Company perks also called employee perks can boost productivity, raise employee engagement, and make work more enjoyable for employees. Company perks can have a direct impact on a company’s overall productivity, regardless of the type of organisation you work for or what it does. Perks can also be beneficial in luring top talent to the company.
Company perks are perks that can include employee discount plans and free food. You should think of them as a different product from larger benefit packages, such as health and dental policies. Offering perks and rewards is an extremely efficient method of retaining and attracting fresh personnel.
This article includes a list of eight employee perks to consider, how to choose the best employee perks for your company, the benefits of offering employee perks and the dos and don’ts of employee perks.
What Exactly Are Employee Perks?
Perks are incentives provided to individuals in addition to their expected pay, such as salaries and health insurance, similar to employee benefits. Employee perks might be monetary, such as performance bonuses, or non-monetary, such as paid time off or free gym memberships.
Call them employee benefits, company perks, or divine gifts; whatever you call them, your company may use them to improve the lives of its employees in a variety of ways. Employee perks may motivate people to enhance their performance or make the workplace more enjoyable. Additionally, developing a company culture that includes such perks might attract job seekers because the workplace atmosphere and culture can have a significant impact on a candidate’s decision to work for your company.
Are Company or Employee Perks Costly?
Paying hundreds of dollars per month to contribute to employees’ commute costs may seem out of reach for your small firm. Many employee perks, on the other hand, might have a good impact while requiring little financial expenditure.
Group mindfulness and yoga programmes held throughout the week are an inexpensive way to keep your employees physically and mentally fit. Furthermore, providing flexible working hours and work-from-home days does not have to be expensive; you may even save money on tea bags for the office.
You can also send more significant messages to your employees while remaining within your budget. We’ll look at several new company perk ideas that range in financial and time demands, so you may choose the ones that work for you and your company.
10 Innovative Employee or Company Perks
Here is a list of eight employee perks that businesses can utilise to increase workplace morale and employee loyalty:
#1. L&D Spending
Investing in your employee’s abilities and qualifications can reap enormous rewards. Simply put, having more skilled personnel is beneficial to your company. If your benefits package is already competitive, they are unlikely to leave once you’ve taught them.
Furthermore, employees are more likely to be satisfied and motivated at work if their company invests in their professional development. This can increase engagement, which has several advantages of its own.
#2. Salary Sacrifice Plan
These clever benefits necessitate that employees consent to having some of their pay replaced with cash, such as for the lease of a low-emission vehicle. The advantage in this case is that both the employee and the company receive and pay less in taxable wages. Another popular salary sacrifice advantage is private healthcare plans. Health cash plans can range from reasonable to prohibitively expensive, so you can adapt them to your own needs.
#3. Assistance with Mental Health
We’ve mentioned how essential mental health is to your staff, both from an employee and a financial standpoint. Having on-call counsellors or access to treatment are two methods to lessen the financial burden associated with mental health support.
Employee assistance programmes are an excellent way to provide this for your staff. This is a confidential service that provides employees with someone to confide in to alleviate any tension or concern. EAPs can provide confidential assistance 24 hours a day, seven days a week, and allow companies to assist their employees in a way that is comfortable for them.
#4. Lunches Are Held Every Month
Another reasonably priced choice, depending on your preferences Throughout history, cultures have bonded over food. Business culture is no exception. It’s an excellent opportunity to show your staff how much you appreciate and praise them while also building their relationships with one another.
Send over a gift card to their favourite restaurant, or to keep expenses down, hold themed potlucks. Either way, a free lunch will bring people together away from their jobs and help raise the mood.
#5. Free Soft and Alcoholic Beverages
It’s Friday afternoon, and you’re nearing the end of this week’s deadline. What a great idea it would be to transform this small battle into a miniature celebration. Or, at the very least, unwind a little more because it’s finally the weekend.
This is when you pop up a cold one or a glass of fizzy juice to take the edge off. It may seem insignificant, but giving your staff access to home comforts like this contributes to a joyful company culture and a relaxed yet focused work atmosphere. This is one of those low-cost perks that makes a significant difference.
#6. A Day Off to Celebrate Your Birthday
Who would like to work on their birthday? This is another lovely advantage that won’t cost you a fortune. Instead, it’s a wonderful touch that allows your staff to unwind and have fun on their special day. They will appreciate it.
#7. Tickets to the Movies
There are numerous ways to let off steam. And, believe it or not, not all of them must involve perspiration or booze. Deals on movie tickets, or just free tickets, are a terrific choice to include in your employee perks package.
By allowing employees to choose what they want to see, there is something for everyone, and it can be enjoyed with family and friends. This bonus can be quite inexpensive and contribute to employees feeling cared for, while also feeling like a great treat.
#8. Free Coffee Every Week
Another option to consider if your budget isn’t too tight. Or, even if it is, the value of superb coffee to businesses around the world is likely understated. You’re doing yourself a favour by providing caffeine to your crew. Instead of the instant coffee in the staff area, treat them to a coffee from their favourite coffee shop.
How to Select the Best Company Perks and Incentives
With so many alternatives, how do you pick the best ideas for employee perks and incentives? Following these three steps may be beneficial:
- Define the role or purpose of the perk or incentive.
- Consider the price.
- Consider the influence on individual employees as well as on your company.
Company perks and bonuses might include one-time activities (such as having an artist teach a group painting lesson), recurring events (such as employee-of-the-month celebrations), or ongoing features (such as maintaining a pantry stocked with snacks).
Having a combination of these three, and occasionally adding new ones, will help keep your employee perks programme enticing and fresh.
