Employee perks are not just nice to have, they are essential for keeping your team motivated, engaged, and productive. In fact, a study by Glassdoor found that 57% of job seekers consider perks and benefits among their top considerations before accepting a job offer. So, if you want to attract and retain top talent, you need to offer employee perks that will make your workplace stand out. In this article, we will explore a few must-have employee perks for a happy and productive team.
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What Are Employee Perks & How Are They Different From Benefits?
Employee perks are additional benefits or incentives that employers offer to their employees beyond their regular salary and benefits packages. These perks are designed to improve employee satisfaction, motivation, and retention by providing additional value beyond traditional compensation. Examples of employee perks include flexible work arrangements, gym memberships, paid time off, employee discounts, professional development opportunities, and more. Offering attractive employee perks can help businesses attract and retain top talent, increase employee engagement, and foster a positive company culture.
To start today’s discussion, it’s important to first clarify the distinction between benefits and perks.
Employee perks and benefits are both important aspects of a comprehensive employee compensation package, but they are different in nature and purpose.
Benefits, on the other hand, are monetary or non-monetary rewards that employers provide to employees as part of their overall compensation package. Benefits are designed to help employees meet their basic needs, protect their health and well-being, and secure their financial future. Common benefits include health insurance, retirement plans, paid time off, and disability insurance.
While both perks and benefits are important for attracting and retaining top talent, they serve different purposes and have different impacts on employees. Employee perks can enhance job satisfaction and create a positive work environment, while benefits are essential for meeting employees’ basic needs and providing financial security.
Top 10 Must-Have Employee Perks Programs For A Happy Team
Offering attractive employee perks can be an effective way to boost employee satisfaction and retention. Here are some of the best employee perks to consider offering your team.
Flexible Work Arrangements
Flexibility is one of the most important perks that you can offer your employees. Whether it’s the ability to work from home, adjust their work hours, or take time off when they need it, flexible work arrangements can improve work-life balance and reduce stress. This can lead to increased productivity, job satisfaction & employee loyalty.
Wellness Programs
Employee wellness programs have become increasingly popular in recent years and for good reason. These programs can help reduce absenteeism, boost morale, and improve overall health and well-being. From fitness challenges and yoga classes to on-site health clinics and mental health resources, there are many ways to promote wellness in the workplace.
Employee Recognition Programs
Feeling appreciated and valued is essential for employee happiness and engagement. That’s why employee recognition programs are so important. Whether it’s a simple thank-you note, a shout-out at a team meeting, or a formal awards program, recognizing your employees’ hard work and achievements can go a long way in boosting morale and productivity.
On-Site Childcare
Providing on-site childcare or offering childcare subsidies can be a valuable perk for working parents. This benefit can help alleviate the stress of finding affordable and reliable childcare, allowing parents to focus on their work while also taking care of their children’s needs. By offering this perk, you can show that you value your employees’ work-life balance and support them in their roles as parents.
Healthy Snacks or Cafeteria Services
Providing healthy vending machines or cafeteria options will give your team easy access to nutritious food and drinks, which can help promote a healthier workplace and encourage healthy habits throughout the day. You can boost productivity and support their overall well-being by making it easier for your employees to make healthy choices.
Social Events
Organizing social events such as company outings, team-building activities, or holiday parties can foster a sense of community and boost morale among employees.
Office Discounts/ Lunch Pay
A lunch stipend or team lunch is a perk that involves providing employees with either a monetary allowance to purchase their own lunch or a group lunch that is paid for by the employer. This benefit can help promote team bonding and improve morale, as well as save employees time and money that they would otherwise spend on lunch.
Wellness Programs Incentives
Providing incentives for participation in wellness programs can be a valuable employee perk that encourages employees to prioritize their health and well-being. By offering rewards such as gym memberships, healthy cooking classes, or even financial bonuses for meeting certain health goals, employers can promote a culture of wellness, and improve employee morale and productivity. Additionally, incentivizing participation in wellness programs can help reduce healthcare costs for the employer and the employee.
Employee Of The Month Awards
Offering an “Employee of the Month” designated parking spot can be a fun and creative way to recognize outstanding employee performance. This perk not only rewards high-performing employees but also helps boost morale and motivation throughout the team. Additionally, having a prime parking spot can save employee time and energy on their daily commute, further enhancing their overall job satisfaction.
Foster Their Affection for Learning
Having an office library can be a wonderful employee perk that fosters a love of learning and encourages professional growth. By providing access to various books, magazines, and other resources, employees can expand their knowledge and improve their skills in their respective fields. Additionally, an office library can promote a culture of continuous learning and development, which can lead to higher job satisfaction & retention rates.
Are These Employment Perks Effective?
Evaluating the effectiveness of your company’s benefits and perks can be a challenging task. It’s important to assess whether your employees are aware of and utilizing the benefits and perks you offer. To gauge this, consider conducting a survey before and after implementing a new benefit or perk.
Ask questions such as:
- Are employees aware of these perks?
- Are they using it regularly or just once?
- What is their general opinion of the perk?
- Would they prefer a different benefit or perk?
Remember that it takes time for employees to adopt new benefits and perks, so give them a fair chance by ensuring they know how to access and use them. Utilizing the right benefits administration software and communication strategies can also be key in promoting employee engagement with company benefits. Conducting regular assessments and feedback can help ensure that your company is providing valuable and appreciated perks to your employees.
Conclusion
In conclusion, employee perks are an important aspect of an employer’s strategy to attract and retain top talent. By offering additional benefits or incentives beyond salary and benefits packages, businesses can improve employee satisfaction, motivation, engagement, and retention.
It is essential to measure your company’s employee engagement regularly to ensure that these perks are effective and meet the needs of your employees. Ultimately, employee perks are not just a nice-to-have, they are a crucial component of a positive company culture that can lead to increased productivity and success for both the employer and the employee.
Employee wellness programs are the key to improving employee motivation, productivity, and retention. At MantraCare, we have a team of health experts, counselors, and coaches who serve corporate employees with 10+ wellbeing programs including EAP, Employee Diabetes Reversal, Corporate MSK, Employee Fitness, Corporate Yoga, and Employee meditation.
