Gone are the days of poor working conditions, grueling hours, and no benefits. In recent years, companies have seen the importance of offering quality perks for their employees. This realization has spawned a steadily building competition among companies as they try to out-perk other employers. But with the myriad of options available, from unlimited vacation time, to office dogs, to free lunch, how can you tell if you’re creating a real impact or just spinning your wheels?
While company perks are not the primary reason candidates join companies, some benefits weigh heavier in a candidate’s decision process than others. Perks, benefits, and employee incentives also play a role in improving employee retention rates and satisfaction. Unsurprisingly, MetLife’s U.S. Employee Benefit Survey found that “professionals satisfied with their benefits are more than twice as likely to also be satisfied with their work.” For those considering a new position in today’s market, the following company perks are the most compelling:
Paid time off
Paid time off gives your employees a better sense of financial security should an emergency or illness arise. If employees are offered unlimited paid time off, this introduces an element of trust, as management allows employees a high level of control over their workload. When employees feel respected, they often return that respect by managing their work responsibly.
Nothing gives your employees a meaningful sense of ownership like profit-sharing. Regardless of distribution methods, shared profits can transform your employees’ perception of themselves from workhorses or cogs to legitimate members of a team working toward a shared cause.
Some companies still cringe at the idea of giving their employees anything more than a quick lunch break during their shift. However, studies have repeatedly shown that working in short bursts can propel productivity, boost employees’ moods, and recharge mental capacities. Now that we’ve learned the traditional 9-5 workday with one break isn’t the most efficient way to work, it’s easier to experiment with different schedules to keep employees fresh and vitalize work flow.
It goes without saying that a staff of unhealthy employees won’t do much for your productivity — nor will it entice new candidates to hop on board. While you may not have the budget for a luxurious on-site gym, there are plenty of ways to routinely incorporate wellness into your company culture. Some companies have begun offering nutritional counseling and healthy lunch days, or providing more relaxing break rooms so employees can unwind.
As you’re crafting new perks and benefits policies, you should listen carefully to the perks that your job candidates ask about most during interviews. What do they have at their current companies that they really enjoy? What employee incentives have candidates in your area started to expect from employers? Don’t make the mistake of assuming that the most obvious perk is the one most valued by your people.