Corporate Welfare, as we were also saying here, does not only include benefits for employees, but also offers many advantages for the company , often more than you think...
In this regard, Welfare Marketing comes into play to fully exploit its potential: let's find out what it is.
What is "Welfare Marketing"?
Welfare Marketing is a concept that integrates traditional marketing practices with welfare initiatives, oriented towards the social well-being of employees, customers and the community.
This marketing strategy is therefore not limited to the promotion of products and services alone, but also includes activities and programs aimed at improving the quality of life of all the people involved.
A good Welfare Marketing strategy should therefore take into consideration:
● Employee Wellbeing & Work Life Balance
Implementing programs that improve the physical, mental and economic well-being of employees. This can include benefits such as health insurance, fitness programs, psychological counseling, work flexibility, and other initiatives aimed at improving work-life balance.
To delve deeper into these aspects, we recommend reading the in-depth articles on Welfare to support individuals, Welfare for families, Welfare for young people and Cultural Welfare and the value of free time.
● Corporate Social Responsibility (CSR)
Implementing initiatives that demonstrate the company's commitment to social responsibility, such as donations to charities, corporate volunteering, sustainable practices and support for social causes.
● Social marketing
Marketing activities that promote behaviors that are beneficial to society. For example, public health campaigns, raising awareness of environmental issues or promoting healthy lifestyles.
● Community involvement ( territorial welfare)
Collaboration with local communities to support projects and initiatives that bring benefits to the community itself, such as sponsorship of local events, support for schools and non-profit organizations, and other activities that improve the quality of life in the community.
● Ethical products and services
Development and promotion of products and services that respect ethical and sustainable values, such as the use of eco-friendly materials, fair trade practices, responsible production.
The aim of Welfare Marketing is to create shared value, where the company not only achieves its business objectives, but also positively contributes to the well-being of its stakeholders and society in general.
But for what purpose?
What is Welfare Marketing for?
Simplifying, we could say that "exploiting" corporate welfare for marketing purposes means doing "welfare marketing".
This approach can certainly lead to an improvement in the company image, greater customer and employee loyalty, and a long-term positive impact on society, but not only!
Welfare has a perceived value for the worker that is up to 4 times higher than the actual expense incurred by the company.
Corporate Welfare has therefore become part of the marketing strategies for companies, as a tool effectively capable of increasing revenues by more than 10% on average.
In short, Welfare Marketing represents a winning strategy on all fronts: for the company and for the worker; it is no coincidence that welfare has experienced unstoppable development in recent years.
Winning Welfare Marketing strategies obviously require customization , choosing targeted services in line with the real needs of employees and setting different objectives, depending on the desired results.
Despite this, we can try to list some of the main benefits that good Welfare Marketing can bring.
Welfare Marketing = Concrete benefits for the company
The adoption of targeted corporate welfare strategies integrated into the overall marketing strategy (welfare marketing) can allow the company to:
● increase productivity
Employees who feel valued and supported tend to be more motivated and productive. Welfare programs that promote physical and mental well-being can reduce absenteeism and improve concentration and efficiency at work.
● Improve the corporate climate
A positive work environment, supported by welfare initiatives, can foster more collaborative and harmonious relationships between employees, reducing conflicts and increasing team cohesion.
● Encourage Employer Branding (attraction and retention of talent)
Offering benefits and welfare programs can make a company more attractive to potential employees and can help retain existing ones, reducing the costs of staff turnover .
● Reduce stress levels and improve health
Welfare programs, which include mental health support, physical activity and general well-being, can help reduce employee stress, leading to a decrease in stress-related illnesses and improving overall health levels.
● Reduce absenteeism and improve the quality of the products/services offered
A positive work environment reduces disaffection at work, absenteeism and burnout syndrome, thus consequentially increasing the commitment and quality of the work performed.
● Improve the corporate image (Brand Identity)
A strong commitment to employee welfare also improves the company's reputation both internally and externally. Customers, business partners and the community can see the company in a more positive light, increasing their trust and loyalty.
● Achieve greater commitment and satisfaction from employees
Employees who benefit from welfare programs tend to feel more appreciated and satisfied with their work. This can lead to greater commitment and dedication, contributing to the overall success of the company.
● Get tax incentives
In some countries, companies can benefit from tax breaks for implementing welfare programs, thus also reducing the overall costs of such initiatives. (Read also the article on Welfare taxation)
● Increase innovation and creativity
A work environment that supports employee well-being can better foster creativity, growth and innovation. Less stressed and more satisfied employees tend to be more proactive and open to new ideas or solutions.
● Ensure a more positive response to changes
Companies with strong welfare programs are often better prepared to manage change and face new challenges. Employees who feel supported are more resilient, able to adapt to new situations and/or manage periods of crisis.
● Improve trade union relations
Offering a robust welfare program can obviously also improve relations with unions and other workers' organizations, reducing the risk of conflicts and disputes.
However, there are also more specific Welfare Marketing approaches: here are some examples.
Welfare Network Marketing
Welfare Network Marketing is a subcategory of Welfare Marketing that combines elements of Corporate Welfare and Network Marketing*, focusing on the promotion of well-being and welfare through a distribution and sales network.
* Network Marketing is a business model, also known as Multi-Level Marketing (MLM), that involves the sale of products or services through a network of independent distributors.
Distributors not only sell directly to consumers, but also recruit new distributors, earning commissions on both their own sales and those of their network.
Welfare Network Marketing therefore places particular emphasis on products and services aimed at promoting well-being and quality of life, on incentives and work support as well as on the creation of a community of belonging, contributing to improving the quality of life of distributors and consumers.
Consumer Welfare Marketing
Another subcategory of Welfare Marketing is Consumer Welfare Marketing , which is a strategic approach that places consumer well-being and satisfaction at the centre.
This concept is based on the idea that companies can gain a competitive advantage by improving the quality of life of their customers by investing in products, services and business practices that respond to their real needs and desires in an ethical and responsible way.
Consumer Welfare Marketing therefore includes particular attention to the needs, desires and problems of consumers, with the aim of satisfying them or remedying them.
However, it also focuses on ensuring that products and services are high quality , safe and reliable and on educating consumers about the benefits of their products or services.
Finally, sustainable practices, business ethics, corporate social responsibility (CSR) and transparent and responsible innovation are also obviously integrated into Consumer Welfare Marketing business strategies.
Companies that adopt this approach therefore not only satisfy the immediate needs of their customers, but also contribute to their overall and long-term well-being.