Cassandra Pratt
CHRO
Progyny, Inc.
Episode 329
Unlocking Loyalty: Tailored Benefits Reveal True Company Values, Far Beyond Salary
Current chapter: Built by People podcast features insights from world's top HR leaders
Built By PeopleJanuary 27, 2025 · 17:22
Thesis
“Companies demonstrate their core values and foster employee loyalty by genuinely investing in tailored wellness and benefits programs that support individuals through every stage of their lives, recognizing that engagement extends beyond monetary incentives.”
Show notes
In this episode of the 'Built by People' podcast, host Dave interviews Cassandra Pratt, an HR executive with a rich career journey from finance to HR leadership roles in various firms. They discuss Cass's nonlinear career path, including her experiences in recruitment, finance, tech firms, and finally Progyny, where she significantly influenced company culture and benefits programs. Cass shares her strategies for tailoring benefits to meet employees' diverse needs, implementing equitable support, and fostering a transparent and inclusive work environment. Listeners will gain insights into the importance of employee wellness and benefits, the role of Employee Resource Groups (ERGs), and effective feedback mechanisms to refine benefit offerings. 00:00 Introduction to the Built by People Podcast 00:16 Sponsor Message: Previ's Employee Benefits 00:44 Cass's Career Journey in HR 03:36 Tailoring Benefits and Compensation 05:59 Supporting Women in the Workforce 09:52 Effective Strategies for Employee Benefits 14:08 Gathering and Using Employee Feedback 16:08 Parting Advice on Employee Wellness 17:15 Conclusion and Farewell
What you'll take away
- 1Redefine equity in benefits by providing flexible, tailored support for employees at all stages of life, moving beyond standard HSA/FSA offerings.
- 2Actively listen to employee feedback and claims data (for self-insured) to proactively introduce impactful benefits, such as early oncology screening tools.
- 3Implement comprehensive leave policies, including extended paid family leave (e.g., 16 weeks primary caregiver), NICU leave, and pregnancy loss leave, to support employees through critical personal events.
- 4Prioritize development programs like mentorship, coaching, and external conferences over minor salary increases, as they inspire creativity and invigorate employees, leading to greater engagement.
- 5Utilize Employee Resource Groups (ERGs) as integral platforms for transparent peer-to-peer communication, support networks, and a valuable feedback loop for HR and leadership.
What most organizations get wrong
- •I actually think that we get more engagement from those type of programs than you do from the very small salary increase you might get. During a merit time because they're inspiring people to want to do more, do things different, be more creative, curious, and people come back invigorated in a way that dollars don't always do, right?
In Cassandra's words
“So we believe that equity truly means that employees have access to the support that they need at the different stages of their life.”
This quote defines the guest's approach to equitable benefits, emphasizing individualized support over uniformity.
“The standard in the industry right now for the US is about 12 weeks paid family leave. We do 16 weeks paid family leave for primary caregivers and 12 weeks paid family leave for secondary caregivers, and that's at 100%.”
This highlights Progyny's leading stance on generous paid family leave, exceeding industry standards.
“I actually think that we get more engagement from those type of programs than you do from the very small salary increase you might get. During a merit time because they're inspiring people to want to do more, do things different, be more creative, curious, and people come back invigorated in a way that dollars don't always do, right?”
This quote offers a contrarian view on the primary drivers of employee engagement, prioritizing development over small financial incentives.
“Our ERGs, I think, are integral in this... these peer-to-peer discussions serve as platforms to share experiences, ideas. They help people build trust. It helps people understand what benefits are available to them.”
This emphasizes the critical role of ERGs in fostering trust, communication, and benefits awareness within the organization.
“I think it's really important to invest in employee wellness and benefits... it demonstrates a company's core values when you take care of the people. You're, you know, walking the walk, not just talking the talk.”
This serves as the guest's concluding advice, linking investment in people to the tangible demonstration of company values.
The problems this episode addresses
- •Companies struggle to offer benefits beyond standard HSA/FSA to truly meet the diverse needs of employees at different life stages (e.g., family building, elder care, menopause).
- •Employee populations face devastating health events (e.g., oncology cases) requiring proactive, comprehensive screening and support that standard medical plans may not fully address.
- •Standard parental leave policies often overlook unique challenges like NICU stays, leading to reduced bonding time and increased stress for new parents.
- •Compensating sales professionals during extended leave is complex, as traditional models don't easily account for commission-based income, causing financial stress during critical life events.
- •Reliance on small salary increases for employee engagement falls short; employees seek inspiring development opportunities, mentorship, and continuous learning for true motivation.
- •Ensuring transparent and inclusive communication around benefits is challenging, leading to underutilization and lack of trust without dedicated platforms like ERGs.
In this episode
Built by People podcast features insights from world's top HR leaders
Built by People
I'm one of those HR people who have had a nonlinear journey
Your Nonlinear Career Journey
Cass, how do you approach tailoring benefits and compensation to meet unique needs
Cass, how do you approach tailoring benefits to meet the unique
With 77% of your workforce being women, what specific initiatives have you implemented
Cass, with 77% of its workforce being women, what specific
Cass, what strategies have been most effective in designing benefits that align with workforce priorities
Mental Health and Employee Assistance Programs
How do you ensure transparent and inclusive communication around benefits and compensation to build trust
How do you ensure transparent and inclusive communication around benefits and compensation to
How do you use employee feedback to refine your benefit offerings and better support a diverse workforce
How to Gain Employee Feedback on Benefit Offerings
Kas says it's important to invest in employee wellness and benefits
Wellbeing and Benefits at Progeny
Topics covered
Organizations and entities mentioned
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