How JBM said goodbye to employee turnover with flexible allowances
JBM Consulting is an alternative executive search firm, focusing on building deep meaningful relationships with executives. This empowers them to place C-Suite individuals into Series C scale companies. After a period of rapid expansion, JBM knew it was time invest in their team by focusing on their benefits, and came to Ben for help.
Ben helped JBM:
- offer their employees full flexibility to choose what would impact them the best
- Ensure there was no wasted spend on unused benefits
The Challenge
After investing resources in a wave of new hires, JBM wanted to ensure they were prioritising employee retention. Whilst their benefits were good, they weren’t competitive in their particular market.
In the past, they’d put money towards a gym membership. They found that while some people loved it, others weren’t using it at all. They were left in a hard spot as they were wasting significant resources on a benefit that employees just weren’t using. But, if they removed it, they risked upsetting those who used it. They were adamant they wanted to avoid this happening again.
How Ben Helped
Flexible allowance to allow employees to choose what they want
Through Ben, JBM was able to offer employees a flexible allowance that could be spent on whatever mattered the most to them — be that gym memberships or Netflix subscriptions. This also allowed employees to change what they spent their allowances on by month as their needs changed.
No more wasted spend
Since JBM has now empowered their employees to choose what’s most valuable to them, they don’t waste any money on unused benefits. If employees choose not to use their entire allowance for a month, JBM isn’t left out of pocket as they only finance the used allowance. Plus, JBM can now trust their employees are spending on things that they truly value.
The Results
Since rolling out Ben, employees satisfaction at JBM has increased, with team members continuously citing how much they appreciate the allowance. Since implementing this allowance as a part of their compensation package, it’s been 2 years without any employees resigning! In addition to this, JBM is confident that they now have a sustainable benefits programme — as they continue to expand, new employees’ needs will be met by the Ben allowance.
