Analysis Of An Innovative Pension Scheme At Manner Company
Manner is a Viennese confectionery factory. It is often taken in conjunction with Vienna, as there is no second candy that suits the city more than these crunchy and world-famous waffles.
Concerning Manners strategic compensation, they appreciate work life balance a lot. They offer not just a job, but the opportunity to reconcile professional and private goals.
For most of their employee Manner offers an innovative pension scheme: The Manner pension plan can be used to provide retirement benefits by making an additional contribution to old-age provision from part of the salary. This, however, depends on the requirements of the position, but also on special achievements. Employees can buy all items (such as Manner cuts, chocolate bananas, rum coconut or dragee biscuit) at a discounted price. Manner, furthermore, rewards their employees with “nonfinancial compensation” such as flexible and mobile working by offering flexible working time models; for health they guarantee a medical care that also provides their employees with therapy and care sessions and, lastly, lifelong learning by offering a wide range of further training and seminars for all employees, whether they are interns or about to retire. Concerning the “indirect compensation”, each employee, depending on the position and task, at Manner receives a car with private use, laptop, and a company phone. There is also a canteen available at the main central locations, in Vienna and Wolkersdorf.
The amount of payment depends, as everywhere, on the position of the employee. My uncle, who has been working for Manner in Vienna, in district 17, as a senior merchandise buyer for 10 years, earns between 4500 euros a month as a fixed pay. All those criteria above apply to him; however, he mentioned that not all Manner employees receive the same amount of compensation, primarily only those who stand higher in the hierarchy. From my point of view, Manner uses the nonfinancial and indirect compensation to reward employees in a variety of ways without increasing their salary – this is sort of primarily advantageous for the company. However, such benefits, which are only in addition to the salary (and not as a replacement) are also positive for the employees. The key feature of why companies use nonfinancial or indirect compensation, from my perspective, is the fact that it can be terminated at any time. Though, my uncle has never experienced Manner reinstating these measures. Concerning the company phone and car, it is more of a "lease contract" that provides the employee with new equipment. According to my uncle with such a lease, the private use is fully possible. However, he must pay for repairs, theft, and more, because the company itself only leases.
I agree with this approach due the fact that employees at Manner receive a lot of compensation and benefits. Of course, some employees would be more motivated by financial rewards, but I value work-life balance more, and at Manner, they do as well, at least for that position aforementioned.
