In today’s fast-paced world, each individual has unique health, well-being, and professional growth aspirations, so it’s crucial to listen to your team members and provide the best solutions to support their mental health and overall fulfillment.
Recently, Innovecs introduced to their teammates InnoFlex, a flexible benefits program aiming to create a personalized benefits package that aligns perfectly with individuals’ needs. Whether enhancing physical well-being, expanding knowledge and skills, or enjoying exclusive perks, InnoFlex has something for everyone.
My name is Natalie, and I am excited to be joined by two experts who have played pivotal roles in the development of InnoFlex, Vitalina Zahrai, HR Director, SHRM-SCP, and Kateryna Skosyr, Global Head of Total Rewards & HR Ops.
Together we will uncover the story behind InnoFlex, what specific benefits our EMEA team members have, and how to design benefits that suit everyone.
— Thank you for joining me. What is the main purpose behind InnoFlex?
Kateryna: InnoFlex, our new Benefits Program, is designed to bring an impactful personalized approach and provide our team members with top-of-mind benefits. It consists of two components:
- Core Benefits, which Innovecs automatically provides to its team members from the first day in the company;
- Flexible Program that allows innovecsers to choose perks based on their individual needs and preferences. Every six months, team members can update their preferred benefits.
Innovecsers can allocate a certain amount of virtual corporate coins that can be exchanged for the Flexible benefits of their choice. This empowers individuals to prioritize the benefits that matter most to them.
— How did you come up with the idea of InnoFlex?
Vitalina: Global trends signal that the benefits landscape has changed significantly due to Covid, remote/hybrid work, inflation, lay-offs, war, and other factors. As per external surveys, only 59% of employees say that their benefits meet their needs*. Moreover, the strategic plan of the company was to expand its geographical presence and open several new legal entities in EMEA. Thus, rethinking our benefits approach to attract and retain talents was in the HR agenda.
Our HR team conducted a thorough brainstorming process and researched trends, surveys, and best practices in various market segments and industries. We identified a growing trend towards personalization and individualized approaches in the benefits package. This trend is aligned with Innovecs’ culture, where we genuinely care about each innovecser as an individual.
Inspired by this insight, Alex Lutskiy, Innovecs’ Founder and CEO, proposed developing a flexible benefits system. We discovered some countries already offer similar flexible programs, so we began developing and incorporating this flexibility into our benefits system.
— How do you plan to involve teammates in decision-making to ensure InnoFlex reflects their preferences?
Kateryna: We conducted a pilot program back in the spring that allowed us to collect feedback from team members and to ensure that our decisions align closely with their needs. By involving our people in this process, we can create a benefits program that genuinely reflects their desires and fosters a sense of ownership.
Before the next enrollment period in August, we analyzed the benefits people used and reviewed their feedback. The analysis provided us with valuable insights into the popularity of various benefits. Based on these crucial insights, we have decided to slightly change the list of benefits by improving some and introducing new ones. We will continue enhancing our benefits program by continuously refining and adapting it based on valuable feedback from our team members.
— Are there any benefits you decided to retain despite the low percentage of enrollment?
Vitalina: As I mentioned earlier, we conducted a thorough analysis to determine the popularity of different benefits. Surprisingly, only a few individuals have chosen the psychological support benefit. However, retaining this offering in our program is paramount, as those who have chosen it have consciously highlighted a genuine need for such support. Upon further research, we discovered that one of the reasons behind this low statistic is that many individuals may not have fully recognized their need for this assistance.
We have partnered with a professional psychological support provider to reach and support a more significant number of team members. As part of this collaboration, we recently organized a webinar where we delved into how a psychologist can offer help, the different types of therapies available, and the indicators that may signal the need for support.
Our ultimate objective is to equip our team members with the necessary knowledge to make informed decisions about their overall well-being. We want to ensure they have the available resources and feel empowered to seek assistance when required.
— Do benefits differ from country to country within a region?
Kateryna: We have created specific benefits for each region. While there is a core package that remains consistent across all locations, including access to popular online courses through Udemy and Coursera, we have also designed benefits tailored to each region’s unique needs.
In Hungary, the “SZÉP card” has gained significant popularity. This card has a specific amount of funds and is designed for use at various establishments and services, such as sports clubs and spas.
On the other hand, in Poland, the “Multisport card” has become a favored choice. This card provides access to various sports facilities, including swimming pools, fitness centers, and more.
By offering these location-specific benefits, we strive to provide our team members with a personalized experience that aligns with their preferences and the unique offerings in each region.
— You launched InnoFlex a few months ago. What results and engagement rate have you already achieved?
Vitalina: Our engagement rate currently stands at an impressive 70% and continues to grow as we increase awareness through our various communication channels. It’s a clear sign that our teammates like InnoFlex.
Understanding our team members’ needs is vital, so we will continue maintaining that focus. Some individuals may require more time or guidance to get acquainted with our program. So we keep working to ensure that everyone at Innovecs is well-informed about InnoFlex and will choose the best benefit from the list.
To sum up, InnoFlex, our new Benefits Program at Innovecs, is designed with a personalized approach to providing our people with top-of-mind benefits. Innovecs value each team member’s well-being and development, allowing them to update their preferred benefits every six months.
I want to thank Vitalina and Kateryna for the insightful conversation about InnoFlex. I’ve already heard positive feedback from team members, proving this program’s importance and impact. Personally, I found great value in exchanging my coins for professional certificate reimbursement, and I’m grateful that our company supports my professional growth.
Stay tuned for more inspiring stories from our team members.