Outrageous Employee Benefits: A Strategy to Keep Your People Happy Is Sound Business
EXECUTIVE SUMMARY * THE PARTNERS AT VITALE CATURANO & CO. (VCC) have listened carefully to what employees and potential hires say matters to them in the workplace--growth, intellectually stimulating and diverse projects, and a sense of being appreciated. * VCC ATTRACTS STAFF AND ENCOURAGES LOYALTY by offering a generous work/life incentives program it calls "outrageous employee benefits." The firm credits the program with low staff turnover and steady growth. For example, VCC's education program, which costs the firm about $400,000 a year, helps generate approximately $625,000 in additional revenue. * BENEFITS INCLUDE ON-SITE CPE AND OTHER COURSES, free on-site gourmet meals, child care, concierge services, health classes, flowers in the office, busy-season chair massages and other amenities. VCC sees those perks as an intelligent way to keep the training and time invested in employees from leaving the firm. * A BIG MOTIVATOR FOR HIRES JUST OUT OF SCHOOL is cutting-edge technology that frees them to focus on their work while making them feel they work for a progressive firm. E-pace audit software, paperless office technology, CRM software and document management are big hits, the partners say. * VCC OFFERS CONCIERGE SERVICES AND ENCOURAGES professional staff to delegate nontechnical tasks to less-skilled employees, freeing technical people to focus on the billable work that is most profitable for the firm. Staff perks ultimately are about offering clients the best-possible service. ********** "The right employees are your firm's best asset" is easy to say, but it takes wisdom and imagination to put your firm's money and future where your mouth is. That was the commitment Boston firm Vitale Caturano & Co. (VCC) made when it developed its program of 'outrageous employee benefits." The full-service firm, founded in 1978, offers tax, auditing, business valuation, personal financial planning, management consulting, human resources and technology consulting. It formalized its policy of generous work/life incentives in 1996 as a way to lure qualified staff. Since then it has grown from a 55-person, 10-partner enterprise to a top-100 firm with 280 people and 29 partners. "Intellectual capital and client service are the two mainstays of our business," says President Richard Caturano, CPA, "and we pride ourselves on attracting and keeping talented people." The program has more than paid for itself, he says, and "we can produce the numbers to prove it." This case study will show small and midsize firms ideas they can borrow from VCC's program to attract--and keep--the experienced professionals they need. WHY GIVE TO GET Over the years VCC's partners have noted that employees and potential hires say that what matter most to them in the workplace are growth, intellectually stimulating and diverse projects and a sense of being appreciated. The firm shows its appreciation tangibly with an extensive education program, gourmet meals from an on-site kitchen, child care, concierge services, health classes, flowers in the office, flexible work hours, chair massages in busy season and other large and small amenities. The work/life perks may seem extreme to some employers, but retention--mind-ed VCC sees them as an intelligent adaptation to motivating employees to do their best. The benefits also help keep the training and time invested in an employee from reentering a tight labor market just exacerbated by Sarbanes-Oxley. They not only boost morale, loyalty and productivity but also disarm issues a competitor might use to woo away top talent. EFFICIENT, CONVENIENT CPE Dave Clarkson, CPA, vice-president of human resources, spends a lot of time on campuses talking to students and often hears them express concerns about continuing education and training opportunities. Accordingly, the partners met with a professional trainer to develop guidelines for an in-house educational system. …