I go beyond compensation as the domain when talking of non cash components – this is because the line has blurred when it comes to how employees can be engaged with various benefits – and those benefits can come under the umbrella of beyond just compensation. Non cash components represent a vast area of opportunity for engaging employees. This umbrella includes everything from providing various insurance benefits to offering various ways of rewarding employees. It also includes offering them various services as an organization that makes their work and personal life easier (for example, Le Concierge). To add to this, a robust culture of fun, celebration, independence and trust at work is provided, that keeps the employees engaged among their teams and with their managers. Non-cash components also include the various initiatives we take under the umbrella of “Benetton Love UnLimited” that illustrate the way the organization cares for its employees – these include health checkups, offering our products at a discount, having online doctor facility 24X7, celebrating key milestones for an employee in professional and personal life, health club reimbursement, providing avenues such as financial planning workshop, winter Olympics, etc. that repeatedly reinforce that “we care”!
One of the best practices on the use of non-cash components that has worked in your organization has been in the area of insurance benefits, especially medical insurance. With rising medical treatment costs and also an increasing rise in the cost of living, this benefit in its comprehensive form has been available with employees for themselves and their dependants. This is clearly something that our employees value.