Some of the best employee perks ideas may only appeal to a subset of your employees, and that’s fine. It is impossible to come up with concepts that would appeal to every single employee.
The idea is to provide a diverse selection with something for everyone. You’re well on your way if you’ve already implemented some outstanding employee perks and incentives.
How Company Benefits and Perks Aid in Employee Attraction and Retention
Employees require and desire rewards and perks from the company. However, both can be considered investments made by an employer. Prospective employees evaluate rewards and perks to determine whether a company will value their efforts in the long run.
Here are five reasons why providing company rewards and perks helps to retain high-quality employees:
#1. Benefit From a Higher-Quality Candidate Pool and Increased Talent Retention
With unemployment at an all-time low, job openings are plentiful but top-tier candidates are few. According to a study, top-performing employees are up to eight times more productive; therefore, firms are competing to attract, engage, and keep them.
Benefit packages attract top talent for two reasons:
- It means the company can afford perks.
- Employees consider it when choosing jobs.
If you want top-tier employees, offer top-tier rewards and perks.
#2. Employee Perks and Benefits Promote a Healthier, Happier Workforce
Your employee benefits package shows you care about their goals. Paid sick leave encourages employees to remain home when sick. The sick person has time to heal and doesn’t contaminate coworkers. Instead of struggling at work and hating management, they’ll be refreshed and ready to go when they return. Health insurance and other wellness incentives will make employees healthier and the company will be more productive.
#3. Increased Employee Productivity
Offering good employee perks can attract and retain competent, long-term employees. What is this situation’s natural outcome? Increased output. Think about it: You employed productive, results-oriented people. You’ve ensured their health so they can work every day. You’ve also had the workforce long enough to establish good workflows and processes. Your staff is psychologically and physically well. Employees who don’t have to worry about healthcare, retirement, or kids may focus on work.
#4. Employees Who Are Highly Motivated and Engaged
According to a Harvard Business Review report, employees are only concerned about three things:
- Career: More precisely, their potential for career advancement
- Community: Develop a sense of belonging and respect in your community, and
- Cause: the opportunity to work on a purpose or cause about which they are passionate.
Mental health has risen to the top of the priority list in the aftermath of the pandemic. Make sure your team has better work-life balance, flexibility, and mental health support. Support your employees’ path towards reaching these three goals by providing them with the appropriate incentives and perks.
Company incentives and perks are not the only factors affecting employee happiness and engagement. These gifts, on the other hand, can be a purposeful move to meet their particular needs and raise morale.
#5. Company Purpose, Values, and Culture Have Been Strengthened
HR managers formerly selected employee benefits and perks without much thought. Instead of tailoring a plan to employee needs, they took the “everyone else is doing it, so we’ll do it too” approach. Naturally, their goals failed.
Your company gains a competitive edge from planned perks and bonuses. One way is to offer perks that promote the company’s mission or values.
Choose incentives and perks that promote company values like shared learning or empathy to cement the company’s core norms in employees’ daily lives, creating a stronger culture.
Employee Perks and Benefits: Dos and Don’ts
However, simply providing employee bonuses and perks is not enough; you must also do it correctly. The following are the dos and don’ts of successful employee benefits and perks plans:
Do:
- Make your employee benefits package visible so that everyone understands what it includes.
- Benefits and perks should be tailored to your employees’ specific interests and goals.
- Encourage employees to use their advantages and perks.
- Keep your benefits plan current with the times.
- Make benefits available to all individuals, regardless of tenure, position, gender, or sexual orientation.
- Plan activities and training during working hours.
- Organise inclusive activities in which everyone can participate and contribute.
Don’t:
- Provide unnecessary or obsolete benefits to your staff.
- Skip the essentials, such as health insurance, paid maternity leave, and retirement benefits.
- Allow a reward provider to promote their company’s name and brand rather than yours. When an employee uses a company perk, they should be grateful to you, not the perk vendor.
- Provide perks that are ineffective for today’s employees.
- Forget about working with distant staff.
- Make employee attendance at training or programmes on their own time.
What Is the Advantage of Taking a Day Off for Your Birthday?
A birthday leave policy allows employees to take a day off work to celebrate their birthday. As a trend, it is frequently promoted as a perk that is widespread among startups and small firms in particular.
What Are the Benefits of Depression?
Personal Independent Payment (PIP) is a benefit that you can apply for if you require assistance with daily activities or transportation due to a mental health condition or physical impairment.
What Are the Most Important Perks for Employees?
Let’s take a look at some of the most sought-after employee benefits below.
- Advantages for health
- Work schedule flexibility
- Benefits from retirement
- PTO (paid time off)
- Professional advancement
- Education has advantages
What Do Companies Expect From Their Employees?
Every business wants its staff to exhibit one trait: professionalism and a strong work ethic. Whatever job you get after graduation, your employer will want you to have strong, professional social skills as well as a strong work ethic.
Are Company Perks More Essential Than Pay?
Some people say yes, while others say no. It is determined by the employee’s requirements. Because of a person’s lifestyle or specific needs, some company advantages, such as flexible working, are non-negotiable. As a result, salary is less important in this case. However, for most people, both are equally important.
Conclusion
That’s all there is to it. It doesn’t take a genius to realise that providing perks is a win-win situation. Your employees’ well-being improves, which greatly benefits your company.
Offering company perks that are in line with your company culture is a terrific approach to getting your employees on board with your overall objective. And, in the fast-paced world of company perks, using a platform that remains ahead of the curve and offers new perks is critical.
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