Armi Noorata
Global Head of Total Rewards
Fireblocks
Episode 381
Unlock Loyalty: Why Growth and Purpose Outweigh All Your Benefits
Current chapter: Covering monthly expenses is the number one concern for employees in 2024
Built By PeopleDecember 5, 2024 · 16:59
Thesis
“Strategic total rewards, encompassing both monetary and non-monetary benefits like family-forming support and financial wellness programs, are vital for attracting and retaining talent. However, true employee loyalty and dedication are ultimately fostered by investment in individual growth and a strong sense of organizational purpose.”
Show notes
In this episode of the 'Built by People' podcast, Armi Noorata shares her unconventional career journey, transitioning from a beauty therapist to a backend web developer, and eventually into HR and analytics roles at Deloitte. She discusses key lessons learned, such as the importance of being open to new opportunities and enthusiasm for new challenges. The conversation delves into family forming benefits, financial wellness programs, and the impact of such benefits on workforce productivity and retention. Armi highlights future trends and advises organizations to focus on flexibility, personalization, and alignment with employee needs to stay competitive in total rewards offerings. 00:43 Guest Introduction and Career Journey 03:54 Key Lessons from a Diverse Career Path 04:49 Exploring Family Forming Benefits 09:39 Financial Wellness Programs and Their Impact 13:04 Future Trends in Employee Benefits 15:35 Parting Advice for HR Leaders 17:39 Conclusion and Farewell
What you'll take away
- 1Embrace change and be open to opportunities outside your comfort zone, as they can unlock unexpected career paths and valuable learning experiences.
- 2Comprehensive family-forming benefits are a 'game-changer' for employers, directly impacting employee productivity, attraction, and retention by addressing significant personal and financial burdens.
- 3Implement robust financial wellness programs (education, coaching, gamified savings) as financial worries significantly decrease employee engagement and productivity.
- 4Future total rewards strategies will prioritize flexibility, personalization, and employee needs, potentially expanding to include non-traditional benefits like household chore assistance or housing market support.
- 5Maximize the impact of your total rewards by ensuring employee awareness, gathering regular feedback, utilizing data analytics to assess effectiveness, and balancing monetary offerings with opportunities for growth and purpose.
What most organizations get wrong
- •Family-forming benefits should not be viewed merely as an altruistic gesture but as a strategic business investment with measurable returns in productivity, attraction, and retention.
- •The scope of employer benefits is rapidly expanding beyond traditional offerings, with future trends possibly including assistance with daily errands or even support for employees entering the housing market.
In Armi's words
“75% of individuals facing fertility challenges have said that it impacts their productivity at work.”
This statistic highlights the direct business impact of personal challenges, justifying investment in family-forming benefits.
“68% of participants... said they would switch jobs for better fertility benefits, which is which is a mind-blowing number.”
This demonstrates the powerful role specific benefits play in attracting and retaining talent in a competitive market.
“It's important to not pigeonhole what family forming would be because for different people it's different things and issues.”
This emphasizes the need for a broad, inclusive, and flexible approach to family-forming benefits to cater to diverse employee needs.
“Total rewards will make people stay a while, but growth and purpose makes them go that extra mile.”
This memorable quote encapsulates the guest's holistic view on employee motivation and retention, distinguishing between basic satisfaction and profound commitment.
“You just need to be open to opportunities. If somebody gives you an opportunity to do something that seems a bit out of your comfort zone, like joining a podcast, for example, you should take the opportunity.”
This reflects the guest's personal philosophy of embracing new experiences as a driver for career and personal growth.
The problems this episode addresses
- •Employees' primary concern is covering monthly expenses, leading to decreased engagement and productivity in the workplace.
- •Fertility challenges significantly impact employee productivity, with 75% reporting a negative effect on their work.
- •There's a high risk of employee turnover (68% would switch jobs) if competitors offer superior family-forming benefits.
- •Employees are often unaware of the full spectrum of benefits available to them, reducing the perceived value of an organization's investment in total rewards.
- •Many employees lack consistent saving habits beyond retirement plans, exacerbating financial stress.
- •The difficulty for individuals to afford housing represents a major life challenge that companies could potentially help address.
In this episode
Covering monthly expenses is the number one concern for employees in 2024
Built by People
I'd like to welcome Armi to the Built By People podcast
Armi on The Built By People Podcast
Amrit says you need to be open to new opportunities in your career
The Secret to a Career Journey
I want to talk about family-forming benefits for the workforce
Employer Family-
Your organization offers assistance towards family forming through financial assistance
Employment Family-Forming Benefits
Financial wellness is increasingly important for employee well-being
FireBlocks Financial Well-Being Program
Any trends that you're seeing in the financial wellness or family forming benefits space
Are Companies Ready to Assist Employees With Family Feasibility?
To stay competitive in total rewards, organizations should focus on three things
Total Rewards: How to Keep Employees Happy
Topics covered
Organizations and entities mentioned
Full transcript
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