Can great employee benefits turn around the fortunes of a company? Just ask Starbucks...
Back in the 2010s Starbucks was trying to break into China. As a traditionally tea drinking society it had its work cut out.
80% of its staff were college graduates and attrition was high.
They spent 9 years languishing at the bottom, losing money and not attracting the kind of staff that could lift them out of the doldrums. Shareholders were pleading to cut their losses.
Then they listened to their staff.
In China, parents of the graduates have a strong hand to play in their children's careers and they were not happy. Why had they paid for a great education only for them to be serving coffee?
So what did Starbucks do? Enter employee benefits, stage right.
Starbucks offered healthcare not only to all their staff, including part-time workers, BUT crucially it extended to their parents too.
They understood that to stand out in China they needed to understand the needs and desires of their employees (and their families) first and foremost.
And guess what? Retention increased, Starbuck's standing in Chinese society improved and profits soared.
Great benefits can indeed lead to commercial success.
Here at PLANTS + PERKS we don't just advocate the introduction of sustainable benefits because it's a nice thing to do- it makes great business sense!
Supporting employees on their sustainability journey is now something your future staff see as an IMPERATIVE and they seek out those companies that best align to their values.