Investing in Employees: NYC Tech Firms With Unique, Transformative Benefits
Tech is oftentimes noted as an industry in which remarkable perks pepper the landscape like wildflowers. Sometimes, though, these perks become outdated. The once-ubiquitous office ping-pong table is a prime example of a benefit whose stature has all but buckled under the weight of workers’ collective scorn.
This March, when Meta dispensed with free laundry service and dry cleaning at its offices, news outlets poked fun at MetaMates forced to do their own laundry. “Meta employees left to do their own laundry as perks get cut” The Guardian subtly jabbed. Forbes let the scare quotes, hyperbole and irony fly with “Meta Is ‘Ruthlessly’ Cutting ‘Laundry Benefits’ And Other Perks, Creating A Panic Among Some Employees.”
All snark aside, tech’s unique benefits have always functioned as an important way to attract and retain employees in a competitive labor market. Companies looking to gain traction with the best and brightest candidates have to be nimble in offering important selling points.
Built In spoke with leaders from two New York tech companies to talk about recently implemented benefits programs that are doing just that. In order to tackle serious challenges like identity theft and cancer treatment, Red Points and Flatiron Health are willing to invest in employees and offer substantial benefits — benefits that put money in their employees pockets and help shape their futures.
Beginning next year, Flatiron Health employees will have access to fertility and family-building benefits that could be transformative.
“Employees, spouses and partners will have the opportunity to use one cycle per year with a lifetime maximum up to three cycles for services such as in vitro fertilization, intrauterine insemination, egg or sperm preservation and fertility medications,” Benefits Manager Nicole Wendorff said.
Read on to learn about why these programs succeed, their tangible effects on employees and the ways in which you can join a team that cares about investing in its employees and dialing in the right benefits to help its people.
Red Points is a global revenue recovery and company. Its AI-powered revenue recovery platform is used by 1,000 companies to fight counterfeit, piracy, impersonation and distribution abuse.
Describe a unique benefit Red Points offers. What is it, when did you roll it out, and how does it work?
A company perk I had never seen until I joined Red Points was two-tier commuter benefits. Not only are you able to enroll in commuter benefits through HealthEquity and WageWorks, which is very typical of U.S. companies, but Red Points also reimburses 50 percent of such commuter benefits costs. So you get to save with pre-tax expenses and also receive reimbursements on top of that.
It was rolled out in 2019. Those U.S. employees who choose to enroll can do so through TriNet, our professional employer organization. Employees choose a pre-tax amount to fund commuting expenses, and 50 percent of that amount will be added back to the employee’s paycheck corresponding to the same pay period.
Why did Red Points pursue this benefit?
The benefit was rolled out before the pandemic. It helped with an already existing expense of U.S. employees when having to commute to and from the office every day. We never stopped providing that benefit even during the peak of the pandemic in 2020 when we were fully remote.
After switching to our flexible hybrid policy, our employees are still taking advantage of this benefit for the times they go to the office, especially if we have someone visiting from our Barcelona office or when we hold Office Team Days.
What are the tangible outcomes you’ve seen from this benefit?
It has helped in the sense that employees get to increase their savings on a monthly basis. It also helps them not worry as much about commuting costs when having to go to the office. It works as an incentive.
A healthtech company dedicated to helping cancer centers deliver better care to patients, Flatiron Health uses clinical and data science to translate patient experiences into real-world evidence to improve treatment, inform policy and advance research.
Describe a unique benefit Flatiron Health offers. What is it, when did you roll it out, and how does it work?
Starting January 1, 2023, Flatiron will be offering two unique benefits. The first is a fertility and family-building benefit. Employees, spouses and partners will have the opportunity to use one cycle per year with a lifetime maximum up to three cycles for services such as in vitro fertilization, intrauterine insemination, egg or sperm preservation and fertility medications. They will also have access to a care navigation team, five holistic health coaching sessions and reimbursement for adoption, surrogacy and donor up to $30,000.
The second benefit is an all-in-one financial advisor and personal finance tool. Employees are eligible to receive services for one-on-one financial advice with a certified financial planner. They can also take advantage of tools to support paying off debt, purchasing a home, retirement, understanding benefits and long-term incentives and tax advice.
If we can help employees plan their financial future and help build their families, that’s the best outcome we can ask for as employers.”
Why did Flatiron Health pursue this benefit?
We decided to pursue the fertility and family-building benefit because throughout the years we have continuously heard the request from our employees. Although our medical provider already supports medically necessary fertility treatments, it was important for us to extend these services to individuals who don’t fall into that category. Having a benefit like this allows all employees, no matter their specific situation, to explore ways in which they can build their family, now or in the future.
We implemented the all-in-one financial advisor and personal finance tool because our employees have been really searching for an avenue where they can outsource their questions regarding their long-term investments, retirement options, college savings for children, tax advice and more. We wanted to provide them a benefit where they can reach out to a certified professional and receive the recommendations and advice they are looking for.
What has the employee response been to these benefits?
Employees have reached out and have shared their excitement for the Kindbody and Northstar benefit and have inquired on how they can begin these services in the first few weeks of January. If we can help employees plan their financial future and help build their families, I think that’s the best outcome we can ask for as employers.