Optimizing Budget for Salary and Talent Retention Solution

It is undeniable that Remuneration is one of the essential factors driving employees’ motivation to work harder and contribute more.
However, it is not enough because when an employee reaches a certain job level - takes too much responsibility as possible, would he or she want to earn more money?

6 reasons why employees want to leave

According to VietnamWorks, 58% of job seekers want to change their jobs at the beginning of 2019. These are 6 reasons why employees want to change their jobs.

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Fundamental reasons

From the perspective of human resources, there are two fundamental reasons explaining why employees choose to leave:
- Because of personal benefits
- Because of their suitability with the job

Therefore, high salary to retain talents is not a prerequisite, but above all is genuine care of the corporation management board. In comparison: Recruiting a new employee shall cost corporations more resources (expenses, time, training), etc. than retaining an experienced employee.

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Role of employee benefits

At certain times, there are still people leaving because of personal reasons. However, if the turnover rate reaches an alarming level, ignoring the root cause and unwillingness to change the remuneration policy will be unsuitable with the managerial style of modern corporations.

According to Maslow's hierarchy of needs, everybody wants to receive high salary and feels that their value is recognized when the corporation treats them with a grateful attitude.

One of the simple solutions that can be implemented at once is Increasing Remuneration and Benefits to show the corporation’s genuine care.

A company’s benefit is a factor that directly affects the work results. Good benefit will increase the satisfaction and spirit of employees, thus driving work performance and better results. This will not only contribute to limiting the turnover rate but also build up a positive image of the company.

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What is the right way to optimize budget for salary?

To optimize budget for salary, instead of merely increasing basic salary, corporation can deduct an amount for the balance of practical benefits.

According to Mr. Bret Bonnet - Founder of Quality Logo Products: “Food is love. And to show our employees love, we make sure that they are treated with sufficient meals by providing each division with a food allowance”.

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Why should we start increasing benefits from meal benefits?

As we all know, health is wealth. In 2019, “lunch allowance) is nominated in Top 10 most important benefits by leading companies in Vietnam (according to Report on Benefits and Tet Bonus in 2019 - Vietnamworks).

In addition to remuneration policy for employees such as life insurance, health insurance, etc., meal benefit enables corporation to “directly” care take of its employees’ health everyday: to ensure the provision of meals with food safety and sufficient energy required for the whole day.

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Sodexo Meal Pass - Unique and Effective Meal Benefit Solution

Contributing to solve 3/6 above reasons:
• Company Working Environment/Culture
• Remuneration Policy
• Encouragement and Reward Program

The Sodexo Meal Pass is a unique meal benefit solution for corporation; providing new form of payment by meal voucher, helping to improve employees’ health and productivity through quality and food safe meals.

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Corporation spends less - Employees receive more

The Sodexo Meal Pass is a meal benefit solution, a Unique Solution helping CORPORATION SPEND LESS - EMPLOYEES RECEIVE MORE. Employees are fully provided with the value of lunch benefit and Corporation can save a considerable amount of mandatory costs compared to increasing cash salary solution.

• Health Insurance: VND 0
• Social Insurance: VND 0
• Unemployment Insurance: VND 0

• Health Insurance: VND 0
• Social Insurance: VND 0
• Unemployment Insurance: VND 0
• Personal Income Tax: VND 0

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Modernize benefits in 4.0 era

How can we maximize the role of the Meal Benefit and best satisfy employees?

With the same budget for remuneration, instead of using cash, the Sodexo Meal Pass enables corporation:
1. To optimize salaries expense, other insurance premises, etc.
2. To keep up with non-cash payment trend.
3. To make fast and convenient payment using QR code technology.
4. To increase labor productivity by improving the quality and nutrition of meals.
5. To benefit from diverse choices for meal allowance and other meal programs.
6. To make employees feel being truly cared about by the corporation everyday.

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