public interest and making an impact on society. CEO Punit Renjen says, “At the core of Deloitte’s business model is the fundamental belief that we exist to make a positive impact for clients, our people, and the communities in which we live and work.”
In addition to offering paid time off for volunteering, Deloitte bolsters its commitment to making positive change through its annual “Impact Day.” On this day, Deloitte firms around the world host Impact Day activities where Deloitte professionals spend the day volunteering. One employee says, “The Impact Day held each year to invest in the community is a fantastic experience. I love being able to tell friends and family that I’m being paid to spend a day volunteering.”
The new crop of employee benefits vary by industry and company, but each can make significant impacts on the happiness of your workforce. At the same time, adding new employee perks is not only a win for employees; employers also reap the benefits of a happy workforce. Investing in your most valuable resource will prove to be a winning strategy.
Article written by Amanda @ Enlightened Digital