by Robby Peters
$160 billion. That’s the reported cost of employee turnover in the United States last year; 160 billion dollars.
With numbers this large, it’s easy to see why retention is a top priority for leading businesses.
Solving retention issues is a main focus of talent strategies within organizations of all sizes and across industries. The business imperative nature of keeping top talent in a competitive market has driven many companies to now reimagine how they serve, support, and make their employees happy.
Many high growth companies are exploring new and improved compensation packages, and more specifically, better perks as a means to stay competitive amidst talent and retention challenges.
Ten years ago when perks emerged as a priority talent strategy, companies started implementing things like free coffee and smoothie bars to increase their allure and appeal. In just the last few years, the number of perks companies are offering employees on average has grown tremendously. To meet the growing demand, an entire perk ecosystem has developed with content, conferences, and businesses emerging to help People Ops leaders create the perfect perkstack for their company.
While there are more perks available to employees, every process that surrounds the selection, management and operational administration of even a minimal perkstack has expanded to challenging levels for HR and People teams. Without a clear way to streamline, perks programs often leave employees with one-size-fits-all offerings, HR with heavy administrative burdens, and companies with wasted money and an unclear ROI.
Compt, an emerging innovation in the perk space currently experiencing high-growth across industries, helps companies evolve their perk programs so they can refocus on growing their core business with innovative solutions for employees and People teams.
As co-founder of PeopleTech Partners, I had the chance to sit down with Amy Spurling, co-founder and CEO of Compt, to hear her story and why she’s so passionate about transforming the world of perks.
What gave you the idea to start Compt?
About five years ago, the company where I was CFO, decided to dedicate money toward supporting employees and enhancing company culture — as most companies now do — and upgrading our coffee machine was one of the easier, cost-effective ways we settled on.
I had just announced that we were getting a fully-decked out espresso machine, and installing cold brew taps in our new office.
Everything was sunshine and rainbows.
Fast forward to several months later, and people began approaching me to make personal requests because they didn’t like coffee and preferred tea, specialty sodas, seltzer water, and other things.
That’s when I realized, coffee is great if you’re a coffee drinker. Applying this logic to every perk we offered, it was easy to see how we naturally and unintentionally create lopsided perk programs that solve for some of our team, not all of our team.
That’s when I realized we needed to take a new and personalized approach to our employee perks.
How does Compt solve that problem?
Compt transforms traditional one-size-fits-all perk programs into lifestyle spending accounts, which put the money in the hands of the employees, so they can buy the perks they want and need most.
What are the primary benefits of using Compt?
There are a lot of reasons companies would bring Compt into their company, but below are some of the main benefits we’ve seen from our current users.
Why is this important?
Employees want it, and companies need it.
The current model of purchasing employee perks worked when there were a couple of offerings inside of a company and employee expectations were low. But, now that amount of perks companies offer has grown so much, the model has finally broke. That’s where we come in. We help companies support employees in meaningful ways by offering deep customization while saving time and resources.
What are some examples of how companies are using your software today?
We’ve seen three basic use-cases emerge.
The example uses of Compt above all become more valuable when companies are trying to solve for remote employees, satellite offices, or create an inclusive program which solves for everyone.
What have you learned so far from your users and customers so far? What has been the most fun or rewarding?
The traction and impact has been one of our favorite parts of building Compt. Just recently, we were mentioned in a local tech publication because a user of ours mentioned us as their favorite perk. Jared Littlejohn, an employee of our customer Midaxo, was asked: “Why is the perk [Compt] important to you, and what effect does it have on your work?” Below is an excerpt from the piece:
“This perk has allowed me to spend time with the people I care about. Because of this perk, I was able to expense a flight home to surprise my mom for her birthday. That’s priceless. I’ve also used it for travel expenses in order to spend time with my girlfriend in NYC. Knowing that I could also put it toward my education is exciting, too. I don’t have to worry about what’s going on with my loved ones because I can work while I travel home!”
How awesome that we get to be a part of this? It’s the people who we impact that fuel our motivation to keep developing a better product.
What’s next for you and Compt?
We have a ton of excellent features and functionality on our product roadmap that we’re excited to bring to companies and users everywhere.
We are looking forward to seeing how our software will continue to impact people’s lives and encourage People Ops professionals to invest in company culture and employee retention technology.
People are the core of every business, and we’re so happy that Compt is able to bring that personalized touch to every company.
Robby Peters is Co-Founder of PeopleTech Partners