Organisation perks are recently gaining a widespread recognition across the world. From Starbucks’ new college tuition program, Facebook’s generous parental leave and Netflix’s unlimited leave policy, extravagant employee perks are fast becoming an expectation rather than an added benefit. Presumably, these perks have gathered a lot of attention because only a few “elite” and cash rich companies dishes out such generous perks.
Based on a survey of 2,000 employed American adults by online job review site Glassdoor, “79% of respondents said they’d prefer additional benefits to a higher salary.” The preference is especially prevalent among the younger generation, those aged between 18 to 34, who makes up most of the workforce today. While there is no doubt a lot of companies are unable to compete with the big players, there are still some fancy yet affordable incentives that companies can offer their staff to keep them motivated and engaged at work. Here are some of the common perks that employees look for in their jobs today.
Flexible Working Hours
When an employee works hard, it is nice to be rewarded with a time-off and at least some flexibility in their working schedule. More employees are looking for flexibility within their office so as to balance between work and pursing their own interests. While the company might not have the luxury to grant its employees the full autonomy to choose to work remotely, they can still grant specific time-offs or flexible arrangement with their supervisors. This gives employees some control over their own workplace.
Wellness programs are becoming more widespread in companies as employees now value the importance of health and its extensive contributions to a happier workplace. It can range from offering employees information on healthy eating to providing subsidized lunches and gym memberships. In a way, employees view this as a way in which the organisation takes care of the health of its staff.
Extensive Medical Insurance
Medical insurance is a must-have benefit for all employees. The demands for medical coverage among employees are becoming increasingly extensive, covering even dental and vision. In addition of medical coverage of the employee, some companies are even extending the coverage to their spouse, children and sometimes even their grandparents.
Higher education is highly valued by employees, but it is a privilege that not everyone can afford. While not all companies can afford to pay a four-year tuition fee, they can provide other channels of personal development for their employees, such as educational seminars, or lunchtime presentations from professional speakers. This would make employees feel that the organisation is investing in them and encourages learning within in the workplace.
Millennials are known for their social awareness and they emphasize on doing good in the world. According to The Millennial Impact Report we see that millennials are a charitable, thoughtful generation who believe that they can leave the world a better place than they’ve found it. In addition, providing employees with companywide volunteer days is good way to encourage teamwork among colleagues and boost employee morale.
While there is no need to hurriedly jump on the bandwagon and compete with the big players in terms of employee incentives, there is still a need to offer benefits to the employees. Most small and middle-sized companies mistakenly believe that they are unable to afford such employee perks. However, the key here is to offer the right benefits to the staff. Gather feedback and determine which employee perks rate highly on your staffs’ priority. Remember, there are certain benefits every employee feels that they should have.