Everybody wants to gain recognition at their workplace for their hard work. Perks are benefits – in addition to the existing salaries – are the best way for employers to show appreciation to the employees.
It has been seen that job satisfaction among employees of any firm is directly related to the benefits or job perks given by their respective companies. However, failing to provide these simple benefits leads to unmotivated employees, which then brings poor results for the firm. It also affects the company’s goodwill in the employment market.
So, what exactly are these perks and why are they so important?
Perks, or Employee Benefits, are the add-on privileges, non-cash allowances, and/or additional facilities given to employees apart from their salaries.
Generally, people opt for organizations that provide an assorted platter of employee perks. In fact, in today’s corporate world, these benefits provided by companies play a major part in attracting potential employees. Depending on the size and budget of a firm, employers offer a variety of perks to attract suitable candidates and boost job satisfaction among existing employees. Benefits are a great way to boost morale among your workforce.
So, for those looking for a new job, or those looking to hire new candidates, it is useful to understand the types of perks that are available in the marketplace. For employers, knowing what your eligible would-be employee will be looking for will help you better offer suitable perks and retain a good workforce.
Benefits are available for both full-time and part-time employees depending upon the size of the firm and the nature of the industry in which they are operating. Some common types of perks include life insurance, health insurance, transportation, free food, etc. some firms even have additional perks like gyms, spas, shopping vouchers etc, that employees can apply for as per their choices.
The importance of these benefits to each employee may vary depending on their professional goals, personal preferences, family, environment, location etc. While for some employees life insurance or health insurance will be the most important benefit as it prepares them and their families for the unforeseeable future. Others might prefer the option to work remotely as it suits their lifestyle. Some employees may ask for relocation help as they need more resources to move into a new city for their dream jobs. Some might profit from an in-office gym as they could not take enough time off from their busy lives to pay attention to their health. The list goes on.
Generally, while deciding on which perks to provide to employees, established companies look into the demographics of their existing employees to determine which perks to offer. So, if you are new in the market and looking for a job, it is important to understand which of these perks offered by employers suits you best. And if you are an employer on the hunt for potential candidates, here is a list of 10 company perks that retain employees:
- Health insurance
- Flexible hours
- Training programmes and stipends
- Life insurance
- Paid leaves
- Wellness programmes
- Performance bonus
- Recreational areas: nap room, game rooms, canteens etc.
- Corporate discounts
- Remote work option
Honourable mention: Relocation assistance, paid parental leaves.
Health Insurance
It is one of the most common company perks that ensures that employees get basic medical care. Medical insurance provided by companies might cover any health-related issue that may – or may not – occur during a person’s employment period. It covers accidents, chronic conditions, vision and dental services etc.
Flexible Hours
One of the most popular perks given by employers is the option to choose the part of the day when you feel you are at your best to perform the task at hand. The option to work at the time you want. This perk is given by employers to employees who can work productively in hours different from a typical work day because not all of us are meant for 9 to 5 schedules. It is the most useful perk for parents of small children, people with disability, people with over-active imaginations such as writers and artists or people who are already playing the role of caregiver to their sick family member but at the same time need to maintain a job with a regular paycheck.
Training Programmes and Stipends
This is an especially helpful perk for an entry-level job. Training opportunities give the newbies a chance to learn about the industry. It also helps them gain perspective about the role they need to play without the fear of majorly screwing up. It helps build camaraderie and confidence among employees. It also helps provide insights on how to improve work performance. It has been seen that with regular training programmes, employees tend to have a better grasp of their responsibility. Also, proving training stipends encourages employees to participate in these training programmes.
Life Insurance
Many companies provide life insurance plans as part of the benefits package. The insurance plan offered by the employer may last for the employee’s term of employment. In these packages, a specific percentage of the employee's existing salary is set aside by the employer as life insurance money for the beneficiary. This amount is then paid back once the term is over or at the time of voluntary or involuntary retirement. These plans typically cost less than individual policies, which makes them more popular with employees.
Paid Leaves
Paid leaves, paid holidays, paid time-offs, call it whatever you want. These are benefits where an employee is paid even when he takes time off from work. An extension of this benefit is providing unlimited vacation. It is one of the most sought-after company perks and many companies are providing these time offs one way or another to retain employees. Some seek sick leaves, some for vacation time and some for weekends off. Typically, an employee acquires a set amount of paid holidays. Other than week-offs and national holidays. It depends on how much work they have completed during their pay period. The time set aside for paid leaves also depends on the company’s preferences. However, some of these paid leaves are more or less mandatory by law, such as maternity leaves or recovery periods in case the employee suffers from an accident.
Wellness Programmes
As employees had to spend so many hours at work, it starts to take its toll on their overall well-being. Companies launch wellness programs to encourage employees to maintain a healthy lifestyle. These include access to therapists and crisis counsellors, mental health assistance, recommended nutritionists, discounted gym memberships, regular health check-ups and so forth. It might seem like a costly perk to add to the employee's benefits package, but it comes with its advantages. As it's been seen in the last few years, taking the initiative to keep your workforce fit also helps improve their mental health which then leads to an increase in productivity.
Performance bonus
Performance bonus is the best way to show employees that you appreciate their hard work. Performance bonus comes in many forms. It could be conventional, like a few extra bucks on top of an employee’s salary, or festival bonuses like Christmas bonus, Diwali bonus etc. it can also be unconventional, like a movie or game tickets, or an all-expenses-paid vacation for employees and their family. Rewarding them for their performance motivates employees to achieve goals more effectively.
Recreational activities/area
Some offices have nap rooms for people who do long shifts, some companies provide club memberships, and some places have in-built game rooms where employees can go to relieve stress. Big companies even take franchisees of a famous fast-food brand or support a café in their office building just so that their employees don’t need to stand in long lines for their morning coffees or a light evening snack. It also helps in making your company more inclusive.
Corporate discounts
These are discounts that are developed exclusively for corporate employees. Employees are offered a discount on the original price of products and services by their employer. Sometimes, companies also use this method to test their products internally before launching them to the market. Companies can also give stuff away free of cost to their employees and note their honest feedback to know what might work best for their final consumers and what other improvements can be made.
Remote work option
Another perk high on the popularity scale, especially after the whole COVID-19 disaster, is the work-from-home model. Companies are transitioning to this work model fast, and that too not just to avoid the contagious disease. As it has come out as a proven alternative to long commutes to workplaces, people, especially
women are opting for remote work more and more each day. It has opened employment opportunities for many who found it difficult to leave their responsibilities to their home and family to pursue their dream career. Therefore, many companies out there are providing full-time remote work options as well as hybrid models where you only have to visit the office some days a week.
Conclusion
While the above-mentioned perks are some of the more traditional benefits, many small employers are finding personalized, consumer-oriented benefits are of greater value to employees. These perks include free food and drinks, movie nights, game nights and other events, charity projects, a
friendly work environment etc. You can build your firm’s employee benefits package with the popular benefits listed in this article to retain your best employees. Progressive companies continue to up the bar with each new recruitment period. So, it might also be useful to stay updated on the latest trends.
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A 27-year-old writer from the small town of Bilaspur in Chhattisgarh, India, pursuing Masters in Arts (English Literature) and has a passion for storytelling. Currently working on honing my skills as a novel writer and working on my first book, the title undisclosed at the moment. Loves reading and gaining knowledge and developing content based on my unique perspective of all the latest happenings around the
world.
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