INNOVATIVE BENEFIT PRACTICES
Author Note
School of Business, Liberty University
Discussion Thread: Innovative Benefit Practices
I have no known conflict of interest to disclose.
Correspondence concerning this article should be addressed to Santos J. Soto
Email:
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INNOVATIVE BENEFIT PRACTICES2
Discussion Thread: Innovative Benefit Practices
Employee benefits play a significate roll in the total compensation that they receive. The
benefit that an organization offers its employees can be something simple: a non-monetary that
they deem valuable and appreciative of. When an organization creates an innovative
compensation or benefit that can positively impact its employees, it can increase employees'
motivation, productivity, and satisfaction, which contribute to a healthy and enjoyable work
environment within the organization. According to Martocchio (2020), an organization must
know the most important employee benefits because it can help reduce turnover, increase
productivity, and attract top talent. The post will identify organizations that have implemented
innovative benefit practices to help their company to have an enjoyable work environment and
gain a competitive advantage.
Companies With Innovative Benefits Practices
In order to attract the best candidates, offer competitive compensation, and respect
employees' rights, Netflix employs innovative and distinctive benefit strategies. Mier and Kohli
(2021) declare that Netflix promotes talent density in addition to creating an environment where
each employee has freedom and responsibility. They also add that Netflix utilizes a unique
incentive strategy to encourage future behavior rather than past success, performs a "keeper test"
every quarter, and pays its employees the highest salary in the business to retain its talented
personnel. Additionally, workers can choose a portion of their pay from fully vested shares,
which are given every month at a market price (Mier & Kohli, 2021). Using these innovative and
unique benefit practices has ensured that Nexflix continues to maintain its top talent and a
competitive edge in a market surrounded by strong competitors such as Amazon, Disney plus,
and Paramount Plus, to name a few.
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Googles Uniques Benefit Practice
By providing its employees with distinctive benefits, Google has distinguished itself from
other leading tech firms. Google aims to offer its Googlers (Google's employees) the most
effective benefits programs in the world, with a particular emphasis on supporting employees'
mental, financial, and emotional well-being (Build for Everyone - Google Careers, n.d.). Google
offers perks such as free snacks and meals, ample vacation time, childcare assistance, subsidized
commuter services, a generous parental leave policy, and access to an on-site gym (Build for
Everyone - Google Careers, n.d.). Greige Frangieh and Khayr Yaacoub (2019) explain that
Google examines fair pay practices and establishes a compensation package in line with the
responsibilities of the employees. They run routine inspections to ensure the compensation
strategy and system are operating as intended to provide equitable and competitive compensation
plans. By conducting a compensation survey, the business ensures that it keeps ahead of other
major corporations by offering distinctive benefits to preserve a competitive edge in attracting
and retaining the most talented individuals (Martocchio, 2020).
Conclusion
Employee benefits have a significant role in an organization's compensation package.
They can boost workers' motivation, output, and satisfaction, which can lower turnover, boost
output, and draw in top talent. Netflix uses unique and creative benefit strategies to draw in the
top applicants, provide market-competitive pay, and safeguard employees' rights. These include
fostering a talent-density environment, establishing an atmosphere where everyone has freedom
and accountability, and offering workers the most significant compensation in the industry.
Google is a top tech company that offers its employees standout perks, including
complimentary snacks and meals, plenty of vacation time, childcare assistance, subsidized
INNOVATIVE BENEFIT PRACTICES4
transportation services, a generous parental leave policy, and a gym on-site. Employees may also
select a portion of their compensation from fully vested shares, which are distributed each month
at a market price. To offer fair and competitive compensation plans, Google investigates fair pay
practices, creates a compensation package that is in keeping with the duties of the employees,
and conducts frequent audits to ensure that the compensation strategy and system are functioning
as intended.
INNOVATIVE BENEFIT PRACTICES5
References
Build for Everyone - Google Careers. (n.d.). Build for Everyone - Google Careers:
https://careers.google.com/benefits/
Greige Frangieh, C., & Khayr Yaacoub, H. (2019). Socially responsible human resource
practices: disclosures of the world’s best multinational workplaces. Social Responsibility
Journal, 15(3), 277-295. https://doi.org/10.1108/SRJ-11-2017-0226
Martocchio, J. (2020). Strategic compensation: A human resource management approach (10
ed.). Boston, MA: Pearson Education.
Mier, J., & Kohli, A. K. (2021). Netflix: reinvention across multiple time periods, reflections and
directions for future research. AMS Review, 11(1-2), 194-205.
https://doi.org/10.1007/s13162-021-00197-w
